Which is better to start with, buy-side, or sell-side?

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Which is better to start with, buy-side, or sell-side?

I don't care about money, culture, work/life balance...... The ONLY thing that I care about, is my long-term career goal: I would like to open my own hedge fund.....

I'm a bit confused....pls help me out....

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关键词：better Start Which side With Which better Start

it seems good to choose buy-side if you wanna open your own hedge fund in the future,but i do think the experience you get when you work in instiitutions of sell-side is more helpful to your future career.
ideal model: first:sell-side;second:buy-side.   'cause the things you've learned in the sell-side institutions will help you make more considerate decesion,in other words,you can learn some tools—which are useful in the investment affair and are elementary tools you can benefit much from it.
personal advice,your choice!

Running a hedge fund requires lots of trading experience, do you have that?

Not only trading experience, but also quantitative modeling experience. I know many guys in hedge fund, they are all quantitative nuts!

greenteawsb 发表于 2010-12-16 00:31
it seems good to choose buy-side if you wanna open your own hedge fund in the future,but i do think the experience you get when you work in instiitutions of sell-side is more helpful to your future career.
ideal model: first:sell-side;second:buy-side.   'cause the things you've learned in the sell-side institutions will help you make more considerate decesion,in other words,you can learn some tools—which are useful in the investment affair and are elementary tools you can benefit much from it.
personal advice,your choice!

I understand the "first sell-side, then buy-side "part, but, any position in the sell-side would help? Say, middle office? Risk management? Operations?

Also, as for the buy-side, there might be some funds, like an analyst in a pension..... is it a good choice?

And, what about some other 3rd-party advisory firms, like XXXX Partners, which provide investment advice....?

Thanks for your response anyway...

99rabbit 发表于 2010-12-16 02:11
Running a hedge fund requires lots of trading experience, do you have that?

Well....I said...in the LONG term.....in the LONG run.....in the DISTANT future....

I haven't got that yet, but I could learn by doing.....

P_E_M_Lee 发表于 2010-12-16 02:41
Not only trading experience, but also quantitative modeling experience. I know many guys in hedge fund, they are all quantitative nuts!

Thanks, and I see your point here. Luckily, to be honest, quant. modelling is what I'm really good at...... I've read thoroughly the books by Shreve, Hull, and Wilmott.

But, there're quant positions at both sides. Where should I start?

7# sonic227

If you wanna start your own hedge fund some day in the future, the best start point would be a quant in a hedge fund, which is clearly at the buy side. In that area you can learn not only the skills required for a quant trader, but also the hedge fund industry itself. If and only if you can be a star trader, say your right over wrong rate is much larger than 1 and thus you can bring a huge amount of profit to the company, you might get enough experience and trust to start up your own hedge fund. This is because all the investors of hedge fund industry are sophisticated, they know what they are investing in. If you can't become a star trader in hedge fund, an alternative way is to co-found a hedge fund with a star trader.

However, we all know that hedge fund usually don't hire graduates directly (although this is changing). Therefor, you need a back up plan, which is to find a position in the quantitative team of any big Wall Street Banks. At those places, you are doing almost the same thing as a quant in hedge fund. But the only difference is you are on the sell side. At sell side, it is not that easy to become a star. However, if you have a few years working experience in the quant team of sell side, it would be extremely easy to find a job in a hedge fund company. Nevertheless, being a quant at both buy side and sell side can get very good pay because they are at the very front office.

Oh by the way, as far as I know, to be a quant, you also need a PhD degree in Math, Physics, Engineering, etc. Masters get hired in quant area is rare but not impossible (unless is very outstanding, e.g. got award from Olympic Math competition etc.). Never heard BScs get hired in that role.