Millennium Equities Junior Research Analyst Program
The last thread about info about Millennium is a bit outdated and not much info about the quality of their analyst program. Was wondering if there were any updates on how well the analysts fare.
For those that may be unaware, Millennium has a structured analyst program where you spend the first year in UBS's ER division and rotate through industries learning from senior ER analysts, while also getting exposure to the trading desks. After the first year, you are put under a PM at Millennium and start your career.
How does this stack up to P72 or Citadel?
I did not join Millennium's program, but I interviewed at Citadel, P72, and Millennium for their FT programs this year. P72 started with the case, only those who did well got a first-round with HR. Citadel flipped the order, HR screened before the case. At both of them HR were pretty smart people, they came from finance backgrounds and were able to ask good questions and dig into your thought processes.
At Millennium though they had an extremely typical HR interview, you know the usual bullshit, followed by a 30 minute block where they only asked two extremely easy IB technicals ($10 depreciation level) and you're somehow supposed to fill the rest of the time talking to someone that isn't on the investment side. It all felt so half-assed and they clearly made no effort to try and select people interested in/good at investing, so based on this experience alone I would rank them far behind P72 and Citadel in the quality of their program.
Can't say about the other places, but Pt72 is probably the best one of the three out of undergrad.
My understanding is that citadel poached some of the talent dev people from P72 to start the program, and millennium doesn't really care about internal talent dev- it's just how it's designed. Considering that P72 and to a less extent citadel, are willing to spend much more, I'd say you probably shouldn't go with millennium? If you think about your career as you investing your assets(time) with a manager, track record(of the program) is very important.
To echo the above poster, P72 has at least 5-6 rounds just for summer internship, and took like 20/16,000 people who applied. So clearly they are trying very hard to whittle people down. Citadel probabaly somewhat similar.
Just out of curiosity, what were the FT interviews for P72 and Citadel like? I am more familiar with the SA recruitment side(know a few who interned)
For P72 at least they gutted the recruiting team after last summer so the process there should be completely new vs. what you heard about. I thought FT processes were less "fluffy" per se than internship recruiting since candidates had more experience. It was a heavy focus on your personality alignment with the work/interest in doing L/S equity specifically, and then a lot of discussion about your pitches. P72 also had 5-6 rounds for FT, so similar in length to what you heard about previously. I would summarize it as a more thorough version of what interns go through, FT IB recruiting by contrast was not more rigorous than SA recruiting.
As someone who did the citadel program I can pretty confidently say that the people running the show were not ex-P72. Can’t speak to P72 but we had all of the resources of the firm at our disposal and the perks + pay for the summer and FT were at or above banking. Housing during the summer + 6 months postgrad is quite nice..
Do you mind PM me? I have some more questions about the process and your experiences?
I would actually be interested in hearing more about Millennium at the analyst level as well as comp.
I spent sometime at one of the HFs you listed this summer and heard through the grapevine that Millennium isn't a very good place to start at the junior-level because it is a lot more pod-focused than other shops, meaning that if you have a bad PM and your portfolio blows up, you're sh*t outta luck and the firm won't do much to try and find you another desk to sit on. Having a lot of autonomy is great at the senior-level once you've built competence in your investment skills and are able to fully accept the risk that comes along with it, however, if you're just starting out more structure is always better. Teams blow up often so you want to feel like you at least have a little job security if you're just starting out and your PM does badly. It's very PM focused. You want to be with a really good PM who wants to teach/mentor you. I also heard that because it's so pod-focused it's not uncommon to not even recognize other people who work there as well since they never see each other whereas at my internship last summer, PM's in the same sector would chat with each other and grab lunch sometimes.
This is what I heard at my fund last summer but I am really interested in hearing from someone who actually works there. Take what I said with a grain of salt.
Heard from a friend at MLP that pay for the junior research analyst program is much lower than that of a typical analyst and also below street average. This is for Asia tho, not sure if it's the same in NY/other locations.
Culture is pos specific, development of juniors more pod specific, but if your team gets blown out they’ll help you check around for other spots internally and pay is competitive with any of the podshops generally. This is for “analyst” or “research analyst”. No knowledge of the Junior Analyst program. Even at the analyst level my impression was that there were fewer fresh-out-of-IB-analyst hires at MLP vs peers but again it’s all pod specific I don’t really know
Any idea on comp?
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were you hired for 22 or 23 start?
Logistics true. Diversity not entirely true.
Bump - received a first round interview and would like to know what to expect
Do you mind PM me? Wondering what type of questions and how the technicals were
Bump - received a first round interview and would like to know what to expect
How did the interview go and what was asked?
Any superday invites yet?
They said super day invites would go out on the week of the 25th
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Has anyone heard back after submitting the case study yet?
Not yet. Hopefully they did not make cuts yet but seems like they might have
What made you say they might have?
What did y’all do for the excel backup they wanted?
Got invited to final round, did not included excel they said it was optional and I didn’t think it was necessary
How do we feel about the final rounds? Anyone get offers yet?
Already had your final round?
Got invited to some more “conversations” for next week.
When was your “final round” interview? Was yours a debrief of the case study?
It was today, heard back same day about what was next.
Surprised there’s more after “final” round
Lol almost wanted to ask why we need to have more conversations
Has anyone heard back after final round?
Not yet. Honestly this whole process is super confusing
Speaking with two PMs tomorrow.
Is this post “final round”?
Yes, got mine moved till Tuesday because of work. The two pms look insane
Anybody have their “post final round” convo today?
Anyone receive an offer yet?
They said we find out today, good luck folks
Thank you for the insight! Best of luck and hopefully everyone hears back soon
Heard back today, L on my end
How long did it take for them to get back to you?
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Anyone hear back today?
I believe that some offers have been sent out
I got an offer today, want to talk to anyone who heard back please let me know if you did
like 3-4 days
this is a very new program (2020/1 i believe) and its sounds like the best fucking structure ive ever heard of.
i would advise deleting your post as i am sure it will bring newfound awareness to many undergrads and make it more difficult to get the position.
leave it for for those that like Millennium so much that they know about it from going on the company’s career page rather than WSO.
plus your post is useless. we both know you are taking the position if you get offered anyway.
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this comp oh my god
wdym
i’m appreciative and thankful but just not as competitive as I would have imagined
Does anyone know if they are still sending out offers today or have they wrapped up?
Feels like they may have wrapped up but that’s just speculation
Has anyone heard back with rejection emails yet?
Same question. I have not heard from them since the final round :(
Was debating my Millennium FT vs another large pod shop. Talked w/ a couple junior analysts at millennium and was surprised by them bringing up office politics. Two of them also said they weren't properly trained compared to peers at other MMs
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had similar experience ended up choosing another offer over the millennium program as well
can you pm? would love to hear about what your conversations were like
Hi, congrats on your exploding offers. Would you mind pm me? I've passed the case study round and got invited to a "team assessment" happening this week. Any insights would be much appreciated.
Any information when 2024 SA internship applications come out?
they dont do SA lmao
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