In financial institutions, the highest paid positions are always hedge fund managers and bosses of various institutions.

If the hedge fund manager performs well and is also the company's boss, then they are making a lot of profit.

For most students, getting an interview and working at a global investment institution is the "starting line" in their dreams.

But how easy is it really?

The extremely low application/employment rate, and the unconventional selection process often result in an extremely low acceptance rate.

Recently, a well-known Wall Street hedge fund launched its 2025 intern recruitment project, carefully selecting potential talents a full year in advance.
At this time, a clever seller found an opportunity.

Selling the "real questions" of the written test and interview.

ZiShiTang noticed: On an idle item trading platform, multiple sellers are selling the original test questions for an intern project at a Wall Street hedge fund.

This "targeted institution" is Point72, the asset management institution of top hedge fund giant Steve Cohen, and one of the few top institutions in the hedge fund industry.

Interestingly, the price listed by the seller is not high, ranging from￥20 - ￥50.

No "answers".

A too-cheap quote probably hides some "bugs".

When selling the "real questions", the relevant sellers also gave concise explanations:

There are no answers, only the received questions.

This means that the sellers do not provide any so-called answers, only relevant test content.

However, the relevant sellers are not completely devoid of "service awareness", they also revealed the interview process of the hedge institution while selling the real questions:

Submit application online ---- complete questionnaire ---- submit case study ---- Superday interview.

The seller also thoughtfully noted that the questionnaire (due diligence questions) usually consists of self-related questions, similar to a small "essay", with approximately 250 words per question.

Another seller displayed the above-mentioned hedge fund "question bank" resources, intending to indicate that its historical data is relatively complete, and additionally provided details about internship application procedures.

Such as: completing the questionnaire, submitting case studies, and formal interviews...

In addition, another merchant gives the answer to the real question as a "gift" to the buyer.

Is it really that cheap?

Since there are real questions for sale, a hedge fund internship application shows that many applicants want to become competitive candidates.

As is well known, the salary of hedge funds is at the top of the social "food chain", attracting many high-caliber professionals in science and engineering fields.

So, for only a few yuan, college students can buy real questions on idle item platforms. Is it really that cheap?

Actually, no.

After testing, Zishitang found that relevant sellers can provide further "value-added" services. After passing the first round of internship applications, there are still case studies, interview-related real questions, which require payment to obtain relevant information.

If you need further targeted coaching, you need to pay for consulting.

Therefore, the price of a few yuan is just the cost of establishing contact between sellers and interns.

What is Point72?

The behind-the-scenes boss of Point72 is Steven Cohen, a well-known American billionaire hedge fund guru.

Point72, established in 2014, has numerous connections with SAC Capital, founded earlier by Cohen. The latter was hailed as the "craziest money-making machine" on Wall Street and accurately shorted before the bursting of the Internet bubble in the early 2000s.

Afterwards, Cohen was deeply involved in the insider trading scandal and was fired. He subsequently transformed this family office, Point72, into a hedge fund, which can manage external investors' funds after regulatory unblocking.

The official website shows that as of early January 2024, Point72's asset management scale (AUM) reached US$33.9 billion, equivalent to more than RMB 240 billion, and the number of global employees exceeded 2,800.

It is worth noting that this hedge fund also separately lists the number of investing teams, which exceeds 185, indicating a high degree of marketization within. The strategies involved include mainstream long-short stocks, program trading, global multi-asset macro strategies, and venture capital.

Are internship positions really in demand?

Why can internship opportunities at a Wall Street hedge fund appear on idle item platforms in China?

Presumably, this is due to the increasing popularity of quantitative hedge funds in the mainland in recent years, and many top students in school are targeting this employment trend.

According to the aforementioned hedge fund official website, the internship application for June-August 2025 has been opened, and the eight-week internship will be held in the offices of New York, Chicago, San Francisco, West Palm Beach, Miami, London, Hong Kong, Tokyo, and Singapore.

It's noticeable that the geographical location can meet the needs of applicants from many different areas.

What's more important is that this giant institution began to recruit interns a year in advance and emphasized that 'applications will be reviewed on a rolling basis, and we encourage you to apply as soon as you are ready.'

The institution also revealed that since 2015, more than 160 interns have become the company's formal analysts, and some of these talents have become portfolio managers.

It is understood that this internship program enables the selected participants to rotate through roles in statistics, modeling, data analysis, and programming.

What does the title look like?

Zi Shi Tang has obtained the latest application test questions. Let's see what hedge funds are being tested on.

In fact, all of the first-stage test questions are open-ended questions:

Firstly, what experiences led you to choose long/short investing as your career?

Secondly, please describe a major setback you've encountered outside of school.

Thirdly, think of a person you encountered at work or school who wasn't compatible with you. How did this person describe you?

We also found some relevant 'strategies' on the Point72 official website, where a person in charge pointed out that candidates need to show 'who you are' in the first-stage test.

The website also states: (regarding the above questions) think about what others might write, don't write like that! We want you to be honest and show us who you are. Try to respond with your first instinct and answer truthfully.

The subsequent bidding price is not low.

After obtaining the real test questions, we tried to communicate with the above-mentioned platform's sellers about the second-stage test: case study - and the price climbed to hundreds of yuan per copy.

The sellers also stated: The relevant questions involve the analysis of listed companies and the content is relatively sensitive, so the price is relatively high.

The content of the related test questions is almost identical to that of observing a subjective strategy for investment research talent. Regarding this, Point72 explained: '(this stage) allows you to show your experience and business acumen.'

Only after passing this stage can candidates move on to a one-on-one interview.