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What would you do for an internship at Goldman Sachs? - Page 4

post #46 of 72
Quote:
Originally Posted by maverick View Post
Totally depends on the fund strategy and the role, I would think.

Also, I think at the junior level moving to a hedge fund from sell-side equity research is much harder than the doing so from IB.


Yea, I actually agree with you on that. Special situations, event driven, activist funds, etc could very well prefer IB analysts vs sell-side folks. Macro based hedge funds would probably hire folks with their own unique skill set agnotic of whether they came from IB or Research. I guess my point was more relevant for the vanilla long short sector focused funds.

Not sure about the second point. Are we talking abosulte numbers or %? If former, that wouldn't be surprising. If latter, I'd think that would be open to debate.
post #47 of 72
Quote:
Originally Posted by HedgeFundHotSHot View Post
hedge funds like ppl who r readily deployable, never ppl they have to mold; and r we refering to quant analysts or analysts who do grunt work? the latter can get in out of undergrad yes, but the former needs graduate degrees in a quantitative discipline

with the last few statements u made- it dosent matter the brand yes, but pay varies widely between funds, the variance is way more than IB; moves between HFS r hard.

If you look at the mega funds like D.E.Shaw, Citadel, etc., they have an active undergraduate recruiting system but "working at a hedge fund" per see is a bit of a misnomer because its all dependent on what you'll be doing at the fund.

Any big fund can hire a few "finance" grads to work in middle office/back-office to mark-to-market books and check PnL, but I'm more inclined to agree with the poster that these types of funds are hiring quantitative majors ("quant fin, computer science, physics, mathematics, etc.) for front office junior roles.

For smaller funds that don't have the resources to hand-hold an undergrad, they'll be more inclined to hire quantitative master/phD students that have the raw fundamentals and can hit the ground hard from the get-go.

In response to whether its better to do IBD/fundamental eq-research/trading, pursue what you enjoy and do well.

There are so many types of funds nowadays and you can never predict what will be the NEXT BIG THING.

Look at the Michael Milken junk-bond boom in the 1980s.

IT Dot-com IPO boom in the 2000s.

And mortgages in 2005-08.

Back in 2005 when I joined Lehman, Mortgage research/trading WAS THE PLACE TO BE.

Now you barely can get someone to look at your resume if you have anything mortgage backed (although I'm inclined to think distressed debt funds should be interested nowadays).

In addition, w/ hedge funds its more about fit than anything else.

Funds that are more private equity focused will tend to take more IBD guys since that's what they are comfortable with.

Conversely a traditional long/short eq shop w/ sell-side ex-eq analysts will tend to take more sell-side eq-analysts.

The the beauty of finance at the fundamental level is that all based on performance and meritocracy.

Look at LTCM, the prestigous fund all quant PhDs that blew up.

These guys at the time were considered the cream of the crop and they totally fucked up.

It doesn't matter where you start off as long as you are good and perform and have the drive.
post #48 of 72
Quote:
Originally Posted by RetroFlow View Post
You're an undergrad, and you are looking for an internship. What would you do for one at the great Goldman Sachs, an acclaimed "BB."

Would you pay to fly there for an interview?
post #49 of 72
Quote:
Originally Posted by binge View Post
Would you pay to fly there for an interview?

Would you take less than the SF fallback amount of $250,000/year?
post #50 of 72
Quote:
Originally Posted by edmorel View Post
Would you take less than the SF fallback amount of $250,000/year?
Not me. That would be like wearing a $20 tie for my birthday. *shudders*
post #51 of 72
Quote:
Originally Posted by MetroStyles View Post
Not me. That would be like wearing a $20 tie for my birthday. *shudders*

Is your $20 tie alive? If so, please delete this post and my Goldman account.
post #52 of 72
Trading is where GS is no1 by a widest margin... I would go there if you have the interest
post #53 of 72
GS Bleh. I'm an intern in the legal dept of a medium-sized brokerage firm. The most interesting people I've seen yet work in Public Finance. If I had to do it all over again w/o law school, I'd do public finance.
post #54 of 72
Actually declined a summer internship offer at GS IB during business school.
post #55 of 72
Quote:
Originally Posted by AgentQ View Post
The special situations group looks pretty cool -- not sure if they do internships?

SSG does take interns; a good friend of mine spent a summer there a couple years ago.

Do you even know what they do, or by "looks pretty cool" do you mean "sounds badass" just because of the name?
post #56 of 72
I would lay down for the night with Edmorel for a GS internship.
post #57 of 72
Since it's OCR season, I'm pretty sure I've heard this question 20 times in Huntsman Hall (Wharton). And i thought SF would be an escape.
post #58 of 72
Junkpunch Lloyd Blankfein and insist he give you a shot!
post #59 of 72
You should go for the internship with the team/group that is best in class on the street.

If you want to trade FX, the best desks/flow is at Deutsche Bank/UBS.

If you want to do cash equity algo-trading then Credit Suisse is best on the street.

If you wanted to do IPO Tech in IBD during the IPO tech-boom, Credit Suisse IBD group was tops.

If you wanted to do health-care IBD, you would wanted to have worked w/ UBS IBD in Lorello's group (Now at Jefferies).

If you get an opportunity for middle-office at GS or front-office at say Barclays, you take the front-office position at Barcap.

It's all relative.
post #60 of 72
Quote:
Originally Posted by leftover_salmon View Post
SSG does take interns; a good friend of mine spent a summer there a couple years ago.

Do you even know what they do, or by "looks pretty cool" do you mean "sounds badass" just because of the name?

Okay, thanks for letting us know. And yes, I am quite familiar with what they do.
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