It’s not only banks that offer internships to students, hedge funds do too. But if you want to get a hedge fund internship, then good luck.
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Citadel is famously awash with people who want to work there. Last year, it received 69,000 applications for around 3,500 jobs. However, it’s not the only hedge fund suffering from such enthusiasm.
Balyasny Asset Management (BAM) the hedge fund run by the personable personage of Dmitry Balyasny is also swimming in a sea of students. BAM will welcome around 100 interns this summer. 40,000 students applied for those roles.
Like Citadel, therefore, BAM only accepts 0.5% of applicants. Half of its interns go on to full-time jobs, so the eventual acceptance rate is 0.25%.
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What does it take to get one of these internships? 62% of BAM incoming interns are undergraduates, 35% are Master’s students, and only 3% are studying a PhD.
Balyasny himself gave some pointers to students who want to work there at the London School of Economics a few weeks ago. He said the ideal portfolio manager has passion, a stable personality and a degree of introversion. Last year, he toured US universities in search of the “best people,” including technologists and data professionals as well as students with investment expertise.
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