Got a healthcare hedge fund analyst offer with 150K base and up to 250K bonus. With comp increase potential but no clear path to be promoted to portfolio manager given the fund size. I have 6 YOE in consulting and a PhD in life sciences. Lifestyle is not much better than consulting. The hiring manager tried to convince me with “long-term upside” but of course cannot commit to anything given the fund is new. Thinking I should turn it down but wonder how others think

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Life rewards people who take risks. The thing is: you can always come back to McKinsey. I have so many college friends who left their job to make it at a hedge fund / PE fund. Not a single one made it. But they all got back in jobs like the ones they had before. So - no downside

likesmart

Who cares if it’s anecdotal, it’s true. Most folks that leave for PE don’t get asked to come back as a VP. You’ll learn a lot and I think it will be a valuable experience.

Risk it to get the biscuit.

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NO HF has a clear path to portfolio manager, you should not care about this at all. From a comp perspective many analysts make millions...and can be in the role forever

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Hey BCG1, could you share some Google search terms that would point me in the right direction in learning what those analysts are doing/learning more about those jobs and that industry in general?

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I would look into this fund’s historical performance. Many dud HFs out there on their last legs

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You are 2 years from partnership , and how come someone is approaching you for analyst roles at HF. Has partnership become that easy?

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Being an analyst at a HF means something very different than being an analyst at a consulting firm. Like someone mentioned earlier this thread, “analysts” at HFs can make $500-1M or more

likehelpful

If bonus is capped in writing at 250 walk away. Otherwise, as a new fund, hc market doing well and has good potential. Like hc consulting though, govt changes impact deal flow and that is something to consider pending election year. There is never a clear path to promotion for fund manager. You are good or you aren’t. If you are good, 3-5 years. If you are mediocre, tough luck. Exit opportunities are pretty good for industry, not unlike exits from consulting partner to industry. Whether to move or not depends on what job characteristics motivate you more.

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Thanks all! People say consultants are risk averse and I’m probably the worst. I wonder if it’s a bad time to leave consulting and getting into hedge fund next year - the stock market is at all time high and it’s been 12 years since the 08 recession..

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There is no such thing as counter offer to fast track to partner at mckinsey- we are all dispensable

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This is a tough call two years from partnership. TBH, I’d probably pass in your shoes. HF analyst is a very different role from consulting and success for the fund or yourself isn’t guaranteed. If you are passionate about investing then go for it. If it’s just about the money i think you may find more success at Mck.

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I am leaving consulting for a hedge fund but much earlier in career. The decision is a bit different for you being so close to partner - there is an argument to make that risk-adjusted returns aren't favorable in leaving but with your resume (leaving or staying) I wouldnt overestimate risk too much .. you will get other great jobs. So for you it should come down to choosing what excites you the most and will allow you to be most fulfilled long term

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To add to what others are saying, if you are doing well and not getting enough comp, once you’re in the HF world it’s much easier to move to other funds. Good luck.

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Do you have experience in analysis? Hedge fund path is not an easy path. Of course , there’s no clear path to portfolio manager. Unless, you are super passionate about it, its not worth it. But if you are reasonably good , you can make quite good in Consulting!

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Can always boomerang and have that much more on the resume.

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Please accept, and in a few years when you're a multi millionaire at this fund or another, come back here and reward us all with some bitcoins, ha! Seriously, the worse case scenario is still attractive. You go and the firm fails or you fail miserably,but learn a lot, Mck doesn't take you back but you land at AP as a Director or a life science startup or F500 as a venture partner. The upside on the other hand is .......

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Feel free to share with us the opp if you decide to turn it down!

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Which hedge fund

You should take it and never look back. Once you get into buyside, you can move around.

Jump. It'll either be a mistake and you can leave, or you'll be sitting pretty.

Thanks all for the suggestions. If the start up fund fails because of poor strategy /execution (not because of market downturn like 08/09), are there still good exit options?

If one hedge fund would hire you and it failed through no fault of yours, why would that prevent you from a lateral to another hf?

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Congrats! I really hope you accept this. This is a really great opportunity for something new and exciting. It gets you in the door. Don’t feel like you’re locked into one hedge fund, there are many out there. Once you’re there you’ll have the opportunity to gain experience so you can go somewhere else if they pass on you for portfolio manager. This experience will qualify you to apply to other hedge funds as a portfolio manager or if you’re lucky, get into PE and make a killing.

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