Engineers at Hedge Funds and PE

Amazon hVbnLT
Mar 8 15 Comments

Any engineers or data people on here work or have worked for hedge funds or private equity? I've heard that it's generally better than working at ibanks...Is it true?

1. Do/Did you like the work?

2. What stack do you use?

3. Are you easily disposable?

4. Culture?

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TOP 15 Comments
  • Amazon / Eng jNeo42
    I was in hedge funds in NYC for over a decade, as an independent contractor (usually a fixed daily rate). It is important to divide hedge funds into a few major groups: the bigger ones with larger teams and formalized recruiting (Two Sigma, Citadel, Jane Street, Bridgewater, and on the fringe: AQR, Point72, Millennium), and then everyone else. I was in the latter. For the latter you must learn .NET/C# and SQL Server, otherwise you are severely limiting your options. These smaller companies will likely hire as a contractor, maybe with the intent to convert to FTE (maybe not, I stayed independent for 11 years with 2 companies). You can make good money, especially if you incorporate and go corp-to-corp rather than W2. You could last for many years, and you’re only going to get canned for typical reasons (not the nebulous BS in tech companies).

    Investment banks are another story. Tech people are janitors there and treated as such. They have billions of dollars but most IT people live cheaply and they look it (no offense).
    Mar 8 2
    • New Sugary
      How much was your TC these years as an independent contractor?
      Mar 8
    • Amazon / Eng jNeo42
      In NYC if you’re lucky and experienced in the tech stack you’ll get 1000-1100 per day. It’s hard to break past it. I was at 1200/day after a decade of it and got up to 1400/day, but an unusual circumstance got me up that far. That number is impossible now. Note that these are corp-to-corp numbers, not W-2. If you want W-2 then you’ll be under 1000/day. Many places will try to extract a full 9-10 hours per day for that fixed rate, but I haven’t seen that be exploited. Typically the contractor culture is a 9-6 day with a quick lunch (but not always, especially on Fridays).
      Mar 8
  • Bloomberg / Eng
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    What's the TC like in a good year? At least 0.5M I hope.
    Mar 8 2
    • Amazon / Eng jNeo42
      LMAO. Not in tech. No.
      Mar 8
    • Two Sigma fruits
      0.5 is very possible
      Mar 9
  • Two Sigma : : : )
    1. Yes
    2. Mostly JVM language for backend and React for frontend. But we have lots of different things in use
    3. No one ever gets fired unless you are really bad. No layoffs ever
    4 Googley (which has pros and cons)
    Mar 8 0
  • Barclays PLC bcch42
    One thing I forgot to add... HFs pay better than IBs
    Mar 8 3
    • Amazon / Eng jNeo42
      IBs are literally at the bottom of my list. I’d take any startup over GS MS JPMC CS any day (I might consider UBS).
      Mar 8
    • Barclays PLC bcch42
      Why UBS... Not every startup pays better... UBS doesn't pay good
      Mar 8
    • Amazon / Eng jNeo42
      I honestly don’t know why I mentioned UBS. Maybe to hope for travel to Switzerland, LOL. I wouldn’t count on that with Credit Suisse — that place looks like a sweatshop if there ever was one in NYC IB.

      As for “not every startup pays better”, that’s part of my point. A startup might pay less, but I’d rather burn my time there than in one of these soul-sucking big banks. At least at a nothing startup nobody’s getting rich, but these big banks pay you peanuts and stick their noses in your finances (restricted trading, always warning you to be ethical). Meanwhile the corporations get away with murder and give a lions share of the profits to lucky executives. These executives did absolutely nothing to found the company, and took zero financial risks to end up with such rewards. They just ended up in the right circles. It’s like the major celebrities who are already rich and powerful, but are the most likely to score even more endorsement deals and product lines.

      Underpaid Capital One SWEs, what’s in your wallet vs Jennifer Garner’s?
      Mar 8
  • Barclays PLC bcch42
    Again, it depends on the project and the leadership... I am working in a green field project and pretty much use scala, akka, Kafka, react, Python, etc in our project... Recently, I interviewed at Exodus Point and they were at Python/SQL server. Biggies like 2 sigma, citadel, jane street is altogether a different ball game.... It's difficult to get an interview unless someone refers one...
    Mar 8 1
    • Amazon / Eng jNeo42
      Funny you mention ExodusPoint. I was contacted about them and kinda know someone there. I didn’t get an interview though. At least not yet.
      Mar 8
  • Morgan Stanley / IT 145k
    If somebody did support on Hedge Funds I'd also love to hear some stories! I know that the people on the business side will have a hard time but not much is said about IT.
    Mar 8 0
  • New Sugary
    “Almost anything” is better than working at IBanks. Hedge funds pay much more , the actual work environment depends on the specific fund
    Mar 8 0