It's hard to get a job with a hedge fund. The interview processes are longer, interviewers are more senior (often up to C-suite) and the bar is much higher than at the top banks. You really do need to be at the top of your game to stand a chance.
But...if you can make it through a process, the rewards are well worth it.
Aside from the incomparable bonus potential, you're given more responsibility and accountability from the start, often you'll have visibility over multiple asset classes, you'll work directly with some of the very brightest minds and you'll stretch yourself further than what's possible in a bank. There are many more benefits too.
If you are good enough to make this move, you should always keep an eye out when a great opportunity arises.
I'm working on an awesome opportunity for a first mover out of banking, up to AVP level, for a product/valuation controller in a multi-$Bn fund. The only requirements are strong product knowledge in your area of specialism (equities, credit, fx, or rates is fine), strong academics and a professional qualification (ACA, CIMA, or CFA preferred). You'll also need a strong work ethic, a genuine passion for financial markets and natural curiosity.
If you're tired of outstanding performance reviews translating in to tiny bonuses and little/no pay rises, now might be a good to time make the switch out of banking.