• The biggest hedge funds are battling it out to attract and retain top talent and outperform peers.
• Business Insider has talked to elite hedge funds to get a peek into their recruiting processes.
• From internships to high-paying tech jobs, here's what we know about their hiring practices.

The battle for talent in the hedge fund world is fiercer than ever — and it cuts across all levels and positions.

With six-figure starting salaries, intense work environments, and the chance to work alongside some of the industry's top investors, these roles are among the most competitive in finance.

Internships can pay over $5,000 a week. Salaries for entry-level analysts and software engineers are often in the six-figure range. Portfolio managers with winning strategies can take home tens of millions.

Business Insider spoke with top hedge fund managers like Citadel, Millennium, and Point72 about how they attract and evaluate talent, and what advice they'd give to anyone hoping to break in.

Here's everything we know about getting a job at a large hedge fund.

Internships

Years ago, the opaque and secretive world of hedge funds might not have been an obvious career choice for most college graduates on their path to Wall Street. However, these investing behemoths are now investing in getting young, diverse wunderkinder, especially mathletes, familiar with their brands as early as high school.

Internships are another talent pipeline for some of the biggest multi-strategy hedge funds, which employ armies of traders and engineers. Programs can be uber-competitive and harder to get into than many top Ivy League schools.

Citadel's summer internship program, for example, has become increasingly competitive. This year, the hedge fund accepted around 300 interns to spend 11 weeks at Griffin's hedge fund or his market maker, working with stock-pickers, quants, engineers, and more. The firm told BI that there were more than 108,000 applicants for the programs, with an acceptance rate of roughly 0.4%.

• Here's how to land a spot at Citadel's summer internship
• Citadel's associate program is a separate internship that puts rising college seniors on track to land a full-time investing role at the $66 billion fund.
• Ken Griffin's advice to interns: Hustle during your 20s and be aggressive when asking for a promotion

We also spoke to Point72 and D.E. Shaw about what they looked for in interns and how to stand out for a potential job offer down the line.

• Here's what it takes to stand out as an intern at Steve Cohen's Point72 and land a job offer
• A D.E. Shaw internship could land a dream gig at the secretive hedge fund. Here's what it takes.

Analyst and investment training programs

In the past, hedge funds acquired investment talent from investment banks. Increasingly, however, the industry's top players are recruiting college students through intensive training programs that can lead to jobs straight out of college.

Creating a pipeline of portfolio managers has been an increasingly popular strategy for hedge funds locked in an increasingly expensive battle for top talent.

• How to get accepted into Point72's ultra-elite analyst training program, whose acceptance rate is less than 1%
• Inside Point72's PM incubator LaunchPoint, where Steve Cohen is known to grill up-and-comers who think they're ready for the big time
• Inside Balyasny's Anthem training program, where aspiring portfolio managers are handed hundreds of millions of dollars to prove they can cut it
• Behind the training programs at Balyasny, which is looking to get ahead in the war for investment talent

Tech jobs and training programs

Hedge funds have long been competing with the finance industry and top tech companies for top technologists. Engineers and algorithm developers are key to helping researchers, data scientists, and traders develop cutting-edge investment strategies and platforms. Quant shop D.E. Shaw also has a unique approach to finding talent.

• Inside Citadel's exclusive engineering program that's helped the hedge fund snap up talent from Google and Goldman Sachs
• Here's how to get a tech job at Millennium, from the programming language to know to the interview questions to prep for

Inside Man Group's popular training program for non-tech employees that teaches them skills to automate tasks and reduce errors in their work

A rundown of some of the gatekeepers to know

The "business development" role is one of the most important at hedge funds, as it specializes in scouting and evaluating investment hires. Knowing these in-house talent scouts and external recruiters is crucial.

• The rise of the hedge-fund talent whisperers
• The talent brokers of quant trading: The headhunters at the forefront of Wall Street's systematic-trading and data-science hiring frenzy
• Try our searchable database of more than 350 Wall Street headhunters to find your dream job in private equity, investment banking, or hedge funds

Other resources and advice

Here's a look at how some firms find and vet new employees, what skills and qualities they're looking for …

• Why quant giant D.E. Shaw seeks out academics, doctors, and veterans to work at the hedge fund
• Citadel portfolio manager explains how he rose in the ranks of the hedge fund and what he looks for in a new hire
• Inside the 5-hour psychological interview that can make or break your career at Citadel, Blackstone, and other finance titans

• Inside the spycraft hedge funds use to vet multimillion-dollar traders, which is edging into murky legal territory

• Tourists have flocked to Martha's Vineyard for over 100 years for summer getaways.
• Originally settled by Native Americans, the island became a wealthy enclave by the 1830s.
• By the 1950s, Oak Bluffs on Martha's Vineyard was a popular spot for Black families.

Sandy toes, days spent lounging in the sun, and celebrity sightings: not much has changed on Martha's Vineyard since its heyday in the 1960s.

First inhabited by the Wampanoag people, Martha's Vineyard later earned a reputation as a playground for the ultrawealthy.

The New York Times reported that whaling captains began building impressive homes there between 1830 and 1845, transforming the Massachusetts island.

By the early 1900s, the island was established as a resort destination for well-off New Englanders. By the 1950s, Oak Bluffs on Martha's Vineyard had become a popular destination for Black families and residents to live and vacation.

Here's a look at what it used to be like to vacation on Martha's Vineyard.

Martha's Vineyard is located off the coast of Cape Cod, Massachusetts.

Martha's Vineyard is the sister island of Nantucket, Massachusetts, another playground for the rich and famous. However, "the Vineyard," as it is commonly named, is larger than Nantucket.

Located 7 miles off the coast of Cape Cod, Martha's Vineyard is the largest island on Massachusetts' southeastern coast, with a square-mile area of 96 miles, a local tourism website reported.

The island grew as a popular beach destination in the 1950s.

The Vineyard Gazette reported that in 1959, roughly 30,000 more cars were transported via the ferry from the mainland to the island compared to a decade earlier.

Martha's Vineyard was, and still is, a popular beach destination.

The island consists of six towns and many beaches, many of which are free and open to the public.

There's a rich agricultural history on Martha's Vineyard, from farming to fishing.

From the red clay Gay Head Cliffs to the rural towns of Aquinnah, Chilmark, and West Tisbury, Martha's Vineyard provided a respite for families looking to explore the island's natural charms.

By the 1960s, Martha's Vineyard was a thriving tourist destination with expansive beaches and restaurants.

The Vineyard also became a popular "hippie" destination during the Summer of Love and the years following it.

Martha's Vineyard Magazine reported that while the Vineyard had already become a popular destination for summer visitors, many "hippie folks" who "washed ashore" — a term given to mainlanders who move to one of the New England islands — ended up staying long-term.

"The hippie 'invasion' was one of the many mass movements onto the Island after the Europeans startled the Wampanoags," journalist Richard C. Skidmore wrote for Martha's Vineyard Magazine in 2008.

Tourists mainly got to the island by ferry.

The ferry is still a popular way to visit Martha's Vineyard, though you can also fly. Passengers can walk onto the ferry or pay to drive their cars aboard.

In the 1970s, Martha's Vineyard boomed as a tourist destination for Black families.

While Martha's Vineyard's overall population is predominantly white, the town of Oak Bluffs has been a popular destination for Black tourists for over 100 years.

As reported by Ebony Magazine, Oak Bluffs rose to prominence as a Black tourist destination in 1912 with the opening of the Inn at Shearer Cottage.

Owned by Charles Shearer, the son of an enslaved woman, the inn was one of the few options for Black tourists looking to take a summer vacation.

The inn thrived, and people kept coming back year after year to Oak Bluffs. It soon grew into a place where lodging for Black families and individuals was plentiful, which was typically rare in major resort towns.

By the mid-1950s, Oak Bluffs had become "a full-blown Black resort."

"The days were full. There were berries to pick, a morning's adventure. There were band concerts for an evening's stroll. There were invitations to lemonade and cookies and whist," author Jill Nelson wrote in "Finding Martha's Vineyard: African Americans at Home on an Island," according to Britannica.

"The Vineyard was an ideal place to figure out who we really were underneath all the other stuff. Here, it was enough that you simply be yourself," Nelson continued.

Martha's Vineyard was also a notable Hollywood destination in the 1970s.

The iconic cult-classic film "Jaws" was filmed on Martha's Vineyard in the summer of 1974.

The Martha's Vineyard Chamber of Commerce website reported that "Jaws" came to be after a writer, Peter Benchley, shared stories about nearby shark attacks with dinner guests at his Nantucket home.

Steven Spielberg, who attended the dinner party, was so compelled by the stories that he bought the rights to Benchley's novel.

Spielberg later chose Martha's Vineyard, the island next to Nantucket, as the film's primary shooting location.

Martha's Vineyard also became a playground for the rich and famous.

While the Vineyard still attracted day-trippers and families, it grew into a celebrity locale in the 1970s, attracting the likes of Carly Simon and Peter Simon, her brother and photographer, who lived on the island for most of his life, according to his website.

Jackie Kennedy also put Martha's Vineyard on the map when she purchased a 340-acre oceanfront property known as Red Gate Farm.

Kennedy purchased the land for $1 million in 1979 and then spent another $3.1 million to build the house. The property was completed in 1981 and became a hangout for the Kennedys.

In 2020, the property was listed for $65 million. In 2021, the Martha's Vineyard Land Bank Commission purchased 32 acres of the expansive property for $10 million as part of a two-part sale that also included a $27 million land purchase the previous year, Martha's Vineyard Times reported.

Martha's Vineyard remains a popular beach destination for people from all walks of life.

From the wealthiest celebrities to the humblest day-trippers, Martha's Vineyard remains a place for people to gather, hit the beach, and grab an ice-cream cone — though you'll need to contend with crowds and high rental prices if you want to stay overnight.

Though some things change, summer in New England will likely always stay the same.