Was wondering how Millennium’s FT Program stacks up against other MM firms in 2024. I’ve heard they’ve made efforts in improving the program but wasn’t sure to what extent. I’m also wondering what the likelihood of getting canned as a research analyst at Millennium would be. Thanks!!
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If you don’t have P72 Academy/CAP probably take it. Unless you have a good IB group or something akin to that. UBS ER isn’t an amazing training platform.
odds of getting canned are reasonably high
It’s still an MM hedge fund, regardless of if you did the grad scheme or not.
In fact at MLP specifically, it’s not about if you’ll get fired, it’s when. Enjoy the ride.
Thanks for the insight! Sorry just to clarify, are the odds of being fired pretty low or reasonably high?
Edited
Odds are reasonably low or high?
Isn't this just recruiting for ER and then recruit for MLP but with one less step?
well the interview process is more like for a regular MM (maybe a little easier). yes, you will do a year at er minus the sell side admin stuff, knowing you have a guaranteed offer at mlp after. and yes will agree with above that training is subpar compared to pt72 and cap, so someone would have to be p confident that they can do well enough to not get canned after two years
heard they pulled offers last year for new grad ubs-millenium.
del
Did you get the offer or are you just asking in general? Just curious thx
Following
Believe they ramped it up in the past two years and it’s very different from before (eg no longer easy technicals). It’s a first round with an analyst, a case study, and then a final round. The quality of this program is mainly dependent on whether or not you want to do a full year at UBS ER. I can see the argument for it, mainly being that 1) you get a full year of structured training (that is probably considerably worse than Pt72, but also more chill) without worrying about taking risks yourself, and 2) you get some insight into how the sell side thinks about things, which can be helpful because you can see what drives changes in their ratings. I have also heard anecdotally from my friend who is an analyst there that at least in your first few years, MLP will re-pod you if your PM blows up.
I also wanted to point out that MLP is very siloed (much more so than the others), so you’re also gambling on being matched with a good PM. It’s probably more cutthroat than the other MMs, which means you either thrive or die with little in-between. But the again, anyone going into the HF world should have the confidence that they’re in the top 10%.
Don’t forget also that at the end of the day, this does get your foot in the door of the big MMs. Always harder to move up into the big 4 than it is to move around (of course still dependent on the specific pod, but in general I’d say this is the best brand name second to Citadel)
Well put. If you know you want to do MMHF then its a no brainer unless you have Academy/CAP.
I would say that for long/short, people tend to hold P72 in higher regard, especially internationally, and getting a job at MLP after a year or so on the sell-side isn't really a tough task if you're switched on in my experience. The program also has a pretty poor reputation amongst the P72 hiring guys, hard to say how much of this is vitriol or genuine critique.
Interesting
damn i dunno why im getting slammed with ms for this. if im wrong about anything just comment it below - my source is that my roommate did the program 3 years ago and was interviewing for this cycle.
Wdym interviewing for this cycle?
del
If you're cut out for HF you'll be fine.
If not, not much you can cram.
del
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