For anyone that has been through hedge fund interviews in the past, you'll know that hedge fund case studies are commonplace in the industry. Why is this? Because this is a test of how you'll perform in the actual job. Hedge fund analyst's day-to-day duty is researching investment ideas on both the long and short side. Investment case studies test your knowledge of being able to properly prepare an investment idea. If you can't pitch a stock then forget trying to get a hedge fund job.