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如何準(zhǔn)備對(duì)沖基金公司的面試?

如何準(zhǔn)備對(duì)沖基金公司的面試?

Quora 2014年07月22日
對(duì)沖基金公司的面試沒(méi)有絕對(duì)的原則,但你如果有點(diǎn)創(chuàng)意,并且能夠提出創(chuàng)新的投資想法,那就肯定會(huì)給面試官留下深刻印象。

????杰克?魏的回答,對(duì)沖基金負(fù)責(zé)人

????我曾參加過(guò)許多家對(duì)沖基金公司的面試,所以,但愿我能夠給你提供一個(gè)面試者的視角;尼克從面試官的角度給出的回答是正確的。以下是我為面試所做的準(zhǔn)備:

????知己:面試時(shí)常被問(wèn)到的第一個(gè)問(wèn)題是:“請(qǐng)描述一下你自己?!蹦銥槭裁磳?duì)買方業(yè)務(wù)感興趣?你有哪些經(jīng)驗(yàn)?你為什么想要跳槽?你希望獲得的薪酬是多少?

????我認(rèn)為,求職者的興趣和經(jīng)驗(yàn)是最重要的。由于豐厚的報(bào)酬,大多數(shù)人,包括銀行業(yè)者在內(nèi),都希望進(jìn)入這個(gè)行業(yè),但令人意外的是,許多人對(duì)如何評(píng)估股票的價(jià)值一無(wú)所知。如果你對(duì)這個(gè)行業(yè)充滿熱情,就應(yīng)該在閑暇時(shí)間給自己充充電。

????知彼:最常被問(wèn)到的第二個(gè)問(wèn)題是:“你對(duì)我們了解多少?”(提問(wèn)者通常以一種冰冷的語(yǔ)調(diào)提出這個(gè)問(wèn)題)?;鹌煜鹿芾淼馁Y產(chǎn)有哪些?戰(zhàn)略?重點(diǎn)行業(yè)?他們的負(fù)責(zé)人分別是誰(shuí)?他們的投資者群體又是誰(shuí)?績(jī)效?文化??jī)赡昵?,是否有人因?yàn)樽屗麄兊挠《扰笥褤屧诠局敖灰锥唤夤停?/p>

????記住基金網(wǎng)站的內(nèi)容。在《華爾街日?qǐng)?bào)》網(wǎng)站 (WSJ.com)和谷歌(Google)上進(jìn)行查詢。查找該基金在彭博社(Bloomberg)和研究公司Factset上的信息。尤其是要仔細(xì)研究他們的13F表格。我通常會(huì)查找出過(guò)去四到八個(gè)季度的數(shù)據(jù),將它們輸入Excel,然后按照部門、規(guī)模和倉(cāng)位變化,對(duì)每一支證券進(jìn)行分析。

????如果你對(duì)這份工作垂涎三尺,你就應(yīng)該知道公共領(lǐng)域內(nèi)可以找到的所有信息。曾對(duì)我進(jìn)行面試的一位投資組合經(jīng)理披露,他們賣出了倉(cāng)位。我注意到,這并非公開(kāi)信息。后來(lái)當(dāng)他與我意見(jiàn)不一致,并且認(rèn)為我的調(diào)查不夠仔細(xì)時(shí),我有些迷茫。他考慮了一會(huì)兒,然后意識(shí)到事實(shí)并非如此,于是向我真誠(chéng)地道歉。

????準(zhǔn)備股票介紹:我通常會(huì)準(zhǔn)備得非常充分。我個(gè)人的原則是五支做多股票和五支做空股票。我采用了一個(gè)系統(tǒng)的流程,我會(huì)翻閱過(guò)去八個(gè)季度的SEC(美國(guó)證券交易委員會(huì))文件以及電話會(huì)議記錄。閱讀同一時(shí)期每一位分析師的報(bào)告。為所有股票構(gòu)建財(cái)務(wù)模型。在WSJ.com上進(jìn)行搜索。如果有必要,了解投資者關(guān)系和賣方。它們關(guān)鍵的驅(qū)動(dòng)力是什么?競(jìng)爭(zhēng)對(duì)手是誰(shuí)??jī)?yōu)點(diǎn)是什么?缺點(diǎn)是什么?你的優(yōu)勢(shì)是什么?此外,可以寫(xiě)一篇論文。為所有觀點(diǎn)提供依據(jù)——他們喜歡數(shù)字。

????正如尼克所說(shuō),不要選擇已經(jīng)廣受媒體關(guān)注的股票。因?yàn)檫@會(huì)讓面試官認(rèn)為你缺乏創(chuàng)意。如果能談?wù)撘恍┖暧^事件,也會(huì)對(duì)面試有所幫助。如果你擁有多年投資經(jīng)驗(yàn),這肯定不是問(wèn)題。

????像了解自己最好的朋友一樣了解公司。要能在一分鐘之內(nèi)介紹一支股票,包括上面提到的內(nèi)容。你必須知道所有問(wèn)題的答案,不論這個(gè)問(wèn)題多么刁鉆。

????準(zhǔn)備一份“小抄”:在小抄的兩面,列出前三個(gè)談話要點(diǎn)。牢記這些要點(diǎn)。你的陳述應(yīng)該毫無(wú)瑕疵,不能口吃,不能猶豫。根據(jù)我的經(jīng)驗(yàn),10到20小時(shí)的練習(xí)便可以達(dá)到理想的效果。當(dāng)然,如果你為前三條準(zhǔn)備的答案不夠可靠,即便小抄也無(wú)法幫你搞定面試。

????Answer by Jack Wei, principle at a hedge fund

????I’ve interviewed with a number of hedge funds, so hopefully I can provide you a view from the interviewee’s perspective; Nick’s right on from an interviewer’s stance. This is roughly what went into my preparation:

????Know yourself: The first question I always got asked was, “Tell me about yourself.” Why are you interested in buy-side? What sort of experience do you have? Why do you want to relocate? What kind of compensation are you looking for?

????I think your interest and experience are of utmost importance. Most people, including bankers, want to get their feet in the industry because of the generous compensation, but are surprisingly clueless about how to value stocks. If you are passionate, you should probably brush up during leisure.

????Know the fund: The second most common question I get asked is, “What do you know about us?” (Often asked in a very cold tone). What’s their asset under management? Strategies? Sector focus? Who’s their head guy? Who’s their investor base? Performance? Culture? Did someone get sacked two years ago for having their friends in India front-run the firm?

????Memorize the content on their Website. Conduct queries on WSJ.com and Google. Pull that fund information on Bloomberg and Factset. More specifically, dig through their 13F filings. I’d typically pull up data from the past four to eight quarters, input them into Excel, and then analyze every security organized by sector, size and position change over time.

????If you’re drooling over the job, you should know everything within reach in the public domain. One portfolio manager who interviewed me disclosed they had sold out of a position. I noted it wasn’t public information. When he disagreed and thought I was careless in my research, I looked perplexed. He pondered for a minute, then realized it wasn’t and issued a kind apology.

????Prepare stock pitches: I typically over-prepare. My personal rule is five longs, five shorts. I employ a methodical process whereby I flip through the past eight quarters of SEC filings and conference call transcripts. Read every single analyst report in the same time period. Construct financial models for all the names. Conduct a search on WSJ.com. Reach out to investor relations and sell-side if you must. What are the key drivers? Competitors? What’s the upside? Downside? What’s your edge? By the way, have a thesis. Back everything up – they love numbers.

????As Nick pointed out, don’t pitch names that have received extensive media coverage. It signals a lack of creativity. It also helps if you can talk about macro events. If you’ve been investing for years, this should be no problem.

????Know the companies like you do your best friends. Be able to pitch a stock covering all of the above in one minute. There shouldn’t ever be a time when you don’t know the answer to any question, however obscure.

????Create a cheat sheet: Combine the key talking points from 1 to 3 onto a two-sided cheat sheet. Memorize it well. Your delivery should be flawless. No stuttering. No hesitation. From my experience, 10 to 20 hours should do the trick. Of course, the cheat sheet won’t help you seal the deal if your answers for 1to 3 aren’t already rock solid.

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