With over $40 billion in assets under management, Elliott Management is one of the largest and most successful hedge funds in the world. Landing a job at Elliott is highly coveted but also extremely competitive given the prestige and high compensation. This article will provide an overview of Elliott Investment Management and give tips on how to get a job there.
Founded in 1977 by billionaire investor Paul Singer, Elliott pioneered the strategy of activist investing and taking significant stakes in distressed companies to push for change. The hedge fund is known for its aggressive, no-holds-barred approach to unlocking shareholder value in target companies.
Elliott only hires the best and the brightest in finance. Job candidates should demonstrate intellectual horsepower, hustle, passion for investing, and interest in activism and distressed investing. Technical skills in financial modeling, valuation, accounting, trading, coding, and data analysis are also necessities.
The firm prefers hiring young talent directly from undergrad or MBA programs and puts them through a rigorous multi-year training program. Elliott recruiters visit target schools like Ivy League universities, MIT, Stanford, and top MBA programs. Cold applications are unlikely to be successful so networking is crucial. Elliott employees are incentivized for referrals so leveraging personal connections is the best way in.
Elliott focuses its recruiting efforts on top undergraduate and MBA programs
Elliott Investment Management primarily recruits junior talent and provides in-depth multi-year training. This allows the hedge fund to mold analysts and associates in their own high-performing activist style.
For undergraduate recruiting, Elliott focuses on elite Ivy League schools and other top universities like MIT, Stanford, Caltech, Duke, UChicago, and NYU. First year analysts are typically finance, economics, engineering, mathematics, physics, or computer science majors.
Elliott seeks out students with stellar academics, demonstrated leadership, and interest in markets and investing. Prior internship experience in investment banking, private equity, hedge funds, or equity research is valued. Candidates who have started an investment fund or club on campus stand out.
On the MBA side, Elliott recruits at all the top programs including Wharton, Harvard, Stanford, Columbia, Chicago Booth, and others. Preferred candidates have 3 to 5 years of work experience in investment banking, consulting, private equity, corporate development, or equity research. Successful MBA hires join as associates instead of analysts.
The hedge fund does not publicly post job openings. Instead, Elliott representatives attend on-campus events at target schools to engage directly with students. Getting a referral from current employees is the most effective way to get an interview.
Elliott looks for candidates with intellectual firepower, hustle, and passion
With its aggressive activist strategy, Elliott seeks candidates who demonstrate raw intellectual horsepower and a hustling mentality. Academic pedigree from a top university is generally required.
Beyond just textbook smarts, Elliott wants candidates who think creatively, ask tough questions, and challenge conventional wisdom. Recruiters assess this qualitatively through resume screening, interviews, and interactions on campus.
Passion and interest in financial markets, investing, and Elliott’s activist strategy are also key traits. The hedge fund wants self-starters who actively invest as a hobby or are immersed in finance clubs and competitions.
On the technical side, Elliott requires modeling skills, accounting knowledge, valuation techniques, and trading/investment analysis capabilities. Programming, data wrangling, and statistical analysis are necessities for quant roles.
Finally, Elliott looks for maturity, polish, communication skills, and cultural fit. The firm has a direct, no-nonsense approach so candidates should demonstrate professionalism, integrity, and grit.
The recruiting process at Elliott is highly rigorous with multiple intense interviews
Elliott is notorious for having one of the toughest recruiting processes on Wall Street. Candidates should be prepared for highly technical and rigorous interview questions testing their financial acumen, investment thinking, and problem-solving abilities.
The process starts with an initial phone or on-campus screening interview with a recruiter or junior team member. This focuses on resume fit, basic technical questions, and getting a sense of the candidate’s personality.
If passed, Elliott then conducts multiple rounds of interviews, usually 6 or more. Each interview tests different competencies – technical skills, market awareness, communication, behavioral fit, etc. Interviewers will include HR, junior team members, senior portfolio managers, and even the CEO or CIO.
Questions are intentionally tough and ambiguous to assess raw intellect and thinking on your feet. Expect brainteaser math problems, technical accounting and valuation questions, market-related discussions, and behavioral scenarios.
Throughout the process, Elliott is evaluating candidates on key criteria like intelligence, passion, hustle, strategic thinking, and overall cultural match. The hedge fund extends offers to only a select few who pass this rigorous gauntlet.
Networking and employee referrals are the best ways into Elliott Management
With thousands of applicants each year, getting an interview at Elliott without connections is very difficult. Networking and employee referrals provide the highest odds of success.
Attend any on-campus events hosted by Elliott recruiters and engage directly with them. Make a good impression and get their business card for following up.
Reach out to alumni or other contacts at Elliott and ask for a coffee chat or informational interview. Avoid outright asking for a referral until building rapport.
Search LinkedIn for current and former Elliott employees and see if you have any mutual connections that can facilitate an introduction. Leverage family, friends, professors – anyone in your network.
Get involved in finance clubs and competitions to meet peers who may end up working at Elliott and serve as a referral channel later. Winning a stock pitch competition may also catch the attention of recruiters.
Start investing as a hobby and interact with Elliott investment professionals on forums, Twitter, and blogs. Demonstrate your passion for markets and investing.
Ideally secure an internship or job at an Elliott feeder firm like an investment bank, private equity fund, or equity research shop. Excel there and ask colleagues for referrals.
With persistence and leveraging all possible connections, it’s possible to get on Elliott’s radar despite attending a non-target school. But the competition is fierce, so start networking early.
Elliott provides top-tier compensation with a cutthroat, performance-driven culture
Elliott is known for handsomely rewarding employees, especially senior portfolio managers and partners. On the downside, the culture is intensely driven, pressure-filled, and politically cutthroat.
First year analysts can expect to earn base salaries of $150k – $200k, in line with major investment banks. Bonuses often match or exceed base pay, especially in good market environments. Profit sharing also offers upside.
Associates earn base salaries starting at $250k or higher plus similar bonus opportunities. As analysts and associates gain more experience, total compensation can rise to over $1 million.
Portfolio managers and partners earn multiples of that, with many making over $10 million or more per year given their profit sharing economics. The highest performers achieve billionaire status like founder Paul Singer.
However, the environment at Elliott is described as extreme meritocracy with little job security. The activist strategy requires intensity. There is constant pressure to produce results and outperform. Employees needing work-life balance may struggle.
There is also secrecy and paranoia permeating the firm’s culture according to some former employees. Elliott relies heavily on non-disclosure agreements. The hedge fund is notoriously wary of leaks from departing employees.
Getting a job at Elliott Management is an enormous feat given the hedge fund’s prestige and highly selective recruiting. But with proper preparation, networking, and leveraging all connections, it’s possible for motivated candidates to break in. Just be prepared for a demanding, hard-nosed, performance-driven culture in exchange for great pay.