If the finance world were run by hoteliers, investment banking would be the space of chain hotels. The Bulge Bracket would be made up of the Four Seasons, St. Regis, and InterContinental. Boutique banks would equate to smaller chains, like the Boscolo, or even specialized arms of the larger chains, like InterContinental Crowne Plaza. But hedge funds would be the true boutique hotelsthe ones that make up the more enigmatic side of the industry. Unless a scandal happens there, they are usually less known. They often specialize in a certain strategy or offering, say mud spa treatments or eco-camping. And they are often intimately marked, maybe even still run, by their founder. A hedge fund, like a boutique hotel, is something you start once youve outgrown the mainstream. It is also a place that many job-seekers turn to for a career, rather than just a couple-year stint. In short, its a place where you should look to make yourself at home.

For those even contemplating hedge fund jobs, the Street of Walls online Hedge Fund section (Training->Articles->Hedge Fund) gives information ranging from the general (What is a Hedge Fund? link: http://www.streetofwalls.com/articles/hedge-fund/learn-the-basics/what-is-a-hedge-fund/) to the highly specific (Single Idea vs. Index Shorts link: http://www.streetofwalls.com/articles/hedge-fund/learn-the-basics/single-idea-index-shorts/). Like with investment banking job-searches, you should start with a strategy (link: link to Mapping the Street article). And the first step is to know your optionsas well as your own interests.

Historically, hedge funds are much newer than investment banks. The working model for such a fund was created in the late 1940s, but hedge funds werent popularized until the 1980s, by Geroge Soros and Julian Robertson. Investment banks, on the other hand, were famous and underwent many transformations even before the Stock Market Crash of 1929. But hedge fund jobs have quickly gained privilege, even within the much privileged finance sector, and they have proliferated into many different variations. There are long-short equity funds (the most common type), event-driven funds, and market-neutral funds. There are funds that focus on energy commodities and ones that focus on retail. The list goes on.

The hedge fund recruiting and interviewing process is both very similar and very different from that in investment banking. Hedge funds tend to hire fewer candidates fresh out of undergrad than investment banks. Instead, they usually look at those undergraduate alums who are about to finish a two-year analyst contract with a bank or at those finishing their MBA.

They also usually do not recruit on a set schedule like larger investment banks. In this way they are akin to the boutiques: They hire only when they need somebody, and its usually hard to predict when they will be in need someone. So if you do see an opening, its imperative to act quickly.

Thirdly, because hedge funds tend to be smaller and are much more numerous and varied than traditional investment banks, the company culture should play a larger role in deciding which funds you would like to work for. And as noted above, hedge fund jobs often can and hopefully will turn into a long-term career (link: http://www.streetofwalls.com/articles/hedge-fund/recruiting-interviewing/hedge-funds-work/). So, you want to make sure that you can not only stand to be in the same room as your teammates, but that you can see yourself really jiving with the team for the coming years. Otherwise, the job is going to get claustrophobic pretty quickly.

So know what you want (and whats out there), apply wisely, and turn on the charm. You have to convince them to like you, too.