I got a hedge fund job

D

demoship

I just got a job with a hedge fund in Greenwich, CT, however, it's not a trading job (which I was originally seeking).

Basically, the job is development & trader support. We develop applications that the traders use, write scripts to generate reports, etc.. and resolve problems for traders (trades aren't showing up, etc..).

The deal I got is:

$60K base salary initially (prorated for year 1 of course), no eligibility for a bonus for the initial year (6.5 months actually, since it's june now), plus benefits (3 weeks / year vacation, prorated for year 1 of course, plus health insurance)

So, my questions are:

1. Am I getting a good deal?
2. What can I expect to earn for years 2 and 3?
3. If I wanted to be a trader later, do you think the hedge fund would let me change positions? If not, and I change companies, how much would this working experience help me in getting a trader position? Note that I'm not considering changing positions/jobs for at least a few years.

Other info:
- The job hours are from 7 am - 6 pm
- My per-hour rate is $22.72 / hour, considering 11 hour workdays (there is no real lunch break, I mean, we obviously eat, but it isn't like a standard lunch break), which is not spectacular considering the hours.
- I'm fresh out of college (A good one, Lehigh University, w/ a degree in Computer Science & Business), Just graduated May 2007
- The fund gets revenue of about 100 Million / year from the asset management fee + their take of the profits, and employs about 60 people

I do like the company a lot (although I would prefer to work in the city over Greenwich), so it makes the hours bearable. But if I'm not going to be getting a lot more pay after I learn the ropes (the first month is going to be pretty much almost all training and familiarizing myself with their systems and everything), then the hours are not worth it, since I can find a non-hedge fund job that pays 50 - 55K for 8 hour days easily, and in the city too.
 
I think you're getting screwed on the bonus. The base is about right for recent IT grads. The big investment companies will give $5-$10k bonus. And the hours would be much easier.

You can even out if they teach you the trading side. You can always bring it up during performance reviews that you want to transition to the business. After a year, you'll know if you're making progress. Leave if you're not.
 
Yeah, but keep in mind another one of the main reasons I took this job, is because even if things don't work out, the next time I look for a job, it'll be 100 times easier with this kind of experience on my resume. (Plus this was the only job I was interviewing for, heh, and there's only 6 months left in the year, I figured that I wasn't getting TOO Bad of a deal considering that I'm coming in fresh outta college).

I'm just wondering what kind of money I should expect for the 2nd and 3rd year, because if it doesn't come, I'm gone.

Oh, and it is NOT an IT position.
 
1. You're obviously a computer programmer. The fact you're getting this job out of college shows that you really busted your ass and you're a great student ... now you have to work twice as hard so you can put some real experience under your belt.

Trust me ... you've got a prime position and going forward the world is your oyster.

2. What can you expect in terms of money? Probably a 5-10% bonus Y-o-Y. What can you expect in terms of knowledge? Gaining the skills that will lead to you easily pulling a six figure income inside of three years ... just make sure you remember to work twice as hard and use the position to your advantage.

3. Don't worry about being a trader at this company, it probably isn't going to happen. Just make sure you gain as much knowledge about their trading system(s) as you possibly can (oh, make sure to write everything down).

In short, don't focus on the present, focus on how your going to build your future.

G'luck, lots of guys would love to be in your shoes.

Jimmy Jam
 
generally they give you hours as in the times between that you "should" be there. doesn't mean exact on the dot , you must be here.
if you get in late or leave early, im sure it would not be that noticeable if its a decent laid back environment, as long as you get the work done or fake like your working then its all gravy, and just ride it out. since its salary.
 
Quote from jtnet:

generally they give you hours as in the times between that you "should" be there. doesn't mean exact on the dot , you must be here.
if you get in late or leave early, im sure it would not be that noticeable if its a decent laid back environment, as long as you get the work done or fake like your working then its all gravy, and just ride it out. since its salary.
More...

Don't start giving the kid bad advice. :mad:

Take this job seriously demoship and don't bullshit around with it, or anything else you do, and in ten years you'll be calling the shots.

JJ
 
I advise you to try and get a different job that is better paying and less hours. It sounds like you will be working to much for that little of pay. Go for no less than 85k and demand a raise after one year.
 
Here's my two cents:

1) The deal is sound. Coming right oout of college, somebody in your position would, like you said, prob be making 50K or so, especially considering it's trade support...
2) After 3 years, I'd say the avg salary for somebody in the back/middle office of a HF can easily top six figs, but obviously the hours will be relatively the same, you'll need to show quickness and stealth on the job, and prob show that you're indispensible on the job
3) This REALLY depends on the individual firm.. I've heard some companies not offering any opportunities to move into the front office, and others being quite open to it... I don't think it's too late to clarify with your new employer what types of progression they offer in terms of making the shift after a few years...

If you're really concerned about money, I'd say work really hard to get outta the back office (obviously)... I know lotsa people in your position who are pullin good money after bonus, but you'll obviously never pull in half a million per year like your run of the mill analysts do... I think it's a great start, congrats so far!

Quote from demoship:

I just got a job with a hedge fund in Greenwich, CT, however, it's not a trading job (which I was originally seeking).

Basically, the job is development & trader support. We develop applications that the traders use, write scripts to generate reports, etc.. and resolve problems for traders (trades aren't showing up, etc..).

The deal I got is:

$60K base salary initially (prorated for year 1 of course), no eligibility for a bonus for the initial year (6.5 months actually, since it's june now), plus benefits (3 weeks / year vacation, prorated for year 1 of course, plus health insurance)

So, my questions are:

1. Am I getting a good deal?
2. What can I expect to earn for years 2 and 3?
3. If I wanted to be a trader later, do you think the hedge fund would let me change positions? If not, and I change companies, how much would this working experience help me in getting a trader position? Note that I'm not considering changing positions/jobs for at least a few years.

Other info:
- The job hours are from 7 am - 6 pm
- My per-hour rate is $22.72 / hour, considering 11 hour workdays (there is no real lunch break, I mean, we obviously eat, but it isn't like a standard lunch break), which is not spectacular considering the hours.
- I'm fresh out of college (A good one, Lehigh University, w/ a degree in Computer Science & Business), Just graduated May 2007
- The fund gets revenue of about 100 Million / year from the asset management fee + their take of the profits, and employs about 60 people

I do like the company a lot (although I would prefer to work in the city over Greenwich), so it makes the hours bearable. But if I'm not going to be getting a lot more pay after I learn the ropes (the first month is going to be pretty much almost all training and familiarizing myself with their systems and everything), then the hours are not worth it, since I can find a non-hedge fund job that pays 50 - 55K for 8 hour days easily, and in the city too.
More...
 
i never worked at a hedge fund, so i dont know what takes sooooo much work and hours to complete, besides getting new clients and filling/mailing paper work. to me it just seems like people making trading harder than it should be or not doing actual real work in those long hours so you have to stay later.
 
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