You might browse through my "Life Is A Learning Curve" thread...
Anyway, with a 150-grain bullet, and the usual 24-inch barrel: If you sight in for two inches high at 100 yards, you will be about dead on at 200 yards.
At 300 yards, you will be roughly 6" low. About 24" low at 400, and four feet low at 500 yards.
With 165-grain and 180-grain boat-tailed bullets, you will have close enough to the same trajectory that it isn't worth worrying about. Certainly not in hunting situations for deer and suchlike.
Federal now makes some Premium High Energy ammo which will give about 200 ft/sec more than other ammo. It won't affect the trajectory enough to care about in deer/elk hunting, but will give better wound/kill characteristics at any given range when compared to "stock" ammo. However, the stuff is $30/box, which offends my cheapA soul.
Overall, I've been happy with Federal ammo. It groups as tight, almost, as my handloads.
Unless he's a fairly experienced rifleman with other cartridges, I would recommend against trying for deer, etc, out beyond 250 to 300 yards. Experience and practice, as usual.
Hope this helps, Art