Dodge & Cox Offer Decision
I have an offer from Dodge & Cox for FT associate equity research role. Any insight on bonus/exits(PE)/culture. Thanks for the help. For reference, I have an offer at a MM IB as an alternative.
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Isn't D&C like the holy grail of LO AM? Seems like that is the exit bro. Unless you absolutely hate the work / are a hardo for PE, idk why you would take MM IB over it
For the analyst seats, yes. But the associate program is 2-3 years and bye bye. I think they've rehired 1 or 2 of their analysts from prior associates post-MBA but its rare. Still an amazing role out of undergrad, but you won't be retiring after signing the offer letter
What makes it an amazing role out of undergrad if there is a low chance of retention?
Don’t take the Dodge & Cox offer if you want to do PE. Let them give it to someone else who will actually appreciate it and wants to be in that line of work.
Yeah like me for example
MM IB is not a suitable alternative to D&C. Maybe if you had GS/JPM/MS/CVP top M&A/coverage/blah blah blah yeah sure give it a whirl if you really aren't feeling LO AM, but not for MM IB.....
Working on transactions when you are in your 20s is > working in a research function for a long only AM.
D&C opportunity is great btw and will have good exit opps if you become a sector specialist who has a broader understanding of research and how it goes into the investment process, but nothing beats working on transactions as far as experience goes.
In my opinion, the reason for this is because IB is eat what you kill, get the CEO to sign off on your transaction advice and collect fees. While D&C funds all have very specific mandates and the fund just collects fees on AUM and whether your work says to allocate more to UPS over FEDEX for example, won't move the needle for revenue, so there is just not the same pressure. So if your goal is to be in a top HF or PE firm, generally hiring managers want folks to have come from an environment of more pressure rather than less from a revenue generation perspective.
Disagree - if you want to work public equity investing, take D&C hands down. You'll get better looks at HFs vs. recruiting from a MM IB, by far.
Agree with the above. MM IB isn’t a great feeder to good PE firms or HF. Dodge & Cox is a pretty pedigreed place and many HFs actually care about that. It sucks, but that is the way the world works.
You should absolutely take it. I know for a fact that an associate got an offer from Warburg Pincus after, someone else got a spot at Viking, and (this one I am not 100% sure about) that someone got a spot at Elliott. I know people who have taken the associate spot and they all are extremely happy with it even if they will likely be out in 2-4 years. D&C also places extremely well into business school. This is one of the best spots you can get out of undergrad, not just if you want to stay in LO, but for almost any career you want in finance.
Del
No comment on PRETHTIGE but some color I have heard on both
I believe Harris is generalist while D&C is sector oriented but could be wrong (someone lmk if so)
Harris has a good rep as a fund but I have heard comp is lower end vs size, could be bs idk
D&C comp is reportedly very good / among the top in this respect
dodge & cox research to warburg PE?
I recently transitioned from BB IB to Dodge & Cox and would say, unless you absolutely hate the idea of working in public markets / want to work in PE more than anything, 100% take the offer from D&C. Happy to talk more in DMs on specifics.
del
For context, had an offer for D&C RA program and I would have taken it over a GS/MS return offer if I didn't get MF PE. If you truly love long-term investing and don't care for all the boring admin work in IB/PE then it's a fantastic spot. HBS/GSB placement is very good and from there you get your pick of high quality LO/HF. Plus you'll learn a ton
Hey guys just matched with Ana de Armas on tinder...should I go ahead with the date or wait to see who else i can match with?
I got matched with Margot Robbie but haven't matched with Ana de Armas. Imma settle for Margot Robbie.
Did you intern there and received a return or did you applied the FT role?
As someone who worked in both, take the D&C offer
OP here. Thanks for opening my eyes, I was truly a clueless monkey and now see what I have in front of me.
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