Portfolio management (long only) or research is much more common. In both cases, a high level of achievement is necessary.
A new undergrad could get a junior analyst role for 3-4 years, then MBA, then senior analyst.
I've read up on investment banking...it's the cliche path for breaking into Hedge Funds, it's extremely hard or at least takes relentless effort to break into investment banking, and the pay is good but with miserably long hours that consume your life for the two years that you're there.
I've read that the skillset learned as an Equity Research Analyst is directly applicable to Hedge Funds too, and that while Hedge Funds mainly hire Investment Bankers, the most common exit opportunity for Equity Researchers is Hedge Funds. The pay is lower, but the hours are better. I'm liking this Equity Research path to Hedge Funds better.
How hard is it to get an Equity Research position out of undergrad? Is it harder to break into a Hedge Fund from Equity Research than it is from Investment Banking? Any insight is appreciated.
