Gone are the days of large hedge funds recruiting directly at universities around the country. Gone too are the days of funds fighting for wobb internships the best and wobb internships brightest with huge signing bonuses and internships lucrative compensation packages. Current market conditions mean managers are typically cutting staff rather than hiring new hedge fund associates. Yet these firms still have most of the same operational responsibilities they had a year or two ago and linkedin far less revenue to cover their costs. That creates an enormous opportunity for college students and internships recent grads to get their foot in the hedge fund door wobb internships by providing their services for internships little or no pay. In return, these grads will gain the invaluable hands-on experience necessary to obtain an associate position with leading hedge funds when the market inevitably recovers.
Internships are typically viewed as summer positions for college students. However, the horrendous job market is making internships more appealing to those already with some financial experience, but not enough to land a paid hedge fund position in this market environment. These job-seekers are usually one to four years out of college with some significant financial markets experience.
Whether you are a recent grad, wobb jobs or just beginning your college career, now is an incredible opportunity to get a hedge fund internship. Begin developing the skills and resume you will need to land internships a lucrative full time position in the future. The key is knowing where to get started. Funds rarely, if ever, internships post internships on job boards. And why would they? It is expensive and time consuming. Likewise they will not use recruiters or headhunters for finding interns. Instead they rely on direct applicants. Those motivated to get a hedgefund internship will probably have to contact at least 50 to 100 managers to obtain a handful of interviews. The easiest way to do this is to send a cover letter and resume directly to the hiring manager. You can find a list of hedge funds in your state here. Really motivated candidates will follow up with a phone call and, if appropriate, stop in personally to check on the status of their application.
Contacting fund managers directly is so effective for getting internships because many managers are not even aware they could use an intern. You must make a strong case as to why they should hire you and state your willingness to do administrative tasks as long as you get the opportunity to learn from them as managers. Take the time to write a convincing cover letter.
Your success in your search for an internship with a hedge fund will depend on your motivation and persuasiveness. Don’t expect to land an internship by simply sending four or five cover letters to the largest firms. In fact, it is the smaller boutique funds that are most likely to take on an unsolicited intern. Be absolutely sure to follow up with every fund you contact. Remember, your search for a hedge fund internship will not be easy, but motivation and perseverance will pay huge dividends.