Despite the plight of hedge fund managers, one group of professionals at funds is doing quite well: IT Managers. In fact, they're doing so well that bonuses are up.
Alas, becoming an IT manager at a top hedge fund isn't easy. So here's a few tips:
Attend a top ten school: Hedge funds tend to draw IT staff from Ivy league schools. If you don't make it to Harvard or Columbia, you can still be courted by attending a top technology institution such as MIT or Rocheseter Institute of Technology.
Ace the SAT: Even if you're five or ten years out of school, hedge funds look at your scores, especially those in math, says Daniel McAdams, president of Andiamo Partners
Earn a high GPA: A GPA of 3.7 or higher, with a major in math, computer science or physics is essential.
Even if you meet all of these criteria, remember: Only one out of every 20 people interviewed by a fund is offered a job.
Still, if you're the lucky one the rewards are substantial. Unlike, say, an IT manager at an investment bank, who may focus solely on trading systems, technology professionals at funds typically work with several platforms related to infrastructure, compliance, and trading.
Don't necessarily give up if you don't have the GPA required for these jobs. Good old networking always helps. A referral from a friend or former colleague can help you land an interview.