Of all the misconceived stereotypes about working for a hedge fund, the biggest one is around pay. Many people underestimate how long and hard you’ll have to work to achieve the eye-popping salaries and bonuses that make headlines.

For every Chris Rokos, who earned around $900 million over a decade working for Brevan Howard, there are plenty making decidedly more realistic packages. Those who start out earn an average of $90-125K.

“One of the biggest misconceptions people have is if you work at a hedge fund then you don’t really have to do a lot and you make a lot of money and you have a great life forever, but that’s not reality,” says Afroz Qadeer, the CEO of Kettle Hill Capital Management and a member of the Mid-Atlantic Hedge Fund Association. “People think you’re essentially a master of the universe, but in reality you put in a lot of hard work, a lot of long hours.”

Here are the key take-aways (click below link to read details]:

• You will not earn millions working for a hedge fund unless you’re very lucky
• You will work incredibly hard, often outside of your job description
• All hedge funds are not the same
• Making it takes a lot of time
• It doesn’t pay off to be known as a jerk who loses his temper