Hedge Fund Dream Job Is Vanishing

Grayscale Photography of Man Holding PhoneAfter 30 years in finance, David Goldburg’s dream was fading.

His resume was good. Goldman Sachs prop desk. Managing money for Michael Milken. He tried to start his own hedge fund. His timing was bad. It didn’t work.

He couldn’t land a job. He networked. Met with headhunters. All he got was a sharp sense of his options narrowing.

At 55, he was too expensive. Hedge funds, many of them hurting, could hire two or three youngbloods for the price of a Goldburg. Graybeards even created a name for the process: “juniorfication.’’

“It’s pretty brutal out there,’’ said Goldburg, who eventually found a job outside hedge funds. “If you have more than 15 years experience, and you want to transition to something else or want that next level of opportunity, there’s never been a worse time.’’

Source: bloomberg

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