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Hedge fund careers
Break into hedge funds.
Clear, no-nonsense guides to pod shops, recruiting, compensation and the interview — everything you need to land a seat.
Independently researched from primary sources and edited by Daniel Reeve.
The six guides
Everything the interview tests — in six guides.
Start anywhere. Each guide is a complete, sourced map of one part of the hedge-fund path — from how the funds are built to the exact questions you’ll be asked.
01
Pod shops
How the multi-manager model works
How multi-manager platforms work, who the major pods are, comp and PnL splits, and the risk limits that define the seat.
In this guide
02
Recruiting
Timelines, headhunters, on- vs off-cycle
When hedge funds recruit, on-cycle vs off-cycle, the headhunters that matter, and how to move from IB to the buy side.
In this guide
03
Fund guides
Citadel, Millennium, Point72 & more
What to expect at Point72 Academy, Citadel, Millennium and the other platforms — process, format, and how to prepare.
In this guide
04
Compensation
Base, bonus and PM economics
Base and bonus by seat and fund type, pod PM economics, and quant vs fundamental pay — refreshed against real data.
In this guide
05
Strategies
Long/short, macro, quant and more
Long/short equity, global macro, quant and the rest — explained for candidates choosing a seat and prepping interviews.
In this guide
06
Interview
Technicals, behaviourals, stock pitches
Technical, behavioural and stock-pitch questions with worked frameworks — the hub for everything you'll be asked.
In this guide
Latest guides
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- Recruiting
How to Become a Hedge Fund Analyst: The Career Path and Entry Routes
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Hedge Fund Exit Opportunities: Why the Seat Is the Destination
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Hedge Fund vs Private Equity vs Investment Banking: How to Choose
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Hedge Fund Recruiting: Timeline, Headhunters & How to Break In
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Hedge Fund Interview Guide: Fund-by-Fund Process Map
May 2026 · 21 min readRead - Compensation
Hedge Fund Compensation: What Funds Actually Pay
May 2026 · 20 min readRead
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Not sure where you stand?
Take the interview readiness check — eight questions across the six areas funds test. See the answer as you go, get a score, and learn exactly what to study next.
FAQ
Hedge fund interview FAQ
- What does a hedge fund interview test?
- Fit and motivation, technical and markets knowledge, and at fundamental funds a stock pitch. Quant funds test probability, statistics and coding instead. See the question frameworks.
- When do hedge funds recruit?
- Mostly off-cycle and continuously, through headhunters, when a seat opens, not on a fixed on-cycle calendar like private equity. How the timeline works.
- What is a pod shop?
- A multi-manager platform that allocates capital across many independent, risk-managed pods, each run by a portfolio manager with a hard drawdown limit. How pod shops work.
- How much do hedge funds pay?
- Pay depends on seat, fund type and performance. At a pod shop a PM earns a percentage of their book net P&L after costs, so strong years pay well above a banking bonus and flat years pay little. Compensation by seat.
- How do I prepare a hedge-fund stock pitch?
- Build a differentiated thesis with a catalyst and clearly defined risk, a variant view the market is mispricing, not restated consensus. The stock-pitch guide.
Prep like you already work there.
Start with the pod-shop guide, then grab the free hedge-fund CV template.