Hedge Funds Hiring Process
Hedge Funds Increase Difficulty & Hurdles in Hiring Process
Hedge funds and private equity firms have had their pick of the business school litter for years and now the hiring process is becoming more difficult. Every year, hedge funds and buyout shops have become more meticulous in their hiring, with more far trickier interview questions and even psychological evaluations.
"It's more and more each year," said J. Patrick Gorman, cofounder of iFind Group, a New York-based recruiting firm. "We've had clients ask for SAT scores from people who have been in the industry for 20 years."
Private-equity firms and hedge funds, which are typically smaller than banks and brokerages, have grown particularly -- some would say excruciatingly -- deliberate.
Todd Monti, managing partner of the private equity and venture capital practice at the Heidrick & Struggles search firm, said that until recently very few firms brought in third-party psychologists or hiring consultants. Today, between 10% and 15% of the candidates that he places are screened by such professionals, typically at the later stages. The wide-ranging and personal Q&As can take up to six hours.
"I view that as part of an evolution of our business," Monti said. "More and more firms really try to understand at a granular level how a candidate would fit in the institution." Read the whole article
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