Are Big4 MMHF grad programs still worth it?
Would love to hear some color from people that have been through cohorts at C / P / B / M. Low internship RO (50-70%), which means you're fucked for FT recruiting if you don't get an offer before returns come out. Programs interview in Nov / Dec soph year where kids can't accel banking and/or turn down a potential 250k Y1 job. Even if you make it through, industry statistics say you won't last more than a few years, afterwards you'll be forced to take a low 6 figure job in corporate or ER as there are no great exit opps.
Have not gone through one of these programs but I think your supposition that one of these seats is not so great because of RO likelihood/exit ops ignores what a hedge fund guy/gal is in it for. I kind of think of it like being a professional athlete; you ignore a lot of things for much of your life to work on your “craft” and compete for a select number of jobs with ultra high expectations. Your avg nfl/nba/mlb draft pick is daring to be great at the risk of sacrificing time spent on school/clubs etc. I didn’t recruit for these places because I don’t have the risk tolerance to potentially be unemployed at 24 because my PM blew up but that doesn’t mean someone else shouldn’t do it.
I understand that but how is a sophomore in Nov/Dec supposed to know if this is the right path for them. There is certainly high opportunity cost give you are basically foregoing recruiting for banking, consulting, PE, etc. MMHF is probably not for most people, so wondering what the downside is if you don't like it / are not good enough
it's only a downside if you got fired in under a year. a year or more at a pod shop looks great on your resume. also, if you don't get a return offer - you can still recruit for plenty of other great jobs. a pod shop internship on your resume looks great to a lot of IB, ER, or even tech etc type hiring mgrs.
that said if you're not sure - just do banking first. that way you can choose MMHF at a later time once you know more - or you can stick with banking, PE, or go cor dev/strat or whatever. if you LOVE public markets but aren't sure what type of HF you are interested in, you can also go the ER route - tho that has less exit opps than IB and is better suited for people who are deadset on public stonks.
Did one of the programs (not P72) and the biggest pro was being able to interview with numerous scaled and tenured PMs and having some ability to influence which team i first joined which is basically the most important determinant for your career in this gig
For what it’s worth, if I wasn’t doing L/S, I wouldn’t be working in finance so I never really comped the job vs PE or IB etc
So this keeps bothering me
In what world is 50-70% return offers low? Internships are not free jobs, they are extended interviews. If you don't get a return offer, then you recruit senior year.
If you think 50-70% percent chance of success is bad, you are going to hate being in a risk taking seat and the job is not right for you.
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