Guide To Getting A Hedge Fund Job

Presents:
Guide to Getting a Hedge Fund Job

How to Outthink the Competition and Avoid
Pitfalls Most Applicants Make
Copyright 2009
www.HedgeFundJobList.com
GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 1

Contents
INTRODUCTION......................................................................................................................... 3
7 KEYS TO GETTING A HEDGE FUND JOB ........................................................................ 4
CREATE AN EFFECTIVELY TARGETED RESUME .......................................................... 6
COVER LETTERS THAT GET INTERVIEWS ...................................................................... 9
PREPARE FOR INTERVIEW QUESTIONS ......................................................................... 13
KEY HEDGE FUND RESOURCES ......................................................................................... 18
HEDGE FUND PROFILES ....................................................................................................... 19
JP MORGAN ASSET MANAGEMENT ............................................................................................ 20
BRIDGEWATER ASSOCIATES ....................................................................................................... 21
FARALLON CAPITAL MANAGEMENT .......................................................................................... 23
RENAISSANCE TECHNOLOGIES ................................................................................................... 25
OCH-ZIFF CAPITAL MANAGEMENT ............................................................................................ 27
DE SHAW GROUP ....................................................................................................................... 29
GOLDMAN SACHS ASSET MANAGEMENT ................................................................................... 31
PAULSON & CO. ......................................................................................................................... 33
BARCLAYS GLOBAL INVESTORS ................................................................................................. 35
MAN INVESTMENT GROUP ......................................................................................................... 37
ABOUT HEDGEFUNDJOBLIST.COM .................................................................................. 39


Introduction

HedgeFundJobList.com’s, Guide to Getting a Hedge Fund Job, provides a number of valuable resources
to help you differentiate yourself and get the most out of our hedge fund / private equity contact lists.
Even if you choose not to utilize our lists, you will find our guide to be useful in your job search.
This guide, like our lists, is primarily intended for entry and mid-level prospects. These roles are the most
competitive because of the sheer number of applicants. Intelligence and qualifications are only part of the
picture. You must be able to communicate your competencies clearly and effectively and do so in a
manner that differentiates you from the rest of the field. This guide will not detail every step of the
process, nor guarantee your success. It will, however, provide you a powerful overview of the most
important steps you should take, and help you to avoid the mistakes commonly made by other applicants.
The guide begins by outlining seven key steps to getting a hedge fund job.
The hedge fund resume and cover letter sections illustrate the most important aspects of successful hedge
fund / private equity specific resumes and cover letters. These sections illuminate the rational for creating
at least two resumes and describe how to target them effectively.
All jobs are not alike. A great resume sent to a boutique hedge fund should look very different from one
sent to a large mutual fund manager like T. Rowe Price. Not only is the role different, but the person
reviewing your application has very different priorities. At T. Rowe Price, your resume and cover letter
will be read by a human resource manager. With the exception of the 20 or 30 largest funds, your hedge
fund or private equity resume will be read by a highly compensated partner or director with a short
attention span.
Interview questions are explored and samples provided in the interview questions section.
Find other hedge fund and private equity job resources in our key resources section.
Finally, our guide provides profiles of key firms. Though funds with over $10 billion in AUM make up
less than 1% of hedge fund and private equity firms, they account for maybe 10 - 20% of the open
positions. Our fund profiles provide basic information on these firms and can serve as the basis for the
research you will do before applying for a job.

7 Keys to Getting a Hedge Fund Job

1. Determine Your Passion and Pick a Specialty

Don’t be afraid to specialize. Just make sure you specialize in a field that funds are interested in.
Being a generalist is fine for many jobs, but in the hedge fund industry you will be pushed into
one of a handful of roles – research, trading, programming, sales etc. Make it easy for the hiring
manager to determine which role you fit into by building your resume around a distinct skill set.
2. Research the Firms You Intend to Work For

You have spent decades obtaining your education, work experience, and credentials. Don’t
squander your years of hard work by writing generic cover letters or showing up for interviews
without a solid understanding of the firm’s business. For some firms you can find 13F filings that
detail some of their largest holdings. Search Bloomberg and other financial sites for relevant
articles, holdings, and recent regulatory issues. At HedgeFundJobList.com we provide website
URLs and other contact info thousands of US hedge funds and private equity firms. The addition
of hiring manager e-mails for the majority of firms provides a solid starting point for your career
search.
3. Gain Credibility and Understanding with a Certification

If you have only a bachelor’s degree, you may want to consider getting additional certifications
and licenses. The Series 7 may be necessary for certain sales roles that deal with non-qualified
investors. However, the Chartered Financial Analyst (CFA) is by far the most respected
credential. It is also the most difficult to get, requiring several hundred hours and three years to
obtain. You might also consider the Chartered Hedge Fund Analyst (CHA) Chartered Alternative
Investment Analyst (CAIA)
4. Network
Surely you have heard people say that the best jobs go to personal connections. This may be true,
but your lack of direct contacts shouldn’t stop you from expanding your rolodex. Join networking
sites like LinkedIn and financial job sites such as Vault.
5. Perfect Your Resume / Cover Letter

No matter what you have done or achieved in your life, your resume and cover letter will be your
primary means of conveying these achievements to your prospective employer. Don’t expect to
crank out your resume and a bunch of cover letters in a few hours. You may be competing with
prospects that have better qualifications than you. A little extra attention to your cover letter and
resume will help you stand out.
6. Work on Your Interview Skills

Perfecting your interview skills is a holistic process. First, spend a few hours, or days if
necessary, reviewing intermediate math and accounting. At some point in the interview process
you will be asked questions that require these skills. You should also have someone quiz you for
practice. Another option: get real-life interview practice by applying to jobs you are over-
qualified for (bank teller, personal banker, insurance sales). Treat the interview just as you would
a hedge fund or private equity interview. You won’t get the same caliber of intellectual questions,
but it will make you more comfortable when you interview for a more prestigious position.
7. Be Proactive!
Don’t sit around waiting for funds to post jobs on the internet. Even in better economic times,
most funds bypass generic sites like CareerBuilder and Craigslist. A handful use Vault and other
financial specific sites. Even when jobs are posted, the flood of applicants quickly overwhelms
the manager, and your resume is unlikely to be given the attention it deserves. Direct contact
involves writing unsolicited letters to hiring managers and is a terrific option in the current
environment because there will be far fewer applicants than for published job openings. You
should also explore using recruiters like GloCap and Robert Half, though entry-level candidates
can sometimes feel undervalued.

Create an Effectively Targeted Resume

It is important to note that you should have at least two (maybe more) distinct resumes. One to post on
internet job boards, and another that you send directly to potential employers. This resume guide is
intended for hedge fund and private equity job-seekers using the latter method, who intend to contact the
firms they are interested in directly.
If you are posting your resume on job boards like Vault, CareerBuilder, etc. you will want a resume that is
full of the keywords that recruiters look for. You can find plenty of sites that will help you “stuff” your
resume with the type of keywords financial employers (and their search software) are looking for.
However, when sending a resume to funds directly (whether using one of our lists or replying to a specific
job post) these overused keywords will only serve to distract or annoy the sometimes intelligent, mostly
impatient, and often highly paid person reviewing your resume.
Hedge funds and private equity firms do not hire like other businesses. In fact they don’t even hire like
other financial firms. More than 90% of hedge funds and private equity firms do not have a single
dedicated human resource officer. Your communications will likely go to the managing director or CEO
of the firm directly (our lists provide four methods of contacting them). The person making the initial
decision on whether your resume deserves further review, or a quick trip to the recycle bin, is a highly
compensated entrepreneur who considers his/her time very valuable. Do not waste their time with
financial mumbo-jumbo, vaguely worded accomplishments, or other unnecessary hyperbole. Each
position/experience that makes it on to your resume should be directly applicable to the position you are
applying for.
Your hedge fund or private equity resume should:
Be Concise:
Your hedge fund resume and cover letter must be concise. As stated above, your resume will most likely
be reviewed by a partner or director who considers their time very valuable. Waste their time and your
resume will end up in the waste basket, regardless of your qualifications.
If you are relatively entry-level (less than 4 or 5 years of financial experience) there is absolutely no
reason your resume should be more than one page. Some managers throw out any and all multiple page
resumes. They don’t have time to read them, and they believe if you have accomplished enough to justify
multiple pages, they would surely have heard of you from your interviews on Bloomberg or your Nobel
Prize in Economics. Remember, it is not the quantity of your accomplishments, but rather their unique
qualities. It is best to share two or three really powerful and distinguishing accomplishments
accompanied by just enough detail to justify them.

A concise resume is easy to read. Don’t use color, don’t use graphics, don’t play around with fancy
templates. Few hedge fund managers will be impressed by your Microsoft Office skills, but many will be
turned off by your distracting extravagance. Keep it simple. Hedge funds and private equity firms expect
all members of their organization to help in the acquisition and retention of client assets. If you cannot
communicate your ideas effectively in your resume and cover letter, should they expect you to be able to
do so with clients?
Be Specific:
You resume must be specific in two senses: specific information on your achievements and specific
information on how you can help the firm.
Remember that your resume should be no longer than one page and note only your most relevant and
important accomplishments. Highlight a couple of these and describe what exactly you did, how you were
able to succeed, and the implications of your work. These accomplishments should emphasize skills that
are relevant to the prospective employer.
For example, let’s say you worked on a team at Alliance Bernstein that helped develop sell-side research
on the tech industry. You could phrase this in a couple of ways:
1. Conducted analysis and background to help the Technology Research Team with its monthly
research reports.
2. Used (my) statistical background to develop a new quantitative cash flow valuation model that
propelled the Technology Research Team to its status as Top Research Sector at Alliance
Bernstein for 2007-2008.
The first response relies entirely on generalities. In fact, it would be true even if all you did was
photocopy charts. Analysis, background, and research are all vague terms that say little about the quality
or implications of your work. Truthfully, the second example could use a bit more detail as well, but is far
more specific than the first example. It also provides a direct connection between your work and the
success of the firm.
Determine Your Role:
This guide is intended for constructing hedge fund and private equity resumes that will be sent directly to
employers without the use of a recruiter or headhunter. When posting your resume on the internet, or
using a recruiter, it is often acceptable to display a broader set of skills because your resume may be seen
by dozens of employers with different needs. However, when applying to firms directly, particularly for
positions that may or may not actually exist, it is critical that you define yourself and the role you would
like to play within the firm.

As noted earlier, the person reviewing your resume may be a very highly compensated partner, MD, or
even the CEO of a small asset management or private equity firm. Do not expect them to be so impressed
with your qualifications that they spend the time to figure out what role you would be best in. Tell them
directly. If you have less than five years of financial experience, you are most likely to get a job as a
junior analyst or associate. Research what these roles entail and emphasize your most relevant skills.
Analytical and strategic thinking skills are a requirement for these positions, not a bonus. Don’t mention
the overused terms, “strategic” and “analytic” unless you can back them up with specific evidence of
these attributes.
Candidates for entry-level positions will be expected to do everything from coffee runs to acting as a
research “gopher”. Your resume should therefore note your ability to work in a team environment (and
don’t just say it, prove it).
Entry-level finance jobs are seldom as glamorous as one might hope. Accept this and use your past
experience to indicate your willingness to proactively help the firm succeed in whatever manner is
necessary. Most managers would prefer this type of dedication to a very intelligent person who finds
such work beneath them. Intelligence and market savvy are keys to running a successful fund. Hard
work, dedication, and cooperation are the keys to being successful in a junior role (a certain degree of
intelligence and experience are prerequisites as well). They will not be hiring you because they think you
will be successful at managing large sums of money. They will be hiring you because they think you can
help them be more successful by providing them relevant research, handling routine administrative tasks,
and working well with your teammates. Your accomplishments should illustrate your ability to be
proactive and accomplish more than was asked of you.
Don’t Rely on Your Cover Letter to Communicate the Role you Want:
Most people fall into the trap of writing a general resume, and rely on their cover letter to describe why
they would be a good fit in a given role. What if the manager never even reads the cover letter? Don’t
expect that both your cover letter and resume will be read thoroughly, or at all. It is essential that your
resume convey your skill-set in such a manner that the reader immediately knows what role you are
applying for, without having read your cover letter. You can also use the “objective statement” to convey
the position you see yourself in, but it is best to avoid redundancy with your cover letter. In fact, if the
achievement/accomplishment portion of your resume is written well enough, you may not even need an
“objective statement”.
Remember, this is not a complete guide to resume writing. We didn’t discuss the resume layout or format,
the inclusion of an educational background, or many other features common to good resumes. You should
have no trouble finding resources to help with these general subjects. All good resumes, are clear,
concise, and specific, but this guide emphasizes how critical these attributes are when applying for a
hedge fund or private equity job.

Cover Letters that Get Interviews

Your cover letter is as important as your resume in many respects and it deserves equal consideration. The
cover letter is the first item seen by the manager or partner reviewing your application. A poorly written
or overly verbose letter will not be considered, and your resume will not be reviewed either. Therefore, it
is essential that your first paragraph (you may only need one) appeal to the reader.
Before you begin writing, it is critical that you consider who will be reading your letter, what they are
used to seeing, and what they expect to see.
Who is reading your letter?
Small firms (< $250M in AUM) are unlikely to have a dedicated human resources professional. Initial
correspondence should be directed to the CEO, a partner, or managing director. Large firms (> $1B) will
likely have an HR department that handles initial inquiries, though hiring decisions will be made by a
team of senior partners. If you are addressing your letter to the CEO, it is well worth your time to do a
little research. Maybe you are alumni of the same school? Maybe you had an internship with a firm he
worked with for 10 years or you volunteer for an organization for which the CEO is on the board. If you
can find some common perspective it will help your letter stand out. Just make sure not to address
anything too personal (kids, spouses, politics etc).
What are hiring managers used to seeing in cover letters?
The letters hiring managers see all too often have a few distinguishing characteristics: they are lengthy,
lack a call to action, are impersonal, and resemble a form letter. Avoid these mistakes at all costs.
Remember that the goal is to get your resume reviewed. If they aren’t interested enough to finish reading
your letter, do you think they will have any interest in your background and qualifications? Brevity is
your friend. Avoid any temptation to embellish your letter with large words or complex literary
contraptions.
It is also very important to try to address the specific person in charge of hiring. For some firms you will
be able to do your own research and find bios of the key people on the internet or from a business library.
Our frequently updated hedge fund lists also supply an easy way to contact 3500+ hedge fund and private
equity firms and provide specific contact info for key hiring managers. Whatever your method, there is no
surer way of getting your cover letter and resume tossed in the trash than to address it “Dear Sir” or “To
Whom it May Concern”.

Have a call to action or take responsibility for that action yourself. Your cover letter should conclude by
thanking the reader for reviewing your qualifications and ask for an interview. Many people, not wanting
to be seen as pushy, don’t take the critical step of asking for the initial interview. The entire purpose of
your letter and resume are to obtain an interview. You must ask for it. You might say something like this:
“Thank you for reviewing my qualifications. I will call you next week to discuss setting up a time to meet
personally.”
Of course, if you take responsibility for initiating the conversation you must follow up as indicated.
What do hiring managers expect to see?
Hedge fund managers and private equity managers are looking for different qualifications. Hedge funds
typically appreciate trading and research backgrounds, while private equity firms favor banking
experience. Qualifications aside, both types of firms look for the same type of personal traits. They expect
academic achievement, a very strong work ethic, and some sort of professional achievement. If you can
address all three in a concise manner, you will be a step ahead of your competition. Your letter should
also mention the firm by name and in a manner that makes it obvious that you are not writing a form
letter:
“I would be excited to work for a great firm like ABC Capital”- Likely form letter.
“I believe my experience as a Research Analyst with Merrill Lynch’s Global Equity Team would be a
valuable asset to ABC Capital Management’s top-ranked international research department.”- Clearly not
a form letter.
Most importantly, you must tell the reader what position you are applying for. Even if you are unsure if
they are hiring at all, determine the position you would most likely be offered and seek it out. For
example, let’s take AEA Investors (www.aeainvestors.com), a large private equity firm in Connecticut. If
you are using this guide in conjunction with one of our hedge fund lists, simply click on the website URL.
On AEA’s website you will find the link, “Our People”. By investigating some of the names you will
find the staff is divided into Managing Directors, Principals, Vice Presidents, and Associates. This is a
common hierarchy for PE firms. Find the position that you are most qualified for and make your interest
clear in your cover letter.
The VERY Short Cover Letter:
If you have a strong resume and are writing unsolicited letters to hiring managers, you might consider
writing a very short “20 second” resume. Research has shown that most cover letters receive fewer than
20 seconds of review. You might get even less with busy fund managers. This technique requires more

attention and effort than longer letters because you need to convey 95% of the information in 30% of the
space. If not done properly, it may appear lazy.

Your short cover letter must still cover the following:
1. What are you able to do?
2. What do you want to do?
3. What do you want the reader to do? – (Call to Action)
Example:
“My name is Albert Anderson, and I am currently expanding on my BA in Finance from the University of
Michigan by trading live markets for a $500M fund in Chicago. I am responsible for trading currencies,
equities, and derivatives for our Senior Portfolio Manager and conduct earnings research for our
Long/Short equity fund. The discipline and quantitative skills required in this role have prepared me for
the position of Analyst with ABC Capital Management.
I have attached my resume and would welcome the opportunity to meet with you.”
The Typical Cover Letter:
The typical cover letter is usually divided into three short paragraphs. Each paragraph should be no more
than three sentences.
The first paragraph is your opportunity to catch the reader’s attention. Provide them with one or two
concrete examples of how you can fit their needs or help them expand their business. This is the ideal
place to mention anything you can give the firm that the typical applicant cannot. This section also can
serve the same purpose as the “objective statement” portion of your resume. If you choose to put an
“objective statement” in your resume, avoid repeating it verbatim in your cover letter.
The second paragraph should detail your work experience and qualifications in two or three sentences.
Stress those accomplishments that are most relevant. Hedge funds and private equity firms will likely be
unimpressed that you won a journalism award in high-school, but academic honors in college
(particularly those related to finance, math, science) are relevant. Describe at least one professional
achievement that could be directly transferrable to the new firm. If you worked as a trading intern, how
did you help the Senior Trader operate more effectively?
The third paragraph should pinpoint the specific job you are applying for and how your skills and
ambitions fit in. To keep your cover letter short you may be able to merge this paragraph into either the
first or second paragraph.
The final paragraph is your call to action. You must ask for an interview or personal meeting. Hedge
funds expect their employees to be proactive. Don’t be timid in asking for what you want.
Don’t forget to write company-specific cover letters, and ask your friends and family to review them
before sending.

Prepare for Interview Questions

Hedge funds and private equity firms, along with consulting firms like McKinsey, are known for asking
difficult, if not impossible logic questions. Financial knowledge is important, but if you have gotten to
the interview stage your knowledge is probably adequate. What they are really looking for are people that
exhibit a certain manner of approaching and solving logical problems. Correct answers are often less
important than the thought process you communicate. These questions are designed to test your aptitude,
rather than knowledge (though some common sense and basic industry knowledge are necessary).
You will certainly be asked some of the common character questions asked of most professional
applicants:
“Describe some leadership roles you have played in school, at work, or in your community.”
“When have you had a disagreement with a supervisor and the result?”
“When have you felt most fully challenged and stimulated in your academic or work experiences? Most
frustrated? What did you do about your frustration?”
“What aspirations do you have for yourself over the next 5 or so years, both professionally and
personally?”
“What are your passions outside of work and school?”
“Why do you think you are a good fit for this position?”
Of course, your mannerisms, communication abilities, dress, charisma and other personal attributes will
be evaluated at all times. This goes without saying, but arriving late to an interview will put you at an
extreme disadvantage. In fact, many firms may decline to interview you for showing up 5 minutes late.
Arrive early, but don’t just show up at reception. You should only arrive 3-5 minutes early. Arrive too
early, and you may be an annoyance.
In addition to a personality evaluation, you will almost certainly be asked a variety of market-specific
questions. If going to a fund that specializes in fixed-income, you should be proficient in the relevant
terminology and understand how yields and prices are affected by events such as ratings downgrades or
upgrades, changes in the level of expected inflation, changes in prevailing interest rates, etc. If applying to
a fund dealing with a specific sector such as media & technology, you should be able to articulate
industry trends, understand basic technical terms, and know of, and about, the leading firms. Looking up a
firm’s 13f filings will enable you to research some of the fund’s top holdings before your interview.
If applying for a tech or programming position, research the type of trading platforms the firm is likely to
use. Those who are seeking an executive assistant position will still be expected to understand some

aspects of the firm’s trading and should be conversant in basic economics and market terms. All
applicants can benefit from a basic working knowledge of the Bloomberg Terminal.
Many roles at both hedge funds and private equity funds require basic or intermediate accounting skills.
Spend some time reviewing college level accounting principles.
Below are some aptitude / logic questions you may encounter. You might not be asked any of these,
but they demonstrate the type of critical thinking expected in most positions:
1. First to Forty
Q: You are asked if you would like to play a game. The first person to say “40” wins. The first
player starts by picking an integer between 1 and 10. There opponent then calls out an integer that is
at least 1, but no more than 10, greater than the last number. For example, if I start with 2, you can
choose to say any integer between 3 and 12.
Would you like to go first? If so what number would you pick?
A: This may not be a question you run into, but it is representative of other questions you will likely
receive. It tests your logical skills and game playing ability.
The key to this question is to work from the perspective of the last round. What number(s) do you
want your opponent to say to set up the win for you? Since you can add between 1 and 10 to the sum
of their number, your opponent must answer between 30 and 39 to ensure your win. If you say 29,
your opponent must choose a number between 30 and 39 (but can’t get to 40), assuring you victory.
The next step is to determine how you will get to say “29”. You need your opponent to choose a
number between 19 and 28. To ensure this opportunity you will need to say “18”. In order to get to
18, you will need your opponent to choose a number between 8 and 17. Choosing 7 will force this.
Therefore, you want to go first and you will choose 7.
Note that this question can use a variety of different quantities and rules so don’t memorize the
solution. Instead, understand the thought process and consider explaining it to the interviewer. You
will often find that logical questions require working backwards.
2. Stack of Pennies

Q: Take a single stack of pennies as tall as the Empire State Building. Could all these pennies fit in a
closet?
A: Your interviewer may have encouraged you to ask questions if something is unclear. In other
questions, such as case-studies, you will be required to ask questions of your interviewer to develop
your opinion. However, you should always deliberate on questions before you ask them. When you
ask a question, in should be targeted and relevant.
You may be tempted to ask questions, such as how big is the closet? Or how tall is the Empire State
Building. First of all, you should know the Empire State Building is approximately 1000 feet high or
about 100 stories, but you could be off a large margin and still answer the question correctly. Think
of it this way, if the Empire State Building is 100 stories, you could divide the stack into 100, one
story tall stacks. Assuming the closet is one story tall, the entire stack of pennies could fit in a closet
with square footage of only 10 pennies by 10 pennies (maybe 6in x 6in). So even if you assumed the
building was 5000 feet high, and the closet was very small, the pennies would still fit. Asking
unnecessary questions in this example may make it appear as if you have not understood the
simplicity of the problem.
3. Pre-Historic Market
Q: Imagine you are in a place where bags of rice are the predominant currency and the following
rates apply:
-You can buy 4 chickens, 3 ducks, and 2 pigs for 15 bags of rice.
-You can also buy 1 chicken, 2 ducks, and 3 pigs for 10 bags of rice.
-At the poultry market, you can trade 1 goose for 2 ducks.
How many bags of rice will be required to buy 2 chickens, 2 ducks, and 2 pigs?
A: This is a basic algebra question. Unlike other questions you may get, this one is designed to make
it obvious that algebra is necessary. Some interview questions that only require basic math will be
more carefully worded to make the process more difficult to discern. Let’s start with the algebra:
4 chickens + 3 ducks + 2 pigs = 15 rice
1 chicken + 2 ducks + 3 pigs = 10 rice
5 chickens + 5 ducks + 5 pigs = 25 rice

Since 5 of each animal costs 25 bags of rice, 2 of each animal will cost 2/5 of 25, or 10.
The value of a goose is irrelevant to the final answer. Unlike some more difficult questions, you will
be expected to get this type of problem right. Answering incorrectly on a relatively easy question like
this one will expose serious mathematical weaknesses.
4. The Oldest Question in the Book
Q: Why are manhole covers round?
A: The most obvious answer is that manhole covers are round because it prevents them from falling
into the hole. Squares and most other shapes (Reuleaux Polygons are an exception) can fall through a
similarly shaped hole. If you actually get this question, and have an interviewer with a very loose
sense of humor, you might also suggest that manufacturing Reuleaux Triangles is just too expensive
or that manhole covers are round because manholes are round.
Additional Semi-Correct Answers: Round covers are easier to move by one person by rolling them
on edge and are easier to align than other shapes. Just don’t miss the obvious answer above.
5. Gas Stations
Q: How many gas stations are there in the US?
A: You may be encouraged to ask follow up questions. The interviewer will be paying more attention
to your thought process than to your final answer so formulate questions carefully. There are a
number of ways to approach this problem. Say you live in a town of 15,000 people and there are 5 gas
stations in town. Therefore you assume the typical gas station serves 3000 people. If there are 300
million people in the US, there would need to be 100,000 gas stations. There are all sorts of
questions you could ask your interviewer to get a better approximation (how many customers does the
average gas station serve per day?). These type of estimation problems are common.
6. Freezing Pond:
Q: Imagine you are in Canada during a severe early-winter cold front. There is a pond with a patch of
ice in the center, which expands outwards and doubles in size every minute. It takes an hour to cover
the entire pond surface. How many minutes would it take for the ice to cover 25% of the pond?

A: This problem again requires you to work backwards. If you do so, it is easy to solve. Since the
pond covers ¼ of the pond, in one minute it will cover half, and one minute later it will cover the
whole pond. It only takes 2 minutes to go from 25% to 100% frozen. Therefore it takes 58 minutes to
cover the entire surface (60 min – 2 min = 58min).

Key Hedge Fund Resources
Job Sites:
NYT Dealbook
E-Financial Careers
Seeking Alpha
Seeking Alpha - Jobs
The Hedge Fund Implode O Meter
The Ladders
Vault
Hedge Fund Information:
Bankers Ball
Resume Writing Resources:
Bloomberg
Sample Resumes
CBOE
Resume Writing
Credit Suisse Hedge Fund Index
HedgeFundJobList
Cover Letter Writing Resources:
SEC – Hedge Funds
Sample Cover Letters
The Financial Times
More Sample Cover Letters
The Wall Street Journal
Cover Letter Writing
Wikipedia – Hedge Funds
Hedge Fund Blogs:

Credentials:
Hedge Fund Blogger
The CFA Institute
Hedge Fund Blog Man
CAIA
Hedge Fund Intelligence
CHA
Hedge Line
Series 7
Hedge Fund Dynamics

Hedge Fund Profiles

The Top 10 Hedge Fund / PE Firms
rank firm assets

JPMorgan Asset
1 $44 billion
Management
2 Bridgewater Associates $36 billion
Farallon Capital
3 $36 billion
Management
Renaissance
4 $33 billion
Technologies
Och-Ziff Capital
5 $33 billion
Management
6 D.E. Shaw Group $32 billion
Goldman Sachs Asset
7 $29 billion
Management
8 Paulson & Co. $29 billion
Barlcays Global
9 $26 billion
Investors
10 Man Investments $20 billion

JP Morgan Asset Management
JP Morgan Asset Management, an arm of JP Morgan Chase, has over $1.2 trillion in managed assets and
$1.6 trillion in assets under supervision. As of 2008, JP Morgan Asset Management also was the US’
largest hedge fund, managing more than $40 billion in alternative assets and has been providing hedge
fund products for more than 14 years. JP Morgan is also one of the world’s leading investment banks,
and generates much of its revenue from its retail and commercial banking units.
Leadership: Jes Staley, CEO of JP Morgan Asset Management
Assets Under Management: $44.7B (in alternative investments)
Employees: 650 professionals
Key Employees: Jes Stayley, CEO
Locations: 50 internationally
Primary US Office:
JP Morgan Asset Management

245 Park Avenue
New York, NY 10167
Ph: 212.483.2323
Fax: 212.648.1510
Website: www.jpmorgan.com/pages/jpmorgan/am
More info on jobs with JP Morgan Asset Management can be found at:
https://careers.jpmorganchase.com/cm/cs?pagename=Chase/Href&urlname=jpmc/careers/lob

Bridgewater Associates
Bridgewater Associates was founded by Ray Dalio in 1975 and is an employee owned investment
manager. The firm primarily provides its services to pooled investment vehicles, charitable organizations,
corporations, state or municipal government entities, and foreign governments. It manages separate client
focused equity and fixed income portfolios. The firm also manages hedge funds for its clients. It invests
in the public equity and fixed income markets across the globe. The firm’s primary hedge fund strategy is
known as “Pure Alpha”.
Responsibilities and compensation depend on people's achievement rather than their seniority. “All
employees are not merely encouraged to express their opinions—they are required to.”
Leadership: Ray Dalio, Founder and CEO
Assets Under Management: $80 Billion
Strategies: Fixed income, Currency, Equity and Commodity Trading
Employees: 650
Key Employees: Ray Dalio, Founder and CEO; Hope Woodhouse, Chief Operating Officer; Gregory S.
Jensen, Co-Chief Investment Officer, Giselle Wagner, Managing Director
Locations: Westport, CT
Headquarters:

One Glendinning Place
Westport, CT 06880
Ph: 203.226.3030
Fax:203.291.7300
Website: www.bwater.com
More info on jobs with Bridgewater Associates can be found here:

http://www.bwater.com/home/careers.aspx

Farallon Capital Management
Farallon Capital Management was founded by Thomas Steyer in 1986 and based in San Francisco, CA.
Steyer is also Managing Director at Hellman and Friedman. Farallon invests in both public and private
debt, equities, private investments, and real estate. For the year of 2008, Farallon was ranked third in
Alpha's hedge fund rankings. Farallon manages more than $35 billion and has recently suspended
withdrawals from their largest fund after receiving redemption requests for around 25% of the fund's
capital.
Farallon's investment philosophy is to invest in businesses and securities that are undergoing change.
Investments are primarily those in which a known or expected event (a merger, restructuring,
recapitalization or other major change) will cause an appreciation in the value of the particular
investment. Investments include public and private debt and equity securities, direct investments in
private companies and real estate.
Leadership: Thomas F. Steyer, Founder and Co-Managing Partner
Assets Under Management: $36 billion
Strategies: Risk Arbitrage, Equity, Fixed-Income, Restructuring, Capitalization
Employees: 150 professionals
Key Employees: Thomas Steyer, Co-Managing Partner; William F. Duhamel, Managing Member; Alice
Evarts, Managing Member

Locations: San Francisco, CA
Headquarters:
Farallon Capital Management
One Maritime Plaza, Suite 2100
San Francisco, CA 94111
Ph:415.421.2132
Website: www.faralloncapital.com

Renaissance Technologies
Renaissance Technologies was founded by Jim Simons in 1982. Renaissance trades globally and is well
known for its use of complex mathematical models and “black box” trading. In fact, Renaissance employs
specialists without financial backgrounds including physicists and astrophysicists, statisticians, and
mathematicians. Renaissance’s primary quant fund is the Nova Fund and trades are primarily executed
automatically. Renaissance also operates the Medallion Fund. The Medallion fund has $5 billion in assets
and has produced an annual historical performance of around 35%. The firm employs 250 employees,
manages more than $20 billion and is based in New York with global offices in London and Milan.
Leadership: Jim Simons, Founder and CEO
Strategies: Quantitative Trading
Employees: 250
Key Employees: Jim Simons, Founder and CEO; Stephen Daffron, Chief Operating Officer, Robert
Lourie, Head of Futures Research
Locations: London, New York, Long Island, Milan, San Francisco
Headquarters:

Renaissance Technologies LLC
600 Route 25A
East Setauket, NY 11733
Ph: 212.486.6780
Website: www.rentec.com
For more info on jobs with Renaissance Technology: www.rentec.com/job_openings.html

Och-Ziff Capital Management
Och-Ziff was founded in 1994 by Daniel Och, together with the Ziff family to manage family assets. Och-
Ziff provides alternative asset management and hedge fund services for more than 700 fund investors
through five locations in the U.S., Europe, and Asia, managing more than $30 billion in assets globally.
Och Ziff Capital Management Group is a holding company, and its primary assets are its ownership
interests in the Och-Ziff Operating Group entities, which are held indirectly through two intermediate
holding companies, Och-Ziff Corp and Och-Ziff Holding. The Och-Ziff Operating Group consists of OZ
Management LP (OZ Management), OZ Advisors LP (OZ Advisors), OZ Advisors II LP (OZ Advisors).
The Company operates through a single operating segment, Och-Ziff Funds.
Och-Ziff is publicly traded under the ticker OZM. They went public in late 2007. Shares traded as high as
$28.00. As of February, 2009 OZM traded for just over $5, indicating a market value of slightly under $2
billion.
Leadership: Daniel Och, Founder and CEO
Strategies: Equities, Convertibles, Debt Instruments, Bank Debt, High-Yield Debt, Options, Futures,
Forwards, Swaps, Other Derivatives, Private Securities and Assets, and Other Investments.
Employees: 150

Key Employees: Daniel Och, Founder and CEO; David Windreich, Executive Managing Director; Joel
Frank, Chief Financial Officer
Locations: New York, London, Hong Kong, Tokyo, Bangalore, and Beijing
Headquarters:
Och-Ziff Capital Management
Nine West 57th Street
39th Floor
New York, New York 10019
Ph: 212.790.0000
Website: www.ozcap.com

DE Shaw Group
The D. E. Shaw group is a global investment and technology development firm with more than 1,600
employees; approximately $30 billion in investment and committed capital as of January 1, 2009; and
offices in North America, Europe, and Asia. The firm was founded in 1988 by David E. Shaw, who now
is chief scientist for D.E. Shaw Research Group.
D.E. Shaw’s activities range from computer-based quantitative investment management to the
development and financing of technology-oriented business ventures. Both are tied together by a common
focus on the economic implications of technological innovation. Since its organization in 1988, the firm
has earned an international reputation for financial innovation and technological leadership, and has been
described as “the most intriguing and mysterious force on Wall Street.
D.E. Shaw is known for its difficult recruiting process in which less than 1 out of 100 applicants receive
an offer. Shaw particularly targets the math and science departments of major universities
Leadership: David Shaw, Founder
Strategies: Mathematical Trading, Statistical Arbitrage, Fundamental Trading, Technology, Global

Equities
Employees: 1,600

Key Employees: David Shaw, Founder; Christopher Zabak, Chief Financial Officer and Managing
Director; Eric Wepsic, Managing Director.
Locations: New York, London, Silicon Valley, Houston, Kansas City, San Francisco, Washington D.C.,
Bermuda, and Hyderabad & Gurgaon, India
Headquarters:
D.E. Shaw Group
39th Floor, Tower 45 120
West Forty-Fifth Street
New York, NY 10036
Ph: 212. 478.0000
Fax: 212.478.0100
Website: www.deshaw.com
For more info on jobs with D.E. Shaw Group: http://www.deshaw.com/JobOpportunities.html

Goldman Sachs Asset Management
Goldman Sachs Asset Management (GSAM) is a leading provider of Alternative Investment

opportunities to institutions and high net worth individuals worldwide. Goldman’s Hedge Funds
Strategies (HFS) team offers diversified exposure to leading hedge fund managers. They select managers
and construct portfolios of hedge funds across four primary sectors: Relative Value, Event Driven, Equity
Long/Short and Tactical Trading. GSAM also offers Private Equity Fund of Funds, Direct Hedge Funds,
Private Equity Direct Funds, and Private Real Estate Funds.
GSAM is separated into two divisions, and includes Asset Management, which provides large institutions
and very wealthy individuals with investment advisory, financial planning services (Private Wealth
Management & AYCO), and the management of mutual funds as well as alternative investments.
Goldman Sachs also operates its own private equity arm, GS Capital Partners. It has invested over $17
billion in the 20 years from 1986 to 2006. One of the most prominent funds is the GS Capital Partners V
fund, which comprises over $8.5 billion of equity.
Goldman Sachs Asset Management is part of Goldman Sachs Group Inc. Goldman Sachs Group Inc. is a
publicly traded company trading under the ticker GS.
Assets Under Management: $32 billion in alternative investments
Leadership: Edward C. Forst, Co-Head Investments
Strategies: Relative Value, Event Driven, Equity Long/Short and Tactical Trading

Employees: 30,000 with Goldman Sachs Group. 5000+ in Asset Management.
Key Employees: Edward Forst, Co-Head Investments; Jogi Narain, Executive Director Europe; Joel
Horowitz, Executive Director Commodities
Locations: Most major financial centers including: New York, Chicago, Los Angeles, Boston, San
Francisco, London, Paris, Hong Kong, Tokyo, Beijing
Headquarters:
Goldman Sachs Asset Management
85 Broad Street
New York, NY 10004
Ph: 212.902.1000
Website: www2.goldmansachs.com/gsam
For more info on jobs with Goldman Sachs: http://www2.goldmansachs.com/careers/index.html

Paulson & Co.
Paulson & Co. was founded by its current President, John Paulson. Paulson & Co., Inc. had assets under
management of only $12.5 billion in June of 2007 (95% from institutions), which leapt to $36 billion as
of November 2008. Under Paulson’s supervision, Paulson & Co has capitalized on the problems in the
foreclosure and Mortgage Backed Securities (MBS) markets and has gained both fame and assets as their
risky short positions in MBS paid off. In fact, in the first half of 2007 alone, The Paulson Credit
Opportunities Fund gained 303 percent .
Paulson & Co. (PCI) is an employee owned hedge fund. The fund primarily provides its services to
pooled investment vehicles along with accounts for banking or thrift institutions, pension and profit
sharing plans, and corporations. The firm invests in the public equity markets while employing merger
arbitrage, event-driven, and long/short strategies. The fund was founded in 1994 and is based in New
York, New York.
2007 was a very big year for Paulson, as his predictions came to fruition and he became a multi-
billionaire almost overnight. The subprime mortgage market collapsed, and Paulson and his investors
reaped the rewards.
Among, Paulson & Co.’s high profile employees is recent addition former Federal Reserve Chairman,
Alan Greenspan to its Advisory Board.
Leadership: John Paulson, Founder and CEO

Strategies: Merger Arbitrage, Risk Arbitrage, Event-Driven, and Long/Short Strategies
Employees: 50
Key Employees: John Paulson, Founder and CEO; Paolo Pellegrini, Portfolio Manager
Locations: New York, NY
Headquarters:
Paulson & Co. Inc.
1251 Avenue of the Americas
New York, NY 10020
Ph: 212.856.2221
Website: www.paulsonco.com

Barclays Global Investors
Barclays Global Investors (BGI) manages close to $2 trillion in client assets, about $25 billion of which is
in hedge fund strategies and alternative investments. BGI operates as an investment management
subsidiary of Barclay’s Bank, a UK bank. Barclays Global Investors created the first index strategy in
1971 and the first quantitative active strategy in 1978. Barclay’s is known for inventing the first passive
index strategy for its institutional clients and later pioneered the exchange traded fund (ETF).
BGI bases its US operations out of San Francisco and primarily provides its services to individuals and
institutions. The firm manages separate client-focused portfolios. It also manages pension funds and
retirement plans for its clients. The firm invests in the public equity, fixed income, and alternative
investments markets across the globe. It also makes investments in ADRs and GDRs. The firm makes its
equity investments in value stocks of small-cap, mid-cap, and large-cap companies. It typically employs
an indexing strategy to create its equity portfolio.
Leadership: Blake Grossman, CEO
Strategies: Cash Management, Currencies, Long-Short Strategies, Arbitrage, Securities Lending,
Employees: 800
Key Employees: Blake Grossman, CEO; Matthew H. Scanlan, Head of Americas Institutional Business;
Chris McCrum, Chief Administrative Officer; Marie Chandoha, Head of US Fixed Income Business

Locations: San Francisco, London, Sydney, Tokyo, Toronto
Headquarters:
Barclays Global Investors
400 Howard Street
San Francisco, CA 94105
Ph: 415.597.2000
Website: www.barclaysglobal.com
For more information on jobs with Barclay’s Global Investors: www.barclaysglobal.com/about/careers/

Man Investment Group
Man Investment Group is a subsidiary of Man Group plc and is a global leader in alternative investments,
managing more than $50 billion for institutional and private clients. Man Investments is focused
exclusively on alternative investments and through its core investment managers. The firm employs 1800
employees worldwide and has US offices in New York and Chicago.
Man Group provides alternative investment products and solutions, and broking services worldwide. The
company offers asset management services, including access to hedge funds, leveraged finance and
convertible bonds, and other asset classes for private and institutional investors, pension funds, and
financial institutions. Man distributes fund of hedge funds, and open-ended products in its hedge fund
asset class through a network of distributors, such as banks, securities brokers, and discretionary
investment managers in the United Kingdom, Switzerland, the United States, Australia, Japan, Canada,
the Middle East, Hong Kong, Singapore, Uruguay, and the Bahamas. Man Group plc also acts as a broker
of futures, options, and other equity derivatives for institutional and private clients. The firm was founded
in 1994. It was formerly known as E D & F Man Group plc and changed its name to Man Group in 2000.
Man Group plc has its US headquarters in New York, with global headquarters in London, UK.
Leadership: Uwe Eberle, CEO
Strategies: Equity Hedge, Event Driven Arbitrage, Distressed & Credit, Relative Value, Variable Equity,
Commodity & Macro
Employees: 1800

Key Employees: Uwe Eberle, CEO; Alicia Derrah, Head of Finance; Riva Waller, Head of Investment
Structures Group; Rhowena Blank, Head of Operations
Locations: New York, Chicago
Headquarters:
One Rockefeller Plaza, 16th Floor
New York, NY 10020
USA
Ph: 646.452.9700
Fax: 646.452.9701
Website: www.maninvestmentusa.com
For more info on jobs with Man Group: http://www.mancareers.com/


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Guide To Getting A Hedge Fund Job

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Guide to Getting a Hedge Fund Job

Pitfalls Most Applicants Make

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 1

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 2

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 3

1. Determine Your Passion and Pick a Specialty

2. Research the Firms You Intend to Work For

3. Gain Credibility and Understanding with a Certification

5. Perfect Your Resume / Cover Letter

6. Work on Your Interview Skills

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 4

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 5

Your hedge fund or private equity resume should:

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 6

Determine Your Role:

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 7

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 8

Who is reading your letter?

What are hiring managers used to seeing in cover letters?

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 9

What do hiring managers expect to see?

The VERY Short Cover Letter:

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 10

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 11

The Typical Cover Letter:

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 12

“What are your passions outside of work and school?”

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 13

Would you like to go first? If so what number would you pick?

Therefore, you want to go first and you will choose 7.

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 14

4 chickens + 3 ducks + 2 pigs = 15 rice

1 chicken + 2 ducks + 3 pigs = 10 rice

5 chickens + 5 ducks + 5 pigs = 25 rice

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 15

4. The Oldest Question in the Book

Q: Why are manhole covers round?

Q: How many gas stations are there in the US?

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 16

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 17

Hedge Fund Blogs:

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 18

The Top 10 Hedge Fund / PE Firms

rank firm assets

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 19

Leadership: Jes Staley, CEO of JP Morgan Asset Management

Assets Under Management: $44.7B (in alternative investments)

Employees: 650 professionals

Key Employees: Jes Stayley, CEO

JP Morgan Asset Management

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 20

Leadership: Ray Dalio, Founder and CEO

Assets Under Management: $80 Billion

Strategies: Fixed income, Currency, Equity and Commodity Trading

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 21

More info on jobs with Bridgewater Associates can be found here:

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 22

Leadership: Thomas F. Steyer, Founder and Co-Managing Partner

Assets Under Management: $36 billion

Strategies: Risk Arbitrage, Equity, Fixed-Income, Restructuring, Capitalization

Employees: 150 professionals

GUIDE TO GETTING A HEDGE FUND JOB © 2009 Page 23