Thinking of recruiting for T Rowe Price's sophomore summer analyst program next year - heard some good things about it from someone I networked with who works at Blackstone. How does this program stack up against other sophomore internships? What's the summer analyst experience like?
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I didn’t intern at T Rowe, but I know a couple of people who have. A kid I know from Princeton who did T Rowe is heading to Centerview and a kid from Wharton did it and is one of the top kids in his class. For sophomore year, it’s arguably better than most of the internships at investment banks that you could get (think Guggenheim’s diversity sophomore program) where the work is mostly powerpoint/administrative at the sophomore level. Also, imo it’s better than some of the rotationals out there (like Citi’s sophomore program) where you’ll be working 3 weeks tops in each group and not get much (if any) deal-oriented work.
Obviously I’m slightly biased since I know people who’ve worked there, but I’d say t rowe is probably one of the top sophomore gigs out there, given their AUM / employee, research capabilities, prestige/name-recognition on the street, and the fact that you’ll be doing real work -- only real downside is location (hq is in baltimore).
To put it simply, an equity research internship at T. Rowe is probably the best non-diversity sophomore internship that you can possibly get within U.S. finance. The program is fairly unstructured, but that effectively means you get the opportunity to actually do independent research, i.e. initiating coverage on your own stock. Moreover, T. Rowe is a true blue chip name within the long-only world; frankly, being an equity research associate there is probably a better job than being an investment banking analyst at even the top bulge brackets.
The only downside, of course, is Baltimore.
Agree with this. This is better than many if not most JUNIOR year internships. T Rowe is a huge name. If Equity Research is your end game, getting buyside internship experience is much better than sell-side because it will open up the door to possible buyside opps out of undergrad. This is MUCH MUCH harder to do if you only have sell-side experience. I would also argue that the buyside experience would not hurt you in getting sell-side gigs if that is your goal.
IMO from a buyside intern, current sell-sider. The buyside internship opened up some buyside interviews for post-grad that I definitely wouldn't have had otherwise. Honestly, I probably had more luck as a buyside intern getting buyside interviews than I do now as a sell-sider with a few years experience.
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