Reflections on our first Women in Public Markets event

The hedge fund space is an exciting industry to work in but it can often feel opaque, particularly when it comes to understanding the ‘what’ and ‘how’ of building a career.

This challenge is even more pronounced for women looking to break into the industry. Our first Women in Public Markets event focused on bridging the knowledge gaps and addressing common misconceptions about hedge funds with the aim to help inspire those considering a career in this space.

We were joined by Helen Kang, Klaudia Buzi, Donata Leonova, from Citadel, Millie Moodie, Mansi Agrawal, Laura Wanstall, Ellie Lsted at Marshall Wace, and Point72 who each shared valuable insights to create an engaging panel discussion drawing from their own careers and offering practical advice for future investors. Their insights shed light on opportunities and career trajectories within the hedge fund space, providing valuable guidance on navigating the challenges presented by the industry. 

Here are the key takeaways from the event

1. Progress in diversity and inclusion

The hedge fund industry has made significant strides in engaging with female candidates over the past decade. The meritocratic nature of hedge fund investing means that people are judged on their performance rather than their backgrounds, leaving less room for office politics. This should hopefully inspire future female investors who may be put off by the relative lack of gender diversity in the industry. One panellist emphasised the need for policies such as paternity leave to further support gender equality, ensuring a more inclusive workplace for all professionals. 

2. Intellectual fulfilment

The panellists highlighted the immense satisfaction they derive from their work, noting that their days were spent either analysing companies or broader trends within the market, or managing their respective portfolios. The intellectual challenges of investing, the ability to think critically, make impactful decisions, and navigate market complexities make the demands of the industry worthwhile, keeping them engaged and motivated. They also shared personal anecdotes, reinforcing the idea that the intellectual stimulation provided by their work is unmatched in many other financial sectors.

3. Autonomy in career progression

One of the standout aspects of hedge funds is the relatively flat hierarchical structure compared to other industries. The speakers noted an appreciation for the autonomy they have in shaping their own careers, enabling them to forge their own paths forward. Unlike more rigid corporate structures, the hedge fund space allows professionals to take ownership of their work and drive their own success, with performance mattering more than tenure.

4. Long/short vs. long-only investing

The discussion also explored the advantages of long/short investing, which allows professionals to profit from both strong and weak companies. The ability to analyse underperforming businesses and turn those insights into investment opportunities creates a more well-rounded approach to investing and allows investors to generate returns in all environments. Even when sectors as a whole are underperforming, they provide ample opportunities to generate returns.

5. Generalist vs. specialist roles

Investors have the opportunity to work both as generalists and sector specialists. Some enjoy the breadth that a generalist role brings, others the depth that comes with sector specialisation. Both paths offer unique advantages, and the choice to go down one or the other route will depend on an individual’s personality, strengths, and interests. A couple of the panellists started in one sector before moving into another, so individuals are able to adapt and evolve as their interests and expertise develop.

6. The importance of preparation

Recruitment processes for hedge funds tend to be extensive and involve multiple interviews and at least one case study in addition to other technical exercises. It is therefore important to be as prepared as possible. As a first step, candidates should familiarise themselves with the industry by reading investment-related books, listening to relevant podcasts, and finding out as much about the market as possible. Stock pitches are a common feature in interviews, so having a well-researched and structured pitch is essential. Additionally, when preparing for case studies, one panellist emphasised the importance of developing a clear framework before diving into the work and even suggested conducting mock case studies to refine your approach.

Looking ahead

While the hedge fund industry has made huge strides to engage with women over the past few years, we feel there is still a lot of work to do and hope events like this help drive these conversations forward.

We want to extend our thanks to the firms and panellists who contributed their time and expertise to this enriching discussion. Additionally, we appreciate the enthusiastic participation of all attendees, whose engagement made the event a true success.

Dartmouth is committed to creating greater female representation in Public Markets, and we are excited to continue the Women in Public Markets series and provide opportunities for learning, networking, and mentorship, ensuring that women in finance have the resources and connections needed to excel in the industry.

Reach out to equities@dartmouthpartners.com to join our community and stay connected about future events and exciting career opportunities.