15 Hedge Fund Internships for Undergraduates
If you are an undergraduate interested in finance and want practical experience beyond classroom learning, a hedge fund internship can be a strong way to explore careers in investment analysis, portfolio management, trading, and quantitative research. Hedge fund internships for undergraduates let you support real projects at investment firms, including market research and financial modeling, data analysis, due diligence, and performance tracking. These experiences help you build technical skills such as Excel modeling, valuation, research synthesis, and data interpretation, as well as professional skills such as communication, attention to detail, teamwork, and problem-solving.
If you want to see what other finance internships are available, find a list of summer-specific internships here & general internships here.
Why should I do a Hedge Fund internship in college?
A hedge fund internship lets you apply classroom concepts in a fast-paced investment setting and strengthens your resume by showing initiative, analytical ability, and familiarity with financial markets, which are qualities employers value. You may work on research reports, investment memos, or data-driven presentations that give you concrete examples to discuss in applications and interviews, while direct exposure to analysts and portfolio managers can lead to mentorship, recommendation letters, and professional guidance. The internships also help you understand market behavior, investment decision-making, and workplace culture, which can clarify your career goals in finance.
To help you get started, we’ve put together 15 hedge fund internships for undergraduates.
Key takeaways
This list covers 15 hedge fund and quantitative finance internships for undergraduates, spanning some of the most prominent multi-strategy funds and systematic trading firms in the industry, with standout hosts including Citadel, Point72, Bridgewater, and D.E. Shaw.
Pay here is exceptionally high across the board, with several programs paying the equivalent of $50,000 to $70,000 or more for the summer, and one systematic trading firm paying over $100 an hour, reflecting how competitive and lucrative this niche of finance is.
Nearly half of the entries are based outside the U.S., so students who can't relocate internationally should focus on the domestic options, and acceptance rates across the board run unusually low, with a couple of programs accepting well under 1% of applicants.
New York hosts the largest concentration of U.S.-based programs on this list, Ladder is the only fully remote option, and several major firms only offer these particular internship roles overseas.
A couple of deadlines are already fixed, including one in early August and another in mid-June, while most others run on a rolling basis that typically opens over the winter, so applying as early as possible matters given how quickly competitive roles fill.
1. Quantitative Research Analyst Intern – BS/MS
Acceptance rate/cohort size: Not publicly disclosed (extremely competitive)
Location: Citadel, New York, NY (also Greenwich, CT, and Miami, FL)
Cost/Stipend: Paid; ~$4,300 – $5,800 per week
Dates: ~11 weeks (typically June – August)
Application Deadline: Rolling; typically opens mid-year and closes as roles fill
Eligibility: Undergraduate or master’s students in quantitative fields (e.g., mathematics, statistics, computer science, physics) with strong programming and statistical skills
The Quantitative Research Analyst Intern – BS/MS (US) at Citadel is a highly technical internship in which you develop and refine data-driven trading strategies using advanced statistical and mathematical models. You apply concepts from probability, machine learning, and time-series analysis to real financial markets and some of the most complex datasets in the industry. During the program, you collaborate with experienced researchers to build, test, and implement models, often translating theoretical ideas into code in languages such as Python or C++. You also gain exposure to live trading environments, where your research contributes directly to investment decisions. This internship is a strong option if you are interested in quantitative finance, algorithmic trading, or research-driven roles at hedge funds.
2. Ladder University Internship Program
Acceptance rate/cohort size: Selective
Location: Remote! You can work from anywhere in the world.
Cost/Stipend: Varies depending on the program type; financial aid is available
Dates: Multiple cohorts throughout the year, including Spring, Summer, Fall, and Winter
Application Deadline: Deadlines vary depending on the cohort. Spring (January), Summer (May), Fall (September), and Winter (November)
Eligibility: Students who can work for 10-20 hours/week, for 8-12 weeks. Open to high school students, undergraduates, and gap year students!
The Ladder University Internship Program is an eight-week remote internship that places you with an early-stage startup across fields including software engineering, machine learning and AI, finance, health tech, media, environmental science, and non-profit work. As part of the program, you will work around ten to fifteen hours per week on a defined project assigned in coordination with your host company. During the first week, you will meet with your coach to define the project scope, then work toward a first deliverable by week four and a final presentation by week eight. Projects vary by company and have included tasks such as pricing strategy development, content creation, coding email and SMS processing systems, and market research.
3. Point72 Academy Insight Program – Japan
Acceptance rate/cohort size: Not publicly disclosed (small, selective cohort; ~18 students in prior cohorts)
Location: Point72, Tokyo, Japan
Cost/Stipend: None; travel expenses covered for non-Tokyo students
Dates: August 24 – 28
Application Deadline: June 14
Eligibility: Undergraduate students in Japan graduating between December and September (range varies by cycle); must be fluent in Japanese and English, and interested in financial markets.
The Point72 Academy Insight Program – Japan is a short-term, immersive experience where you explore what it is like to work at a global hedge fund. You spend one week in the Tokyo office shadowing investment professionals, attending training sessions, and learning how analysts generate and evaluate investment ideas. During the program, you gain exposure to financial markets, stock analysis, and the day-to-day workflow of a buy-side investment team. You also participate in interactive workshops and receive feedback from mentors, helping you understand how your skills align with a career in investing. This program is a strong starting point if you want early exposure to hedge funds before applying to longer internships or full-time analyst programs.
4. Point72 Academy Investment Analyst Summer Internship Program – Singapore
Acceptance rate/cohort size: Not publicly disclosed (highly selective cohort)
Location: Point72, Singapore
Cost/Stipend: Paid internship (exact compensation not publicly disclosed)
Dates: ~8 weeks (typically June–August)
Application Deadline: TBA
Eligibility: Undergraduate students in their penultimate year (graduating within ~1 year) with a strong interest in investing and financial markets
The Point72 Academy Investment Analyst Summer Internship Program – Singapore is a structured hedge fund internship in which you train as an equities analyst at a global investment firm. You spend the program learning core skills such as financial modeling, accounting, and stock pitching through a mix of classroom instruction and hands-on project work. You also collaborate with investment teams, gaining direct exposure to how portfolio managers evaluate ideas and make investment decisions. Throughout the internship, you work closely with mentors and prepare a final investment pitch based on real market research. This program is a strong option if you want a direct pathway into hedge funds, as it is designed to convert top interns into full-time analysts at Point72.
5. Point72 Academy Investment Analyst Summer Internship Program – US
Acceptance rate/cohort size: Not publicly disclosed (highly selective cohort)
Location: Point72, New York, NY (also San Francisco, Chicago, and West Palm Beach/Miami)
Cost/Stipend: Paid; ~$57–$70/hour (pro-rated salary)
Dates: ~8 weeks (typically June–August)
Application Deadline: Rolling
Eligibility: Undergraduate students graduating between December and July of the following year; open to all majors with a strong interest in investing and financial markets
The Point72 Academy Investment Analyst Summer Internship Program – US is a structured hedge fund internship in which you train as an equities analyst at a leading global investment firm. You begin with classroom instruction in accounting, financial modeling, and market analysis before applying these concepts through real investment projects. During the program, you collaborate with portfolio managers and investment teams, gaining firsthand exposure to how hedge funds generate and evaluate ideas. You also work closely with mentors and prepare a final stock pitch based on your research and analysis. This internship is a strong option if you are aiming for a long-term career in hedge funds, as it is designed to convert top performers into full-time roles at Point72.
6. Investment Associate Internship Program – Bridgewater Associates
Acceptance rate/cohort size: Not publicly disclosed (highly selective)
Location: Bridgewater Associates, Westport, CT
Cost/Stipend: Paid; ~$71,000 total for 8 weeks + housing provided
Dates: ~8 weeks (typically June–August)
Application Deadline: Rolling; typically opens in winter (December) and closes shortly after
Eligibility: Undergraduate students from any discipline with strong analytical thinking, curiosity about markets, and an interest in macroeconomics or investing
The Investment Associate Internship Program at Bridgewater Associates is a research-driven hedge fund internship focused on understanding global markets and macroeconomic trends. You develop your own investment ideas by analyzing economic drivers, forming market views, and testing them using data and models. During the program, you translate your insights into systematic strategies by working with mentors to build and refine investment logic. You also gain exposure to real trading environments, including simulated positions tied to actual markets, which helps you understand how decisions are made in practice.
7. Two Sigma Internship (Quant Research / Software Engineering)
Acceptance rate/cohort size: ~1–2% acceptance rate
Location: Two Sigma, New York, NY (primary office; some roles in other global offices)
Cost/Stipend: Paid; ~$105–$115/hour
Dates: ~10–12 weeks (typically June–August)
Application Deadline: Typically December–February (early application strongly recommended)
Eligibility: Undergraduate, master’s, or PhD students in quantitative fields (e.g., computer science, mathematics, statistics, physics) with strong programming and analytical skills
The Two Sigma Internship (Quant Research / Software Engineering) is a highly technical hedge fund internship where you work on data-driven strategies and large-scale systems used in real financial markets. You apply concepts from statistics, machine learning, and computer science to analyze massive datasets and identify trading signals. During the program, you collaborate with researchers or engineers on long-term projects, often building models or systems that directly influence investment decisions. You also receive structured mentorship and participate in technical discussions, which help you understand how research translates into real-world trading strategies.
8. D. E. Shaw Investment Management (DESIM) Intern
Acceptance rate/cohort size: Not publicly disclosed (extremely selective)
Location: The D. E. Shaw Group, New York, NY (primary office; other global offices possible)
Cost/Stipend: Paid; $11,000/month
Dates: 10 weeks starting in June
Application Deadline: August 8
Eligibility: Undergraduate and graduate students from any discipline with strong analytical and problem-solving skills
The D. E. Shaw Investment Management (DESIM) Intern program is a hedge fund internship where you work on real investment strategies across equities and multi-asset portfolios. You analyze market trends, evaluate risks, and generate insights that can impact portfolio decisions in a live investing environment. During the internship, you collaborate with teams across portfolio strategy and trading, gaining exposure to how large hedge funds manage capital. You also work on projects such as assessing macroeconomic shifts or identifying new sources of market risk.
9. AHL Quant Summer Internship – Man Group
Acceptance rate/cohort size: Not publicly disclosed (highly selective)
Location: Man Group (AHL), London, UK
Cost/Stipend: Paid internship (competitive; varies by role)
Dates: June 15 – September 4 (~12 weeks)
Application Deadline: TBA
Eligibility: Undergraduate students in their penultimate year with strong quantitative skills (math, statistics, computer science, or related fields)
The AHL Quant Summer Internship at Man Group is a research-driven hedge fund internship where you work within one of the world’s leading systematic investing teams. You spend around 12 weeks embedded in the AHL research group, developing and testing quantitative models that can directly impact trading strategies. During the program, you work on a self-contained research project using large datasets, applying concepts from statistics, machine learning, and financial modeling. You also collaborate closely with mentors and present your findings to the broader research team, gaining exposure to how ideas are evaluated and implemented.
10. AHL IDI Summer Internship – Man Group
Acceptance rate/cohort size: Not publicly disclosed (highly selective)
Location: Man Group (AHL), London, UK
Cost/Stipend: Paid internship (competitive; not publicly disclosed)
Dates: June 15 – September 4 (~12 weeks)
Application Deadline: TBA
Eligibility: Undergraduate students in their penultimate year with strong technical skills (e.g., Python, SQL, data analysis) and an interest in financial markets
The AHL IDI Summer Internship at Man Group is a hedge fund internship in which you work on implementing and operating systematic trading strategies. You contribute to managing quantitative models, alternative data, and trading systems that support investment decisions across global markets. During the program, you collaborate with portfolio managers, researchers, and technology teams to ensure that new strategies are implemented accurately and that existing systems run efficiently. You also work on projects involving data analysis, process improvement, and system optimization, giving you exposure to how a systematic hedge fund operates end-to-end.
11. Balyasny Asset Management (BAM) Summer Analyst (Anthem) Internship
Acceptance rate/cohort size: <0.8% acceptance rate (~80–100 offers from ~16,000 applicants)
Location: Balyasny Asset Management, New York, NY (also London, Chicago, Dubai, and other global offices)
Cost/Stipend: Paid internship (competitive; performance-based compensation)
Dates: TBA
Application Deadline: Opens early spring (March–April)
Eligibility: Undergraduate students (usually penultimate year) with a strong analytical, quantitative, or finance background; prior internships preferred
The Balyasny Asset Management (BAM) Summer Analyst (Anthem) Internship is a hedge fund internship that serves as the primary pipeline into BAM’s flagship Anthem investment analyst program. You work on real investment projects across equities, macro, and commodities teams, supporting research, financial modeling, and idea generation. During the internship, you'll gain practical experience in how portfolio managers assess trades and control risk within a multi-strategy hedge fund. You also learn about valuation, data analysis, and leveraging alternative datasets, which are crucial in today's investing landscape.
12. Quantitative Research/Trading Internship – Qube Research & Technologies
Acceptance rate/cohort size: Not publicly disclosed
Location: Qube Research & Technologies (QRT), Aarhus; Dubai; Geneva; London; Paris; Zurich; Budapest
Cost/Stipend: Not publicly disclosed
Dates: 3–6 months (typically starting April–June)
Application Deadline: Not disclosed
Eligibility: Undergraduate, master’s, or PhD students (usually penultimate or final year) in quantitative fields such as mathematics, statistics, computer science, or physics
The Quantitative Research/Trading Internship at Qube Research & Technologies (QRT) is a hedge fund internship in which you develop and implement systematic trading strategies using data-driven methods. You contribute to the full research cycle by analyzing large datasets, identifying statistical patterns, and building predictive models that can generate trading signals. Throughout the program, you will engage in trading activities, oversee live strategies, monitor performance, and enhance execution systems in real-market settings. You work closely with researchers, traders, and engineers, gaining insight into how quantitative concepts are implemented into production trading systems.
13. Quantitative Research Intern – Equity Arbitrage (Jain Global)
Acceptance rate/cohort size: Not publicly disclosed (highly selective)
Location: Jain Global, New York, NY
Cost/Stipend: Paid internship (exact compensation not publicly disclosed)
Dates: Not explicitly stated
Application Deadline: Not disclosed
Eligibility: Undergraduate or graduate students in quantitative fields (e.g., mathematics, statistics, computer science, financial engineering) with strong programming and statistical skills
The Quantitative Research Intern – Equity Arbitrage at Jain Global is a hedge fund internship in which you identify pricing inefficiencies across equity markets using data-driven models. You analyze large financial datasets, build statistical models, and test trading strategies such as pairs trading and factor-based arbitrage. During the program, you collaborate with portfolio managers and researchers to refine models and improve execution efficiency in live trading environments. You also explore new data sources and contribute to research discussions, gaining exposure to how systematic trading ideas are developed and validated
14. Millennium Management Summer Investment Internship
Acceptance rate/cohort size: ~0.5% acceptance rate (~190 interns from ~50,000 applicants)
Location: Millennium Management, Hong Kong
Cost/Stipend: Paid internship (competitive; pro-rated six-figure equivalent for some roles)
Dates: ~10 weeks (typically June–August)
Application Deadline: Not disclosed
Eligibility: Undergraduate students with a strong analytical, quantitative, or finance background
The Millennium Management Summer Investment Internship is a hedge fund program that allows you to work directly with investment teams across a multi-strategy platform. You'll gain experience in various investment styles, such as equities, macro, and quantitative strategies, while supporting research and analysis. Throughout the program, you'll receive structured training and mentorship to understand how portfolio managers assess trades and handle risk. You'll also participate in real investment projects, gaining practical experience in a fast-paced trading setting.
15. Quantitative Research Intern – IMC Trading
Acceptance rate/cohort size: Not publicly disclosed (highly selective)
Location: IMC Trading, Sydney, Australia
Cost/Stipend: Paid internship (competitive; includes perks like meals and benefits)
Dates: Not specified
Application Deadline: Not specified
Eligibility: Undergraduate or master’s students in quantitative fields (e.g., math, statistics, computer science, physics, engineering) with strong programming skills
The Quantitative Research Intern at IMC Trading offers a data-focused experience, where you'll develop and refine trading strategies through statistical and machine learning techniques. You'll work with extensive financial datasets to identify patterns and develop predictive models that inform trading decisions. The program includes a structured training curriculum on trading concepts, options theory, and quantitative modeling. You'll collaborate closely with traders, researchers, and engineers, gaining insight into how ideas are executed in live trading environments.
Questions students often ask about these internships
1. Do I need a quantitative or finance background already to apply to these internships?
For many of these, yes, a strong quantitative or technical background is expected given the level of competition. A few are open to students from any major with strong analytical skills, so it's worth reading eligibility closely rather than assuming you're excluded.
2. A lot of these internships are based outside the U.S. Should I still apply if I can't relocate internationally?
Focus your energy on the U.S.-based options on this list if relocating abroad isn't possible for you, since there are still several strong domestic choices here. The international roles are worth knowing about, but they're not your only path into this field.
3. These internships have extremely low acceptance rates. Is it still worth applying?
Yes, applying is still worthwhile even with long odds, since the application process itself builds skills and experience you can use elsewhere. Just make sure you're also pursuing more accessible options in parallel rather than relying on a single highly competitive program.