Dodge & Cox RA program exits
What are the exits like from D&C's post-undergrad equity research associate program to high quality fundamental SM L/S or LO?
How do the exits compare to other large long-only research assocuate programs? Are they really that much better?
n = 1, but someone I know went to Uber Strategic Finance afterward after working at D&C
Most people at my current firm either do Strategic Finance / something in the Finance part of a large (often Tech.) company or Business School
haha think I know who you're talking about. What is your firm like in relation to D&C? Why are there not many exits to public equities?
Current firm is Tier 1 LO AM. Most people just don't leave. Don't know much about D&C culturally, so can't speak much about that, but current firm has a really solid culture.
The range is wide. U can exit to vikings or u can be out of the industry. Most prob somewhere in between
What are the main factors influencing the outcome you have?
RA exits are good, with bias toward Bay Area funds. looking at LinkedIn, you see exits to Sansome, Route One, Matrix, Trian, Harris Associates (post MBA role), etc
the exits are good because you have direct working relationship with a senior analyst and help with deep multi-month underwriting processes, which is similar to what you would do at HFs or other long-only role. contrast this with Capital Group, T. Rowe, or others where you are a shared resource and basically a model monkey. would say among long-only that Fidelity RAs have good exits since you have direct coverage of a stock universe
Thanks, this is great insight! Do you know what the recruiting process looks like if you're looking to move to L/S / LO out of the RA program?
don't have anything differentiated. think recruiters, friend/network referrals, bosses help you place, cold emails. have been at HF for 5+ years, that's how we get our inbounds
I also know someone who went from D&C to SM L/S and eventually to MM
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