Thinking about jumping to the buy-side after bonus season, but all the fund websites make it sound like a smooth transition. For those who made the move: what cultural landmines should I watch for? How different are the daily rhythms, feedback styles, and performance expectations compared to IB?
get ready to trade one hell for another. in HF land they’ll expect you to magically predict fed moves while justifying your existence daily. no more ‘team player’ bs - pure P&L Darwinism. first month shocker: your 2am model tweaks get scrapped before markets open. glhf
heard hf managers yell more than MDs? is that true? prepping my poker face just in case 
The pace of decision-making will surprise you. Where banking has structured processes, hedge funds require rapid independent judgments. Develop conviction in your theses - PMs want analysts who can defend positions with data, not consensus. Biggest adjustment: monthly performance reviews replace annual bonus conversations. Always be quantifying your impact.
My first week at a multi-strat fund, a PM threw my 50-page report in the trash and said ‘Give me 3 bullets or don’t waste my time.’ Learned to distill fast - banking-style decks don’t fly here. Now I keep an ‘elevator pitch’ tab open in every model.
2023 buy-side transition survey: 68% report higher stress from real-time P&L visibility vs banking. Key differences: 83% shorter feedback cycles (weekly vs quarterly), 5x more independent work hours, and 92% compensation variance based on personal alpha generation. Recommendation: Simulate track record tracking before transitioning.