How to land a job in hedge fund IT: Q&A

Hedge funds are spending more money on IT systems, but jobs in the sector are still few and far between. Lisa Jobson, director at recruitment firm Harvey Nash, offers a few insights into how to get a foot in the door.

Which skills are hedge funds looking for?

They're looking for trade floor support (Windows XP and experience with market data feeds, ie. Reuters or Bloomberg). They are also looking to fill highly technical roles, and we've placed quite a few developers with skills in C++, C# and Java.

How is investment in new technology affecting their requirements?

Funds are investing heavily in black box trading, and we're expecting to see more roles for developers and engineers. The demand is for highly technical individuals. There is a requirement for people with mathematical qualifications - PhDs in quantitative analysis combined with knowledge and experience of the development languages mentioned above are in particular demand. People in these roles are going to be looking at all the different scenarios of a trade, using quantitative analysis and algorithms with the relevant software functionality.

How easy is it to move from investment banking IT into a hedge fund?

It's very easy to move. There isn't a great deal of specialism in hedge funds, but where there is, specific fund or sector knowledge is an advantage. There are certainly differences in the cultures of investment banking and hedge funds. Hedge funds are smaller, and they demand a greater level of commitment and wider job responsibility, taking on the whole front to back office. In investment banking, there are a lot of separate departments, but in a hedge fund, you'll find less role definition, and will be expected to be more creative, to come forward with ideas and to have more overall input in decision-making.

Are hedge funds interested in receiving applicants from staff without financial services experience?

In some instances yes. Particularly with the very technical roles, hedge funds are looking for a specific skills set, like hard-core C# experience. Cost is also an issue, because hard-core developers who also have specific fund experience come at a premium. For some roles, hedge funds would rather go for someone with the right technical skills and the right attitude.

What's the best way of landing an IT job in a hedge fund - through a recruiter, or approaching them directly?

A strong personal network within the investment banking arena is definitely the best way to land a hedge fund job. The investment banking and hedge fund worlds are very close, and that's how many of the roles get filled. Where roles aren't being filled via personal contacts, recruitment agencies are being asked to help.

What can I write on my CV/covering letter to guarantee hedge funds sit up and take notice?

It's important for candidates to follow good CV presentation and practice - and this doesn't differ for hedge funds. You need to a clear overview of the skill sets that are relevant to the role, highlight specific industry experience and ensure your CV is attractive and easy to read.

If I move to a hedge fund will I be guaranteed a big hike in my pay?

While there aren't any guarantees, hedge funds know they have to offer a carrot to attract people from investment banking. This might be reflected in salaries, equity or bonuses. The degree will depend on which sector you're coming from, and those with investment banking experience are more likely to see the biggest incentives.