First off, I'm currently employed at a hedge fund, in the tech group. The firm isn't doing too well right now, and from what I've seen with the firm's PnL and their historical returns, it looks like this year's bonus will be extremely small, and since I'm planning on moving to Manhattan within the next few months and possibly incurring some debt in the process, having no or a small bonus at year end is NOT OK, so I've decided it's time to move on. My target is to have a job in the city, doing equity derivative research or trading. A job in greenwich, ct is also OK. Another position in tech would be fine with me, though being on the trading side of it is preferable. I have a few questions, which hopefully some people can give me some insight on. 1. I don't want my current employer to know I'm hunting for a new job, since I may stay with them if the PnL turns around, in a big way (Since the MAIN reason I want a new job is the fact that I don't think I'm going to get a sufficient bonus at year end). The job market is also tough right now, so it may be difficult to find a new job, and as such, I don't want to hurt my relationships w/ my current job. What is the best way of preventing my current employer from knowing I'm job hunting? 2. My current experience is 1 year of working at a hedge fund (I just graduated last May). Salary requirement is 75K + benefits + bonus (At least 25K). Long hours are acceptable, I currently work 55 hours a week. Is this reasonable? Current salary is 70 + benefits + bonus (I was anticipating around a 30K bonus this year, but that looks like it won't happen now). 3. I have an internship that's irrelevant to the position I'm seeking, should I leave it on my resume? I'm thinking I should since otherwise the ONLY job experience I have is my current job. I think showing an internship would help. 4. My objective line is "An equity derivatives research or trading position". Is this good?
Well I wasn't planning on quitting unless I had a new one secured. Hence why I'd like to keep the job hunt private.
If you "just graduated last May," you have at most 9 months experience, not quite 1 year, right? A jump that soon after starting your first job after college is generally a bad idea, unless you are totally miserable or in a really bad fit situation. Doesn't sound like you are... Expecting $100K total comp and getting, what, $85-95K would hardly qualify as either miserable or a bad fit. Also, I don't know how you're predicting the fund's 2008 performance and your year-end bonus in March. What's the reason that are you "planning on moving to Manhattan within the next few months and possibly incurring some debt in the process" in the first place?
I work on the buy side, though not a hedge fund in a front office capacity. If you aren't getting retained headhunter calls at this point, your prospects are poor. The finance job market is pretty strained. Few firms are hiring and there's a large pool of senior analysts and jr associates looking around. As for the best way of avoiding? be discrete. Use only very good headhunters. Don't post resumes anywhere. If this is your first year and you are only expecting 100k all in, I think you will get paid unless the firm goes under. A 25k bonus is trivial and generally not tied to the firm's revenue stream unless your hedge fund is tiny. At this point, it's the front office that's sweating, not first year ITs. Leave it on. You've only been there fore less than a year. It won't look good. Good luck with that. Entry level front office job is pretty hard to find. We are looking for someone like that, and probably will lift someone out of an IT background, but certainly require at least three years of programming experience for that trade. Supply, as usual, far strips supply. My suggestion, assuming your fund is 2Bn+, is to stay put. Develop good relations with your front office staff and try to move into a more research role.
well, you're off to your new adventure... you have the education... you've had a taste of the money, and bonus and the dream... you've had access to the workplace, the arrogance, the people, the buzz... just like the rest of us.... now, let's see whether you have what it takes to stay there? or whether you can build the same, or just work within the environment.... your next job, if you decide to accept it, is to employ yourself... because this Administration has done in, even those who support it.....
The fund is just under 2 billion now (was over 2 billion a week ago..) The reason I want to leave, is by looking at the fund's past performance, and how far away the high water mark is right now, it may be over 2 years before they hit the high water mark again. Oh, and by the way, how do I find a headhunter to get me a job? I thought it was the other way around -- firms hiring headhunters to find THEM prospects.
(1) There's reserve enough to pay you. Again, consider the management fee alone they bring in and your salary. You mean nothing. (2) Yes, headhunters will generally find you if they are the right sort. You don't find them. (3) Unless you've traded or analyzed equity derivatives (on an institutional level), knowing how they work won't matter much. Moreoever, I hope you don't mean options. Equity derivatives are generally exotics and swaps.