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April 30, 2024
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My advice - don't start at a pod shop like P72 out of college. The risk/reward for these pod shops' development programs just isn't there IMO.
If you want to do HF investing, I think you should take one of two routes:
1) Work your tail off to get an HF internship sophomore summer or soph/junior winter. This is hard but can be done (and at some legit firms too if you are ready for investing).
Then, grind out sophomore spring/summer recruiting to get a top bank / MF PE for junior summer. This is a great path into the HF industry, but you will then also have a potential shot at joining whatever HF you interned at full time as well as the opportunity to hold off until you find the right HF seat. Or,
2) Still try to get an HF internship as a sophomore, do your best to get to a good place and do well there. Then, for junior summer, recruit to some of the HFs known for taking talented undergrads (not the MMs). These spots are very hard to get but amazing opportunities if you do. Also recruit for banking / PE at the same time as insurance.
This is just my opinion, but I don't really see the appeal of the multi-manager programs like p72. Skipping to HF is worth it, but only in certain situations. At p72 for example, you lose the optionality of IB / PE just to take the risk of going internship -> academy -> good pod in which you will learn/succeed (all while getting underpaid). It's not that hard to get to a pod shop later anyway.
And FYI - you probably won't get legit modeling experience as an intern in banking.
Any lists of legit firms that are not MM or tiger cub that recruit out of UG ?
a bunch on some recent threads
Stop spreading misinformation. There is a huge advantage doing the P72 academy—65% of graduates since the inception of the program in 2014 are still with the firm. P72 does everything they can to retain them. Also, P72 academy comp is 125k base + 70% bonus + signing. It is in line with EB comp.
Sorry to offend you, intern. However not sure it’s misinformation if everything is prefaced with “in my opinion”
And just because grads stay at the firm does not mean you have the full picture. At a high-level, the MM platform is very different from a SM hedge fund and it can be hard for a college kid to understand that difference and what is best for them (there are pros and cons to both). Me saying that I would not start my career at Point72 over IB / PE is based on what I have seen in the industry. And “underpaid” is relative to the hedge fund industry, not a boutique bank.
Keep calling fake news if you’d like.
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