CPMG, Inc. is a hedge fund based in Dallas, Texas. The Firm employs a disciplined, research-intensive
approach to fundamental investing. CPMG invests capital for its principals and for a select group of
endowment and foundation partners. The Firm's assets under management are approximately $1 billion.
CPMG's investment team is made up of four partners and three analysts.
CPMG is seeking to add an analyst to its investment team. The start date for a new analyst is flexible, and
the position is a three year commitment. Compensation is competitive with considerable performance-
Candidates should have graduated from college no earlier than 2009. CPMG encourages 2013 graduates
At CPMG we strive to develop an analyst's full potential as a well-rounded, multi-disciplined investor.
While each project we undertake is unique (with respect to industry, key drivers, and type of investment
security), the following bullet points provide a flavor for areas in which we would expect to provide in-
Detailed Financial Analysis: Income statement, balance sheet, and cash flow statement analysis.
Integrated accounting analysis. Mastery of unit economics. Deep understanding of projection
Detailed Industry Analysis: Market definition. Identification of competitors, suppliers, customers,
substitutes, collaborators, and new entrants - how do these parties impact a particular company?
Historical Analysis: How did a particular company get to where it is today?
Intense Primary Research: What are the key questions that arise from our financial and industry
analysis? Who can we talk with to gain more insight into these questions? How can we piece
together various analyses and primary research into a confident picture of a company's prospects?
Primary research includes fieldwork visiting subject companies, competitors, suppliers, and
Valuation Analysis: Our view of intrinsic value.
Trading: Each project team at CPMG is responsible for trading its own positions. While trading is
not a major focus for anyone at CPMG, analysts will learn to trade effectively.
Risk Reward: Analysts will develop an acute understanding of favorable risk reward situations.
Idea Generation: Beginning day one, analysts will have the opportunity to participate in CPMG's
new idea generation process.
Each of our projects is a puzzle - analysts at CPMG are key players on project teams trying to put the
puzzles together. In some cases, a project will require deep thinking and rigorous analysis. In others, a
project will require creative problem solving and persistent effort. Analysts at CPMG wear multiple hats.
Job candidates should include the following items in their application materials:
Recent standardized testing scores including SAT.
One page recommendation letter from someone who knows you well. Please ask reference to
speak to your character, your strengths, and your weaknesses.
Answers to the New Analyst Questions (below).
New Analyst Questions:
1. Describe what you have liked and disliked about each of the jobs you have had to date. Describe
the most valuable lessons you learned in each. What would you be looking for in this job?
2. What is the most interesting class you took in undergrad? Why? Please include a copy of a
representative exam, paper, or project that you completed for that class.
3. What is the most defining extra-curricular activity you participated in during either high school or
4. Please send us a copy of the paper you have written about which you are most proud. Why does
this paper stand out to you?
5. Describe a time when you have faced adversity. How did you react? What did you learn?
6. What are the most interesting take-aways from the last three books you have read?
7. Interview a person you admire (no more than 10 questions). Write-up the Q&A and send it to us.
In addition, include a short paragraph describing why you picked the person you picked.
8. Which of the following options do you prefer? Why?
a. A 100% probability of earning $10,000 today.
b. A 50% probability of earning $3,000 per year every year for the next 15 years, and a 50%
probability of earning $0.
9. Why are you interested in investing?
10. What is your favorite hobby? Why?
Please send questions and / or responses to firstname.lastname@example.org