Multi-Manager Out of Undergrad
With multi-managers now hiring out of undergrad very consistently I had a couple of questions I was curious about...
1. Do people ever exit to single managers or do they typically go to other multi-managers?
2. What are some exits beyond hedge funds?
3. Is it as cutthroat as people say? Is job security okay?
4. I know pay is highly variable, but I am wondering what the typical range looks like for the first few years.
5. Which of the MMs is the best to work at out of undergrad (Point72, Citadel, DE Shaw, Millennium, Balyasny)?
1. Typically other multi managers because that’s the style you learn and you’re also not going to have many SM options if you’re an industrials analysts versus a sexy tmt/internet analyst given many SM’s are tech biased or at least were.
2. elsewhere in investment management, sellside, corporate strategy within a hedge fund
3. Yes it is. Your first 2 years are probably ok as a grad but I’ve seen people get cut quick with 3 years of experience. Nothing personal, just business. A lot of kids struggle with the jump to being a risk taking analyst because you need some form of a paper track record within the firm. And we all know it’s tough to do that consistently so yes.
4. No idea. 200-300k is my guess.
5. I would say Citadel just because branding and infrastructure. It’s very meritocratic and relatively structured there. P72’s academy sounds like a waste of time to me. Millennium and Baly barely have anything for grads to grip on to. DE Shaw is not an MM. They have been taking grads for a long time I believe but don’t know how the l/s team works.
How is DE Shaw's fundamental equities team structured and how is the analyst experience if they aren't MM/pod-based?
Don’t know. There are better threads out there on this. I believe it’s a SM / MM hybrid model. I always had the impression everyone from there was a genius and it’s fucking hard to break into but realistically not many people have luxury of choice anyway
Heard Citadel FT Associate Program also has classroom style training and rotations -- pretty similar to P72 academy though not sure if it's shorter.
I will add that Point72 now offers 3 year contracts to returning summer academy grads and seems to have the longest longevity by far. Not uncommon to see academy grads still working at the firm five years later.Citadel's return offer rate for summer interns is around half that of Point72's.Millennium seems to have even worse retention than the above two
here we go again...
contract is a non-compete, no? that does not mean guaranteed employment
1 year academy, 1 year with pod, 1 year non compete
I don’t even know if they’ve done the academy programme for 5 years lol
Eight years. 2/3s of academy grads are still with the firm
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