Hedge Funds & Asset Management - M&I

Beyond investment banking, hedge funds and asset management have also been featured prominently on M&I over the years.

In fact, we’ve shifted more and more in the direction of these “non-IB roles” over time since there’s already so much information on investment banking on the site.

While you can make an enormous amount of money in these fields, especially at hedge funds, they’ve also become more crowded and competitive over time… so you really need to read everything below to gain a leg-up over everyone else in the market.

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Single-Manager Hedge Funds

Single-Manager Hedge Funds: The Best Way to Get a Recurring Guest Spot on CNBC?

If you think about the most “public” investors – the likes of Bill Ackman and David Einhorn – many of them have something in common: they operate single-manager hedge funds. In other words, they’re the public face and brand of their fund, and all investment decisions flow through them. They might have separate teams for […]

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Multi-Manager Hedge Funds

Multi-Manager Hedge Funds: A Meritocratic Paradise or a Revolving Door of Burnout?

Almost all conversations about buy-side roles eventually turn to multi-manager hedge funds, also known as “pod shops.” There are only a few dozen large funds in this category worldwide, but they’ve greatly impacted the markets and finance careers. Multi-manager hedge funds promise investors solid risk-adjusted returns with low volatility; no matter what the broader market […]

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Distressed Debt Hedge Funds

Distressed Debt Hedge Funds: How to Become a Vulture Capitalist

Ask anyone interested in distressed debt hedge funds for “the pitch,” and they’ll probably mention one of the following: “It’s like long/short equity or credit, but more interesting!” “Distressed investing offers equity-like returns with lower risk.” “Distressed assets offer non-correlated returns, similar to global macro.” These are nice sales pitches, but the reality is quite […]

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Long-Only Hedge Funds

Long-Only Hedge Funds: A Cozy Career, or a Complete Contradiction?

When you hear the term “long-only hedge funds,” your first thought might be: “How can a hedge fund hold only long positions? Doesn’t that contradict the term ‘hedge fund’? Why would investors pay high fees for what is effectively a mutual fund?” These are all good questions. The short answer is that there is no […]

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Event-Driven Hedge Funds

Event-Driven Hedge Funds: The Best Home for Bankers Turned Investors?

“Event-driven hedge funds” is one of the more confusing labels in finance. Part of the issue is that many different strategies fall within the “event-driven” category: merger arbitrage, activist investing, distressed investing, special situations, and more. But the other problem is that all hedge funds are “event-driven” because they invest based on catalysts, or specific […]

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Commodity Hedge Funds

Commodity Hedge Funds: The Most Lucrative “Hidden Gem” in Finance?

If you want to work in the most cyclical role in the finance industry, it’s hard to beat commodity hedge funds. But a few related areas, such as commodity desks at banks, commodity trading advisors (CTAs), and physical commodity trading shops could put up a good fight for that “most cyclical” title. Many of the […]

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Convertible Arbitrage Hedge Funds

Convertible Arbitrage Hedge Funds: The Perfect Combination of Investment Banking and Sales & Trading?

Traditionally, if someone asked the “sales & trading vs. investment banking” question, the response was easy: “Do banking unless you really, really like trading and could not imagine doing anything else.” But there might be another equally valid answer: “If you can’t decide, do both and use your combined skills and experience to move into […]

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Credit Hedge Funds

Credit Hedge Funds: Full Guide to the Industry, Strategies, Recruiting, and Careers

Credit hedge funds might be the most consistently overlooked buy-side opportunity. Anyone who’s ever traded stocks can understand long/short equity, and even simple global macro trades are easy to explain to the average person. But if you invest in credit and try to explain your job to a normie, their eyes will glaze over as […]

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Activist Hedge Funds

Activist Hedge Funds: The Superhero Offspring of Private Equity Firms and Normal Hedge Funds?

If you’re thinking about exit opportunities and can’t decide between private equity and hedge funds, activist hedge funds might be your solution. Similar to private equity firms, they operate on longer time frames, influence companies’ operations and finances, and might catalyze major changes, such as spin-offs or acquisitions. And similar to long/short equity hedge funds, […]

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Global Macro Hedge Funds

Global Macro Hedge Funds: Living in an FX Traders’ Paradise?

Global macro might be the most paradoxical hedge fund strategy. Some global macro trade ideas are so simple that the average person who knows nothing about finance could understand them. But the execution is extremely difficult, which explains why some of the largest trading losses in history have come from macro-oriented ideas (“short nickel,” European […]

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Long/Short Equity Hedge Funds

Long/Short Equity: Full Guide to the Most Accessible Hedge Fund Strategy

What do a burned-out investment banker, an avid member of r/WallStreetBets, a retired couple in Florida, and Bill Ackman all have in common? They all think they can make a fortune buying and selling stocks; in other words, they’re fans of the long/short equity strategy. The difference is that only one of them has a […]

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Merger Arbitrage Funds

Merger Arbitrage: The Best Strategy for Investment Bankers in Search of a Hedge Fund Exit?

Ask any banker interested in hedge funds about the specific strategies they like, and merger arbitrage will usually come up. On paper, it makes sense: if you worked in M&A investment banking or an industry group that does a lot of M&A deals, you’ll know the process, timeline, and common problems that kill deals. You’ll […]

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Hedge Fund Strategies

Hedge Fund Strategies: What’s the Fastest Path to $1 Billion?

When it comes to hedge fund strategies, most articles focus on explaining what each strategy means and how the trading styles differ. That’s fine, but it leaves other important questions unanswered: Which skill set does each hedge fund strategy require? Who wins offers at different types of hedge funds? Do bankers, equity research professionals, or […]

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Quant Funds

The Full Guide to Quant Funds: Careers, Salaries, Recruiting, Exits, and More

If you go by online commentary, quant funds, also known as “quantitative hedge funds” or “quant hedge funds,” have taken over the world. Rather than relying on antiquated concepts like fundamental analysis and human discretion, quant funds use data, statistical models, algorithms, and automated systems to trade. Some quant funds, such as Renaissance Technologies, have […]

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Hedge Fund vs. Mutual Fund

Hedge Fund vs. Mutual Fund: Where Should You Start (and End) Your Career?

You can find plenty of articles that explain hedge fund vs. mutual fund differences, but most of them focus only on the business model. Good luck finding much about the recruiting process, compensation, daily life, and long-term career prospects. Companies that offer mutual funds are referred to as asset management firms, so you’ll also see […]

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Hedge Fund Portfolio Manager

The Hedge Fund Portfolio Manager Job: A Day in the Life, Salaries, and Trade-Offs

Few jobs in the finance industry have been glamorized as much as the hedge fund portfolio manager (PM). Yes, everyone hates bankers now, and politicians threaten to destroy private equity… …but plenty of people still fantasize about becoming Portfolio Managers and earning hundreds of millions of dollars. At that level, who cares if everyone hates […]

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Hedge Fund Internships

Hedge Fund Internships: The Best Way to Become Your Quantified Self?

Traditionally, almost no one thought about “hedge fund internships.” Students who wanted to break into investment banking, private equity, and even hedge funds usually interned at boutique banks, small PE firms, or Big 4 firms. The large hedge funds didn’t do much recruiting at the undergraduate level, and it was difficult to contact smaller/startup funds. […]

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Hedge Fund Analyst

The Hedge Fund Analyst Job: The Complete Guide

It’s tough to find a title in the finance industry that’s less specific than “Hedge Fund Analyst.” Depending on the firm, your team, and your previous experience, that title could mean anything from “Just above an intern” to “On the path to Portfolio Manager.” Hedge funds have less structure and hierarchy than investment banks or […]

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Start hedge fund

How to Start a Hedge Fund – and Why You Probably Shouldn’t

You can find plenty of articles about “how to start a hedge fund,” but they all tend to make the same glaring mistakes: If you want to start a hedge fund, as of 2019, I’d say you’re somewhere in between “a bit crazy” and “total reality distortion field.” Not only has the industry performed poorly […]

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Hedge Fund vs Private Equity

Hedge Fund vs Private Equity: Recruiting, Careers and Salaries Compared

The “hedge fund vs private equity” question could refer to many things: Investment vehicles – If you’re wealthy, should you invest in hedge funds or private equity funds? Also, how do they invest, and how do they charge fees? Exit opportunities – If you’re currently in investment banking, sales & trading, or equity research, which […]

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Hedge Fund Career Path

The Hedge Fund Career Path: The Complete Guide

The hedge fund career path is one place where our usual analogy – a fraternity house – does not quite hold up. Compared with investment banking or private equity, there’s less structure and hierarchy to hedge fund careers. The day-to-day work and responsibilities change as you advance, but not quite as much as they do […]

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businessman checking final mark on checklist

Stock Pitch Guide: How to Pitch a Stock in Interviews and Win Offers

Numi Advisory is an expert in hedge fund and equity research recruiting, having advised over 600 clients by providing career coaching, mock interviews, and resume reviews for people seeking jobs in equity research, private equity, investment management, and hedge funds (full bio at the bottom of this article). If you want to know how to […]

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How to Get a Job at a Hedge Fund

How to Get a Job at a Hedge Fund: Hedge Fund Recruiting

When it comes to how to get a job at a hedge fund, real information is tough to find. Part of that is intentional: hedge fund recruiting, is less structured than investment banking interviews or private equity recruiting. Also, many hedge funds are not interested in broadly marketing themselves to candidates. As a result, it’s […]

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Pension Fund Investment Management

Public Pension Fund Investment Management: Interviews, Jobs, and More

Have you noticed that roles at pension funds attract almost no interest online? There are countless articles, videos, and threads about investment banking, private equity, and hedge funds, but almost nothing about pensions. But pension fund investment management roles can offer plenty of benefits, from solid work/life balance to access to the best portfolio managers […]

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Multi Manager vs Single Manager Funds

Multi-Manager vs. Single-Manager Hedge Funds: Recruiting, Investing, and Climbing the Ladder

Numi Advisory has advised over 600 clients by providing career coaching, mock interviews, and resume reviews for people seeking jobs in equity research, private equity, investment management, and hedge funds (full bio at the bottom of this article). While everyone reading this site has been consistently obsessed with private equity, the level of interest in hedge funds […]

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Asset Management Internship

What to Expect in Your Asset Management Internship at a Pension Fund or Endowment

If you want to work in a buy-side role, is investment banking a pre-requisite? There seems to be an obsession with it online, but for many roles, it’s optional. The best example is in institutional asset management, where you can win internships and full-time roles without stepping foot into a bank. If you want to […]

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Associate Portfolio Manager Jobs in Asset Management

On the Job as an Associate Portfolio Manager in Asset Management: The Fastest Path to Becoming the Next Warren Buffett?

Compared to the ways many billionaires make their money, value investing is relatively simple: only invest in companies you understand, and pay less than their intrinsic value… and then keep doing that for decades. Of course, the idea is very different from the execution – and getting into the industry and then advancing at top […]

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Oil & Gas Investment Banking to Energy Hedge Fund

From Oil & Gas Investment Banking to Energy Hedge Fund: How to Make the Leap and Dominate Your Case Studies

So, what does it really take to dominate case studies and stock pitches in hedge fund interviews? And how can you move from a specific industry group in investment banking (oil & gas) to a hedge fund or private equity firm with a similar focus? The answer, as it turns out, is “Modeling out ultra-deep […]

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Value Investing 101

Value Investing 101: How to Become a Value Investor

While it’s fun to write about razing villages and executing your enemies to get M&A deals done, such extreme violence is not everyone’s cup of tea. Plus, you might just want to invest in companies rather than buying or selling them outright. So if you dream of starting your own hedge fund or asset management […]

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