3 important truths about working for a hedge fund
There’s lots of stories about people who work for hedge funds making billions of pounds in a year and then retiring at 28. There’s an idea in place that just because the money’s good, it doesn’t take hard work, dedication and commitment to get to where you want to be. So here’s three important truths to remember if you’ve decided a hedge fund is the place for you.
1. It’s a long hard slog to the top
If you think it’s going to be all fun and games from day one, you’ve got another thing coming. To get a hold of the expertise required to be successful in the long term, knowing how to read markets and learning the art of how to sell in the industry.
There’s also the small complication that you’re going to be expected to master a variety of different aspects within one role, so much so that you’ll be working outside your comfort zone a lot of the time. With competition so fierce, you’ll be expected to do whatever is necessary to get the job done.
2. It’s an exceptionally diverse industry
With that in mind, it’s worth remembering that across the industry there are more than 10,000 firms, and each one of these firms will have their own techniques, practices, client relations and areas of interest.
If you go in with a mindset of what the industry is going to be like, you’re going to struggle to adapt to the challenges that are thrown your way. So be flexible, ignore the stereotypes and when you get your opportunity, be read to work every single aspect of your character to make sure you complete the task at hand in the best way you know how.
3. Not everyone makes silly amounts of money
With the glory stories and the Times Rich Lists naming hedge fund owners in their top echelons, it’s easy to get carried away with the idea that you’re going to making all of the money right away, but that’s simply not the case.
Whilst there is big bucks to be earned in the industry, and plenty of scope to make money across your career, that doesn’t begin straight away – you need to earn your bonuses and commission through hard work and dedication. Prove your worth though, and the rewards will come.