For many junior bankers slogging through 100-hour workweeks, pounding out spreadsheets till dawn only to dollop 5-Hour Energy in their morning yogurt, a job on the “buy side” is the light at the end of the tunnel.
Hedge funds and private equity firms have long lured Wall Street’s best and brightest junior analysts, but poaching season has come early this year, according to a new report from Bloomberg’s Zeke Faux.
Apollo Global Management began interviewing analysts last month, spurring other shops on the Street to do the same, Faux reports.
Faux writes that the “prestige gap has widened” ever since the financial crisis. It makes sense. With bank bonuses down (often placed in “deferred stock” instead of cash) and compliance up, moving to a hedge fund with higher pay and slightly better hours is more attractive than waiting around a bank to get a promotion.