How to prepare for FT interviews at MM (P72, Millennium, Citadel etc...)
Incoming SA at an EB currently in the process of recruiting FT for P72 and Millennium and just wondering how to prepare for this process. I understand they're looking for people passionate about investing, and while I can't say that I am 100% all in on L/S investing, I have a strong interest in it and am trying to learn about it. Haven't really ever done a stock pitch in my life and my technical skills in finance are limited to technical prep for IB interviews (basic accounting, M&A, valuation, etc...) and not that deep (I'm also not a finance major).
Am I just screwed for the process when there are other kids who have been extremely involved in finance clubs and have done a million stock pitches already? I follow the markets and macroeconomic situations loosely and can't really say I have an investing "framework" or "mindset" just yet and generally lack business acumen, and frameworks to think about businesses tp speak on companies, industries, and trends intelligibly, but I think I can improve with sufficient practice. Should I be focusing on reading investing books right now? Learning how to model a company's financials? I came across some hedge fund case stud interview prep guides by street of walls and buyside hustle online. Would really appreciate some books, resources, and if possible specific guidance regarding the process at P72 in particular. Thanks!
e: For reference, I'm applying to the P72 academy and Millennium's Equity Analyst Program. Dunno if Citadel has any live processes rn.
e: just checked and citadel has an "Equities – Citadel Associate Program" app open rn. Guess I'll apply to that too lol
Did you get any interviews yet?
No, and I'm holding off because I think the process accelerates with deadlines for questionnaires, case studies (at least for P72) and I am still not prepared. Understand it's a little risky since applications might be rolling and they might fill up while I wait, but as it stands I am really not too knowledgable to warrant submitting an app rn. Will do so soon though.
How much longer are you planning on waiting for? I also want to take some time to prepare but want to get a sense of my timeline.
if you can't model you're going to struggle with the P72 case study lol
It includes a 3FS and DCF model with reasonable assumptions baked in with EPS sensitivity forecasts. You've got to model out weak/best case for drivers too in the scenario analysis so it requires some decent understanding of using excel.
I always used separate sheets or sections for this or just messed around with ranges on the same tab, rather than all one tab and using the "1,2,3" toggle for the "bull, base, bear" lines under each key driver (units, ASP, book to bill, S&M exp, etc). In all modeling case studies is this what they prefer to see? Can anyone point me to a quick way to learn how to do this excel stuff well - honestly I think my WSP course has a section that does this actually.
Also my understanding was P72 just did the "fill in the blank" test vs. build your own integrated operating model from scratch and flow into a DCF.
this year is the latter, they've even got interns doing it before their internship lol
Is there any resource I can use to try to catch up on this material asap? Any recommendations on things that will help conceptually understand things like EPS sensitivity, drivers, generally understanding these companies?
Wall Street prep premium is what P72 give their interns before the internship starts to learn. The first project they do on the internship is basically the case study for full time applicants.
you’d basically need to do Wall Street prep’s excel, 3FS modelling and DCF modelling courses to be able to do all of those things mechanically. Having decent assumptions and reasoning for what you’re actually plugging in for driver growth is 100% on your own ability to research and have some strong insights.
I’m assuming you know accounting and how the statements connect and where to find what information on the 10-K/8-K/10Q so I’ve ignored 2 of the WSP courses. The courses I mentioned are around 25 hours in length total ignoring the exercises
Are you going to give the EB internship a try? What's the thought process for applying before your internship start?
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