Vote: Chicago or Wharton or a US hedge fund

Cortega

说国内TOP5的应该是南大，浙大，或者复旦毕业的。中科大的一般说自己是TOP3毕业的

djcong

说国内TOP5的应该是南大，浙大，或者复旦毕业的。中科大的一般说自己是TOP3毕业的

-- by 会员 Cortega (2010/3/31 5:07:06)

hehe, why this could be a topic?
I think Fudan ppl will talk about top four.
I am very interested in knowing which fund is top Asian fund. it is easy to guess which the US 15bn fund is.

REgirl07

As a fellow finance professional, I can give you my own perspective.

My background is both similar and different from yours.  I currently work in a multi-billion USD real estate pe fund in the U.S., and I have tons of friends who are in IBD/PE/HF as well.  I have lived in the U.S. for many years now, and went to a top public for undergrad.  I am actually looking to move back out to Asia for the opportunities.

If you are truly set on HF, then go for the job.  eople routinely overestimate the importance of "learning" in business school and underestimate the importance of prior experience.  If you don't have prior PE/VC/HF experience, those fields are almost always impossible to break into.  No amount of "world-class education" would make you a star trader if you weren't one to begin with.  As you know, there's a large gap between theories taught in the classroom and actual analyses done in real life.  If you ever try to calculate WACC using the academic approach, your analysis would surely be laughed at by the partners.  So the best way to get a HF job is to work at a HF.  

With that said, I do see value in getting a MBA for people in this industry.  It gives you the versatility and option for other opportunities down the line, and it also allows you to have a network that you wouldn't have otherwise.  I started my career in '07, right at the end of the peak.  From '08 - '09, I saw so many star analysts/associates/senior people got laid off from all the shops, many of them were some of the most hardworking/smartest people I know.  The point is, many people w/ MBA degrees were able to quickly reach out to their network and plan their next steps.  They also tend to have a broader perspective since they immersed themselves in a totally different environment for two years.  It's all about the options, possibilities and preparation for future challenges.  

As far as school goes, my biased vote is W.      

hissom

I was in a US hf before. What's your hf's strategy?
I do see value in getting a mba too. Hf industry is so volatile as we experienced in the past two yrs. With a mba you will have more options and network if things do not work out as you planned.  
My suggestion is you can defer W for a yr, work in the hf and see how things are going. Forget about C.
W definitely has better network and better location. It is important to stay in the northeastern area if you want to stay in finance.

hissom

BTW, are you a ustc alumni?

nspyhk

Thanks everyone.

A Wharton MBA is a negative NPV choice to make in short term. My current package is not what a fresh Wharton graduate can imagine.

The only reason why I even bother to apply to Wharton is that I think the long term gain may outweigh the short term loss. Especially, my eventual goal is to pursue entrepreneurship, e.g., setting up my own fund. So what I really want to find out is whether a network Wharton brings me is good enough for this purpose. Or a US hedge fund name helps me more when I start to raise my own fund.

REgirl07 and hissom, really appreciate your adivce. I have sent out my msn to you guys pls add me to discuss.

I am from Nanjing University btw, and I can't disclose the hedge fund I currently work at. It is a USD 5 billion plus fund and I manage its long/short equity portfolio of abt USD 100 million.

Thanks.

stq

1 除非你想转行，不然作HF的没必要读MBA

2 如果将来想开自己的fund, 你的track record，你客户对你的满意程度比任何学校的network都更加重要，反正这个行业就这么大，如果你做的好，根本不用通过校友网络别人也应该知道你的名字

3 不明白你去美国的HF动机何在。。
你现在是做亚洲的equity？ 那么去美国做啥？从头学起做一个不熟悉的产品？
干吗不继续做下去呢？或者哪怕要跳也应该在美国大型对冲基金的亚洲部方向跳，离开亚洲的职业损失不小啊。。

REgirl07

Happy to share.

If your eventual goal is to have your own fund, a top MBA (and W would qualify) would help a lot in terms of fundraising.  I am assuming you are talking about a legit, sizable fund, and not one of those "I am rich so I am going to do my thing and call it a fund" funds.  You probably already know, but for the benefit of others, the main capital sources for institutional funds out there are 1) pension funds 2) sovereign wealth funds and 3) high net worth individuals.  These people don't necessarily understand your track record or strategy, but they absolutely respect the brands on your resume (that goes for both school and work experience).  
People tend to think HF is all about being good at investing money, but that's only one side of the business.  You need to raise money before you can invest any.  How do you convince people, many of whom don't really understand finance at all, to give you their savings?  Saying "I have returned 20% for the past five years" isn't good enough; you could be a ponzi scheme for all they know.  They want to see names like GS/MS, top HF, top bschool...things that signal a "tried and proven" ability.  That's why pedigree is so important in this circle.  Open up a prospectus of any major fund, and you will find a list of the most well-respected schools and firms in the senior people's bios.    

yyferboy

Thanks everyone.

A Wharton MBA is a negative NPV choice to make in short term. My current package is not what a fresh Wharton graduate can imagine.

The only reason why I even bother to apply to Wharton is that I think the long term gain may outweigh the short term loss. Especially, my eventual goal is to pursue entrepreneurship, e.g., setting up my own fund. So what I really want to find out is whether a network Wharton brings me is good enough for this purpose. Or a US hedge fund name helps me more when I start to raise my own fund.

REgirl07 and hissom, really appreciate your adivce. I have sent out my msn to you guys pls add me to discuss.

I am from Nanjing University btw, and I can't disclose the hedge fund I currently work at. It is a USD 5 billion plus fund and I manage its long/short equity portfolio of abt USD 100 million.

Thanks.

-- by 会员 nspyhk (2010/3/31 10:57:29)

你这人说话也忒狂了吧，什么"even bother to apply to Wharton", 看来Wharton这座小庙容不下你这尊大佛，不就本科毕业4.5年工作经验吗，wharton大把人工作好多年拿的肯定不比你低，什么叫fresh grad can't even imagine. 人家fresh grad很多去做HF的职位不比你高，拿的不比你多？

stq看清楚了，他是US hedge fund, 可没说去US做hedge fund. 不过stq说的对，不是个个做过大fund的人出来就能开自己的fund。你要raise fund得看自己，wharton的network再好，你没有track record谁敢给钱你啊。

morespring

I agree with Hissem.  Delay Wharton, work for the HF for a year to see how it goes,, and forget about Chicago. This way you won't regret.

I am also in a somewhat similar dilemma. 5 years WE in IB and PE, accepted by MIT Sloan, but recently got a very good promotion. Don't want to switch industry. I am still inclined to B-school for the long-term potential upsides.

BTW, I am also a NJU graduate. Glad to know you.