Info on Citadel CAP
Rising sophomore at a target school. I've recently developed an interest in the short-term oriented investing strategy employed by mm funds like Citadel and millennium. Can anyone provide some insight into what the CAP program in ny is like? Curious about recruiting (I've heard mixed things about technical rigor, sounds like some processes have been largely behavioral while others very pitch oriented). But also would really value any insight into culture, job security as a recent hire, and comp.
Hello rising sophomore from a target school, not to sound like a total monkey, but there are literally multiple threads on that very topic, including most MMs with a structured hiring program, the threads also go into culture, return offers and comps, or is it that target kids aren't taught how to use search or google anymore?
Actually i have not found a single (recent) thread with info on first-year comp coming out of a summer of CAP
have a few friends who went through this
basically, just pitch a few stocks
understand the drivers behind your view vs. that of consensus
have a robust justification of your assumptions
doing that will give a good shot
should we prepare tock pitches for various industries? Personally interested in TMT and wondering if i can focus on that, or have to branch out.
it's okay to have multiple in TMT, but it'd be best to diversify within TMT (e.g., don't just pitch software businesses, if you're also able to deliver an insightful pitch into a telecom business, that'd be nice to show you can think about different businesses)
but much more important than sector focus is being able to distinguish your views vs. consensus and the drivers of that variant view (e.g., larger TAM, stronger pricing, etc. than consensus)
Cool that makes sense. I haven't really done any stock pitches except once in the past, and was wondering if you recommend any resources to ramp up this knowledge and prep. Do folks also going through this process really just create a stock pitch from scratch? I suspect there's a database of pitches online that people look at and just take inspiration from.
Also, for a FT process for Citadel's CAP (which I'm not sure is more technical/rigorous than the summer recruitment process), do you think we need to build out a full DCF model and come to an actual price? Dunno if I have time especially given my current IB internship, and wondering if the interviewers would just ask high-level questions about DCF assumptions, drivers, etc...
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