评论
打印
Answer by Jack Wei, principle at a hedge fund
杰克·魏的回答，对冲基金负责人
I’ve interviewed with a number of hedge funds, so hopefully I can provide you a view from the interviewee’s perspective; Nick’s right on from an interviewer’s stance. This is roughly what went into my preparation:
我曾参加过许多家对冲基金公司的面试，所以，但愿我能够给你提供一个面试者的视角；尼克从面试官的角度给出的回答是正确的。以下是我为面试所做的准备：
Know yourself: The first question I always got asked was, “Tell me about yourself.” Why are you interested in buy-side? What sort of experience do you have? Why do you want to relocate? What kind of compensation are you looking for?
知己：面试时常被问到的第一个问题是：“请描述一下你自己。”你为什么对买方业务感兴趣？你有哪些经验？你为什么想要跳槽？你希望获得的薪酬是多少？
I think your interest and experience are of utmost importance. Most people, including bankers, want to get their feet in the industry because of the generous compensation, but are surprisingly clueless about how to value stocks. If you are passionate, you should probably brush up during leisure.
我认为，求职者的兴趣和经验是最重要的。由于丰厚的报酬，大多数人，包括银行业者在内，都希望进入这个行业，但令人意外的是，许多人对如何评估股票的价值一无所知。如果你对这个行业充满热情，就应该在闲暇时间给自己充充电。
Know the fund: The second most common question I get asked is, “What do you know about us?” (Often asked in a very cold tone). What’s their asset under management? Strategies? Sector focus? Who’s their head guy? Who’s their investor base? Performance? Culture? Did someone get sacked two years ago for having their friends in India front-run the firm?
知彼：最常被问到的第二个问题是：“你对我们了解多少？”（提问者通常以一种冰冷的语调提出这个问题）。基金旗下管理的资产有哪些？战略？重点行业？他们的负责人分别是谁？他们的投资者群体又是谁？绩效？文化？两年前，是否有人因为让他们的印度朋友抢在公司之前交易而被解雇？
Memorize the content on their Website. Conduct queries on WSJ.com and Google. Pull that fund information on Bloomberg and Factset. More specifically, dig through their 13F filings. I’d typically pull up data from the past four to eight quarters, input them into Excel, and then analyze every security organized by sector, size and position change over time.
记住基金网站的内容。在《华尔街日报》网站 (WSJ.com)和谷歌（Google）上进行查询。查找该基金在彭博社（Bloomberg）和研究公司Factset上的信息。尤其是要仔细研究他们的13F表格。我通常会查找出过去四到八个季度的数据，将它们输入Excel，然后按照部门、规模和仓位变化，对每一支证券进行分析。
If you’re drooling over the job, you should know everything within reach in the public domain. One portfolio manager who interviewed me disclosed they had sold out of a position. I noted it wasn’t public information. When he disagreed and thought I was careless in my research, I looked perplexed. He pondered for a minute, then realized it wasn’t and issued a kind apology.
如果你对这份工作垂涎三尺，你就应该知道公共领域内可以找到的所有信息。曾对我进行面试的一位投资组合经理披露，他们卖出了仓位。我注意到，这并非公开信息。后来当他与我意见不一致，并且认为我的调查不够仔细时，我有些迷茫。他考虑了一会儿，然后意识到事实并非如此，于是向我真诚地道歉。
Prepare stock pitches: I typically over-prepare. My personal rule is five longs, five shorts. I employ a methodical process whereby I flip through the past eight quarters of SEC filings and conference call transcripts. Read every single analyst report in the same time period. Construct financial models for all the names. Conduct a search on WSJ.com. Reach out to investor relations and sell-side if you must. What are the key drivers? Competitors? What’s the upside? Downside? What’s your edge? By the way, have a thesis. Back everything up – they love numbers.
准备股票介绍：我通常会准备得非常充分。我个人的原则是五支做多股票和五支做空股票。我采用了一个系统的流程，我会翻阅过去八个季度的SEC（美国证券交易委员会）文件以及电话会议记录。阅读同一时期每一位分析师的报告。为所有股票构建财务模型。在WSJ.com上进行搜索。如果有必要，了解投资者关系和卖方。它们关键的驱动力是什么？竞争对手是谁？优点是什么？缺点是什么？你的优势是什么？此外，可以写一篇论文。为所有观点提供依据——他们喜欢数字。
As Nick pointed out, don’t pitch names that have received extensive media coverage. It signals a lack of creativity. It also helps if you can talk about macro events. If you’ve been investing for years, this should be no problem.
正如尼克所说，不要选择已经广受媒体关注的股票。因为这会让面试官认为你缺乏创意。如果能谈论一些宏观事件，也会对面试有所帮助。如果你拥有多年投资经验，这肯定不是问题。
Know the companies like you do your best friends. Be able to pitch a stock covering all of the above in one minute. There shouldn’t ever be a time when you don’t know the answer to any question, however obscure.
像了解自己最好的朋友一样了解公司。要能在一分钟之内介绍一支股票，包括上面提到的内容。你必须知道所有问题的答案，不论这个问题多么刁钻。
Create a cheat sheet: Combine the key talking points from 1 to 3 onto a two-sided cheat sheet. Memorize it well. Your delivery should be flawless. No stuttering. No hesitation. From my experience, 10 to 20 hours should do the trick. Of course, the cheat sheet won’t help you seal the deal if your answers for 1to 3 aren’t already rock solid.
准备一份“小抄”：在小抄的两面，列出前三个谈话要点。牢记这些要点。你的陈述应该毫无瑕疵，不能口吃，不能犹豫。根据我的经验，10到20小时的练习便可以达到理想的效果。当然，如果你为前三条准备的答案不够可靠，即便小抄也无法帮你搞定面试。
Be psychologically prepared: Perhaps I was unlucky in this regard, but every single person who has ever interviewed me has been seemingly heartless. I thought they were callous vampires until I either made them smile or received the offers. I know this is easier said than done when someone managing a billion-dollar portfolio is sitting across the table and gives off the impression that you’re either wasting their time or are too young to know a thing about the capital markets, but don’t get psyched out.
做好心理准备：在这方面，可能我不够幸运。面试过我的所有人似乎都是冷血无情的家伙。我认为他们就是无情的吸血鬼，除非我能让他们发笑，或者获得他们的工作邀请。坐在桌子对面的人，管理着数十亿美元的投资组合，他们可能带给你这样的印象：你正在浪费他们的时间，或者你太年轻，对资本市场知之甚少。尽管我知道说起来容易做起来难，但面对这种情况，不必惊慌。
To provide an anecdotal example, the head of a $3 billion fund was staring down at my resume for a good five minutes. He didn’t establish eye contact at all. Moments later, he remarked, “I think it’s deeply irresponsible that your hedge fund let you do this.” My face turned red, and I realized there was a slight miscommunication on my resume (apparently East Coast firms do things a little differently than their West Coast counterparts), so I explained it very calmly. After I went over a condensed pitch, he gave me this look and noted, “You’re very arrogant.” This really made me sweat since it came out of nowhere, so I thought of something on the spot and tossed it back. He then responded with, “You remind me of myself … when I was 25.” Shortly after, he stepped out. I was so crest fallen – did I just take two days off work and travel 3,000 miles to bomb an interview? Surely, I didn’t expect a positive outcome given his demeanor. I got a call back a few weeks later with the offer.
说一个我自己的经历吧。我的面试官负责一支30亿美元的基金，他低着头盯着我的简历看了五分钟。他根本不跟我进行眼神接触。过了一会儿，他说道：“我认为你的对冲基金让你这么做是非常不负责任的。”我脸红了，意识到他对我的简历肯定有一些误解（很显然，东海岸公司与西海岸公司在做事方式上有一点区别），所以我非常冷静地向他进行了解释。我简要陈述完之后，他看了我一眼，说道：“你非常傲慢自大。” 这让我直冒冷汗，因为这句话完全是凭空而出，毫无道理。于是我当场想到几句话，回击了他一下。他回应说：“你让我想起了我25岁的时候。”过了一会儿，他走了出去。我非常沮丧——我请假两天，远赴3,000英里之外的地方，就是为了搞砸一场面试？从他的行为举止，我根本没指望能有积极的结果。几周之后，我竟然收到了那家公司的电话，还有工作邀请。
Answer by Nick Lawler, investor
尼克o劳勒的回答，投资人
The first thing you need to do is figure out exactly what type of strategy the fund pursues. There are thousands of funds and strategies vary widely. Find out everything you can ahead of time, such as what kind of investments do they make? What is their typical time horizon? What is the background of the founders and what do those funds do?
你需要做的第一件事，是确定对冲基金采取的策略。业内有成千上万支基金，采取的策略也各不相同。提前查找出所有信息，比如他们进行哪一类投资？他们的时间期限通常是多久？创始人有什么背景？这些基金都参与哪些业务？
For most funds, you should prepare several investment ideas including at least one short idea. Shorting is hard and generally requires experience, so funds tend to value skilled short sellers highly.
对于大多数基金，你应该准备几条投资创意，至少包括一条做空创意。做空很难，一般需要有一定经验，因此，基金公司往往非常看重经验丰富的卖空高手。
Your investment idea should show an understanding of the company’s fundamentals, industry dynamics, and the risk/reward of the position you are recommending. Highlight how your recommendation differs from consensus opinion.
投资创意应该展示你对公司基本面、行业动态、你所建议仓位的风险/回报的理解。要重点强调自己的建议与共识观点有什么不同。
You may find it easier to positively impress your interviewer if you discuss companies that are not widely followed. If you are interviewing with a TMT fund, your interviewer will already have an opinion on Apple AAPL 0.04% or Google GOOG 0.87% but maybe they haven’t yet looked at a $1billion market capitalization company based in Latin America (caveat: don’t choose an extremely small company either as the idea won’t be actionable).
你会发现，跟面试官讨论没有获得广泛关注的公司，会更容易给对方留下积极的印象。如果你面试的是一家TMT（通信、媒体、科技）基金，你的面试官可能已经选择了苹果（Apple）或者谷歌（Google），但或许他们还没有关注一家市值10亿美元的拉丁美洲公司。（忠告：不要选择非常小的公司，因为这样的创意是无法执行的。）
The format of your investment pitch is not as important as the content; a few PowerPoint slides or a short written document are both fine. Either way, you should be able to succinctly describe the merits of your idea, the key fundamental attributes of the company, and relevant valuation metrics without reference to any of your supporting documents. Leaving a copy of your ideas is a nice touch.
推介投资的格式没有内容那么重要；你可以使用幻灯片或者简短的书面文件，或者两者结合使用。不论使用哪种方式，必须认真描述创意的优点、公司的基本属性、相关估值标准等，不必提及任何参考文件。给面试官留下一份创意副本是不错的做法。
If you haven’t heard back, follow up with further thoughts on the ideas you pitched or new, actionable ideas you’ve developed.
如果没有得到回复，你随后可以补充自己的创意，或提出新的可行创意。
Idea generation is the coin of the realm. Your goal is to show that you can regularly generate profitable investment ideas.
创意构思非常关键。你的目标是证明自己可以经常构想出有利可图的投资创意。
Answer by Jose Torres, I work at a large hedge fund
约瑟o托雷斯的回答，我在一家规模很大的对冲基金公司工作
Every fund has their own culture and this is probably reflected in the interview process via unique/strange questions, but generally speaking the best way to prepare for hedge fund interviews is to have a few reasonably unique (i.e., not Apple or Microsoft or some mega cap) long and short ideas.
每一个基金公司都有自己的文化，而这在面试过程也会有所反映，比如那些独特/古怪的问题，但一般而言，准备对冲基金面试最好的方式，是构思一些具有合理独特性【例如，不要选择苹果或微软（Microsoft）或其他超高市值公司】的做多和做空创意。
You should have both long and short ideas. Longs are somewhat ‘dime a dozen’ so having a well-crafted, interesting short pitch can go a long way toward distinguishing your candidacy.
你应该准备做多与做空两方面的创意。做多是“大路货”，因此，精心准备一份有趣的简短介绍文件，可以帮助你从求职者当中脱颖而出。
I’d also recommend more than one long and short, since you never know when the interviewer will ding an idea right out of the gate with some version of, “I’ve already heard that 10 times this week. How about something else?”
此外，我建议不要只准备一条做多与做空创意，因为你永远不知道面试官会在什么时候打断你的创意，比如，他可能这么说：“这样的内容，我这周已经听过十遍了。有没有其他内容？”
Answer by Marianne Wai-Ying O, investment management
玛丽安娜o瓦伊-英oO的回答，投资管理
I would like to add that be prepared to show a report you have written on an investment idea or case study on an industry. Effective and succinct communication is really important as portfolio managers and chief investment officers only have very limited time to understand your story.
我想补充的是，准备一份自己编写的投资创意报告或对某个行业的案例研究。简洁有效的沟通非常重要，因为投资组合经理和首席投资官只能拿出有限的时间来了解你的情况。
Share your idea about risk control or hedging either for your own investment idea or in general for the portfolio is a great idea too.
针对自己的投资创意或投资组合，分享自己对风险控制或对冲操作的想法，也是不错的主意。
Be very good with Excel (with macro) spreadsheets and hopefully statistics too!
做好Excel表格（使用宏命令）和统计数据！
Answer by Nicholas Chavez, predictive analytics & hedge funds
尼古拉斯o查韦斯的回答，预测分析与对冲基金
Well, the most important things for you to find out between now and the interview are the following:
从现在到面试之前，你应该明确的最重要的问题是：
1. What is the fund’s strategy? (Quant, Long/Short, Global Macro, etc …)
1. 基金的策略是什么？（量化基金，做多/做空基金，全球宏观型基金等）
2. Which instruments are traded to implement fund strategy?
2. 使用哪一种交易工具来执行基金策略？
3. What was their return last year net of fees.
3. 扣除手续费后，去年的回报是多少？
If you know these three things, you will be prepared to begin to prepare for your interview.
如果你了解了上述三个问题，你就可以开始为面试做准备了。
Then you need to review the mechanics of #2. If they are derivative/option based, then you had darn well better understand the different types of outs and calls as well as have some reasonable understanding of the Greeks (focus on Theta, Alpha and Beta).
之后，你需要研究第二个问题的细节。如果交易工具基于衍生品/期权，你便需要充分了解不同类型的卖出和买进，并且要对希腊字母代表的系数有合理的了解（主要是Theta系数、Alpha系数和Beta系数）。
Also, most funds of size will have released their performance related to standard deviation of risk and probability.
此外，大多数基金都会发布与风险和概率标准偏差有关的绩效。
The above information is for any job at a hedge fund, so its foundational knowledge. Now realize that there will be questions that are position specific.
上述信息适合对冲基金的所有职位，所以属于基础知识。下面是针对具体职位的一些问题。
Generally, these fall into the following categories and which you fall into will be initially derived from your past work experience and/or your degree if you are interviewing for an internship:
一般而言可以分成以下几类职务，求职者适合哪个职务，主要取决于以往的工作经验和/或学位（若申请实习岗位）：
Sales: These positions focus upon gathering additional assets for a fund that is not yet “closed.” Be prepared to talk about relationship building strategies, CRM software and your golf handicap.
销售：该岗位主要是为尚未“封闭”的基金募集额外资产。做好准备，好好谈谈建立人际关系的策略、CRM（客户关系管理）软件和你的高尔夫水平吧。
Analyst: These are support positions for portfolio managers that generally are 100% focused on research of a market, instrument or derivative. You should know the underlying research area cold.
分析师：属于投资组合经理的支持岗位，通常全身心地致力于对一个市场、票据或衍生品的研究。你应该对相关研究领域有透彻了解。
Trader/Portfolio Manager: This position is past performance driven. Track record speaks loudest here, and you must be able to identify your role in the asset appreciation. Former analysts can present track record via recommendations.
交易员/投资组合经理：该岗位以过往绩效为导向。以往的成绩最有发言权，你必须能够明确自己在资产增值方面的角色。上文提到的分析师可以通过推荐帮助你展示以往的业绩。
Back office: This is most like interviewing for a job in industry, though they will examine your ability to perform under pressure. In all cases, remain calm while showing intelligence and excitement.
后勤办公室：在基金公司中，此岗位的面试与一般行业的面试最为接近，往往会考察求职者在压力下的表现。总之，无论在什么情况下，都要保持冷静，展现自己的智慧和兴奋之情。
Enthusiasm is always welcomed.
有激情的求职者总是很受欢迎。
