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Hedge Fund Manager
The modern hedge fund is widely credited to Alfred Winslow Jones, who launched what's generally considered the first hedge fund in 1949, using a strategy of combining both long and short stock positions specifically designed to reduce overall market risk compared to traditional investment funds. Hedge fund managers oversee pooled investment funds using a wide range of aggressive strategies unavailable to traditional mutual funds, typically charging a distinctive "two and twenty" fee structure of a 2 percent annual management fee plus 20 percent of investment profits. The industry is subject to lighter regulatory oversight than mutual funds since hedge funds are generally restricted to wealthy accredited investors and institutions, a structure that has drawn both significant profits and significant scrutiny during major financial events like the 2008 financial crisis. The hedge fund manager career's combination of its origins in Alfred Winslow Jones's pioneering long-short strategy and its famously lucrative "two and twenty" fee structure has made it one of the most highly compensated and closely watched careers in modern finance.
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Investment Banker
Investment banking emerged as a distinct financial specialty in the 19th century alongside firms like J.P. Morgan, which helped major corporations and railroads raise capital and structure large financial deals during the rapid industrial expansion of the era. The modern role centers on helping corporations and governments raise capital through issuing stocks and bonds, and advising on mergers and acquisitions, with entry-level analysts typically hired directly out of undergraduate finance, economics, or business programs into highly competitive multi-year analyst programs at major banks. Investment banking is widely known both for offering some of the highest entry-level compensation of any career path and for demanding notoriously long working hours, particularly for junior analysts working on active deals with tight closing deadlines. Investment banking's combination of its historic role financing major corporate and government capital needs and its reputation for extreme entry-level compensation alongside extreme hours has made it one of the most competitively sought-after career paths in finance.
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