Millennium FT Research Analyst Program
What is the quality of the training at UBS? How does it stack up against P72, Citadel, etc and is it good for PM prospects down the line?
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The second part of your question is flawed. Getting a PM gig when you're 32 has very little to do with what graduate program you did as a graduate lol. Most PM did IB/ER grad schemes which aren't direct pipelines. The more pertinent question is whether MLP is good for PM prospects down the line...I doubt you will still be at Millennium when you're approaching your thirties so I wouldn't worry about it.
I haven't done the program, but from people, I speak to who did, the UBS training is pretty standard sell-side ER but you tend to do less of the sellsidey admin stuff. It's not teaching you how to be a hedge fund analyst per say, but it is giving you the footing you need to build that skillset when you join MLP and rotate on a team there. Anecdotally, much of the more HF-specific modeling stuff is picked up during the rotations, I imagine the UBS program is largely designed to equip you with technical knowledge/corporate finance knowledge to hit the ground running. At that point, its millennium so probably sink or swim culture.
Point72 Academy and Citadel Associate Program are designed specifically to give you the training to become a hedge fund analyst by ex HF PMs/analysts. The moment you start you're taught how to look at stocks and pitch ideas the way PMs want and will also do rotations and pitch ideas to dedicated coaches (ex analysts/PMs).
Don't know if either one is better than the other, they're just different. Millenium has the resources to make its own proprietary training scheme, but its probably not in their interest to do so.
Why do you say it’s not in Millennium’s interest to do so? Is it because of their sink or swim culture that rewards those who thrive and churns out those who don’t?
Sure, but I was generally speaking to the firm's culture more broadly. Outside of Point72, none of the MMs are committing to building a culture for home-grown talent to stick with the firm and develop. Millenium and Citadel have had success in their mercenary culture of poaching talent, giving them the best tools and seeing who wins for how long. Building an internal talent pipeline and investing resources into it (vs picking kids out of UBS) would only really make sense if they were trying to change the nature of how they operate similar to Point72.
There isn't a concept of having an outright "career" at these shops for most people, they're usually gigs.
I could be wrong, but in my mind the benefit of doing the UBS program is the guaranteed seat at MLP afterward, not the actual training. Although, if you're at a decent BB and put in the work to recruit properly for MMs I don't think getting a seat at MLP/Cit/P72 is all that arduous anyway.
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