Hedge Fund PM vs FAANG PM

Amazon hedgeornot
Feb 20 19 Comments

Interested in pros and cons for working as a Product Manager with hedge funds vs FAANG.

What comp ranges are expected for someone with with 12 years of total experience ( 6 years as a PM) in an offer from hedge funds.

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TOP 19 Comments
  • Two Sigma asciiarti
    Hedge funds usually do not have many people. Product managers in hedge fund may have more engineers to cover (eg 30). Product managers are quite new idea in hedge funds and usually they came from banking’s IT departments.
    Feb 20 5
    • Amazon hedgeornot
      OP
      What kind of career progression happens in such roles? Given the strong non-competes I hear about, what exit options are available?
      Feb 20
    • Two Sigma pci bus
      Since product manager is quite new in hedge funds, there is no clear career path yet. Companies may already design a path, but the reality is probably no one has gone through. For non-compete, most companies who enforce non-compete will pay you base salary. So you may have a beach gap year or traveling the world. However, quant or algo trader are much likely to have NC enforced. Infrastructure/platform engineers are much less likely. Product managers, no idea because it’s quite new. But in general, going to other types of guns (eg quant fund to non quant fund) or going to banks are less likely to be enforced
      Feb 20
    • Amazon hedgeornot
      OP
      Thanks. Really helpful! Which are the best hedge funds you think for PMs.
      Feb 20
    • Two Sigma pci bus
      I don’t think you should be worry about NC. I feel like only tech teams need product manager (I assume you are doing technical Product right now). Individual trading desks are less likely to have product manager. So you are still in tech virtually. Some quantitative funds are using very new technologies and open source stuff. If you are in one of those companies, you can still come back to tech.
      Feb 20
    • Two Sigma pci bus
      I don’t even know what hedge funds are hiring product managers. But you can use LinkedIn to search PM in hedge funds. You can always find top funds lists. Another thing, other buy sides may also be exit opportunities (proprietary trading, mutual funds , high frequency trading firms )
      Feb 20
  • Hedge funds are very diverse. It really depends on the fund and asset class. Are you working for a quant fund or supporting discretionary PM’s? Big fund or small fund?
    Feb 20 5
    • Amazon hedgeornot
      OP
      Talking about big quant hedge funds. Do you have opinion for the big ones?
      Feb 20
    • Ah. That’s a cool job. Base is probably around $175-225k if you’re in a PNL position. Bonus varies widely but if you’re generating alpha for the firm can be 500+.
      Feb 20
    • There’s definitely more opportunity to make money there versus faang but you have to actually enjoy finance/math otherwise you probably won’t last super long. And definitely more career risk and less mobility afterwards. If you like designing market algorithms though, it’s an awesome seat.
      Feb 20
    • Amazon hedgeornot
      OP
      Thanks. What’s average bonus like?
      Feb 20
    • Amazon / Eng jNeo42
      There may be an error in this thread. PM in hedge funds means Portfolio Manager, not Product Manager. A Portfolio Manager TC can be anything, based on how much you make for the firm. A Product Manager role, however, doesn’t really exist. It does in some form, but a FAANG PM will have a hard time finding and qualifying for these MBA/PMO types of HF roles.
      Feb 20
  • Facebook
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    Finance industry as a whole trends towards more toxic culture, worse WLB, etc. I'd personally steer clear.
    Feb 20 0
  • Amazon / Other XIit65
    Hedge funds don't have product managers. They have portfolio managers. Totally different skill set.

    The only hedge fund product management positions I've ever heard of are at Bridgewater, and I'd never work there.

    If you know of other big funds hiring product managers, let us know which ones.
    Feb 20 5
    • Amazon hedgeornot
      OP
      Well there are others too hiring PMs. You can do a quick check on LinkedIn. And curious as to why would you not work at Bridgewater?
      Feb 20
    • Amazon / Other XIit65
      Friends who have worked at Bridgewater have said that the culture can be toxic.
      Feb 20
    • Amazon hedgeornot
      OP
      Some would say the same about Amazon as well.
      Feb 20
    • Amazon / Other XIit65
      @hedgeornot I don't disagree. I have other reasons for being at Amazon despite any toxicity.
      Feb 20
    • Amazon / Eng jNeo42
      I recently screened with Bridgewater for a Senior SWE role. The first tipoff to their toxicity is the 3rd party recruiter asking you “are you familiar with the culture of Bridgewater?”. Then a partner/owner in the recruiting company will call you and ask the question again and drill into it. So you spend over an hour with the recruiter just to prepare you for the friggin phone screen. You do the HackerRank, get another prep call from the recruiter, and finally have a screening call with a alpha manager type at Bridgewater. They of course have to ask you for your permission to record the call, which you’re aware of because the recruiter has told you repeatedly that Bridgewater’s principle of “radical transparency” requires that *everything* is recorded within the office (I hope the toilet is an exception). Then you have a really bizarre conversation with a douche nozzle who makes it clear that he is in control and you are the one who needs the job. I think my low point was my answer to “tell me about a time you made a mistake and how you handled it”. I never heard back from the recruiting agency. I was thrilled to not be asked on-site. In addition to this BS, I’ve been warned that their non-compete is seriously enforced when you leave, possibly blocking you from a similar position for at least a year.
      Feb 20

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