5 ways to get that move to the buy-side
If you’re looking to move to a hedge fund or a private equity firm, you’ll know that it’s one of the hardest industries to break into, and there’s a ridiculous amount of competition. Here’s five tips from us to you about how to improve your chances of making the grade.
Find a non-monetary motive
No-one’s going to hire you if you’re just in it for the money, because people who are just looking for money tend not to be the ones making the most. What you need to locate is a plan of action in terms of why you want to be in the industry, and back it up with valid reasons and points. That way, you will genuinely enjoy your time in the buy-side, which is key to succeeding – those that make the real money here are the ones that love what they do.
Get to grips with the technology
There is an overwhelming shift towards the technological happening across the entire sector, because computers have the ability to utilise algorithms and programs to track the market that far outstrip human ability. This does not mean that computers are going to replace the workforce, but rather it means that to get ahead, you should be able to harness the power of the computer to maximise your own potential.
Demonstrate your passion for work
There’s no other way of saying that the buy-side is really no place for someone who wants a 9-5, and that is simply not something that everyone wants to admit. But, to succeed, you need to show that you’re not scared of working your proverbial socks off, and being prepared to make sacrifices to succeed within the industry.
Show you’ve got an open mind
There’s a prominent viewpoint within the sector that it takes people with a broad range of ideas and ways of thought to make sure that every option is considered and discussed, so some firms on the buy side often look to hire people who think a little bit differently and challenge the status quo. This won’t work for every application, but find out more about the companies you’re applying to and see if you can work out what it is they’re looking for before you apply.
Remember that hedge funds and private equity firms tend to be smaller than other financial institutions, and as such, you’ll be working in closer proximity with your colleagues. What this means is that if you’re not someone who’s able to work with colleagues and promote a positive working environment, this might not be the sector for you. This is not a tip that you can necessarily work on, but if you’re a pleasant and non-objectionable kind of person, demonstrate that as best you can in your applications.