Complete Guide
Hedge Fund Interview Prep
Stock pitches, market discussions, and investment process questions. Everything you need to land offers at top hedge funds in 2026.
How Hedge Fund Interviews Differ
Hedge fund interviews are fundamentally different from banking or PE. While those paths test your ability to execute transactions, hedge funds want to know: Can you generate alpha?
The centerpiece of most hedge fund interviews is the stock pitch. You'll be expected to present a fully-formed investment thesis—long or short—with conviction. Interviewers will probe your assumptions, challenge your logic, and see how you respond to pushback.
Unlike banking interviews where there are "right answers," hedge fund interviews are about demonstrating your investment process and independent thinking.
Types of Hedge Fund Interview Questions
Stock Pitch
Present a long or short investment idea with conviction
- Pitch me a stock you're excited about
- Give me a short idea
- What's in your personal portfolio?
- Walk me through your investment process
Market Discussion
Demonstrate awareness of current markets and macro trends
- What's happening in markets right now?
- Where do you see opportunities?
- What sectors are you bearish on?
- How would rising rates affect your portfolio?
Technical/Modeling
Show you can analyze companies and build models
- How do you value a company?
- Walk me through a DCF
- What metrics matter for [industry]?
- How would you model [specific scenario]?
Behavioral/Fit
Prove you have the mindset and personality for the role
- Why hedge funds over banking/PE?
- Tell me about an investment mistake
- How do you handle being wrong?
- What's your edge as an investor?
The 6-Part Stock Pitch Structure
This framework is what top funds like Point72, Citadel, and Tiger Cubs expect to see.
Thesis (30 seconds)
One sentence: Long/short [Company] at [price] with [X%] upside/downside
Business Overview (60 seconds)
What they do, how they make money, competitive position
Variant Perception (90 seconds)
What you see that the market is missing—this is your edge
Catalysts (60 seconds)
What will make the market realize you're right, and when
Valuation (60 seconds)
How you arrive at your price target—comps, DCF, or both
Risks (30 seconds)
What could go wrong and why you're comfortable with those risks
Types of Hedge Funds
Different fund types have different interview focuses. Know what you're applying for.
| Fund Type | Examples | Interview Focus |
|---|---|---|
| Long/Short Equity | Tiger Cubs, Point72, Citadel Surveyor | Stock picking, fundamental research |
| Multi-Strategy | Citadel, Millennium, Balyasny | Pod structure, risk management |
| Macro | Bridgewater, Brevan Howard | Economic analysis, global markets |
| Quant | Two Sigma, DE Shaw, Renaissance | Programming, statistics, math |
| Event-Driven | Elliott, Third Point | M&A, activism, special situations |
Stock Pitch Mistakes That Kill Your Chances
Pitching a well-known stock without edge
Your variant perception must be differentiated. 'Apple is a good company' isn't a pitch.
Not knowing the numbers cold
Know revenue, margins, growth rates, and valuation multiples without looking at notes.
No clear catalyst
Why will the market realize you're right? Without a catalyst, it's not actionable.
Crumbling under pushback
Interviewers WILL challenge you. Defend your thesis with conviction while acknowledging valid points.
Ignoring risks
Address the bear case upfront. Pretending risks don't exist makes you look naive.
Ready to Nail Your Stock Pitch?
Our Stock Pitch Guide includes the complete framework plus 5 full example pitches with commentary.