P72 Academy -TLDR Worth it?

Might get downvoted by BD and there is always useless mudslinging on the forum, but the relative risk reward has deteriorated.

1. The other options have become better. Point72 used to be the only option for undergraduates who wanted to join the buyside. That is no longer true. Citadel, mlp, baly and SMs have all started recruiting more aggressively from undergrad or even 1 year out of college. In response P72 raised the noncompete period (now 1+ year, from what i hear, which is the longest in the industry). This is basically indentured servitude for someone with no options nor experience out of college- especially if you are stuck with a pod you do not like.
2. The relative upside is meaningfully lower. For some reason they continue to under compensate their analysts massively. Competitive offers for lateral positions regularly come with 50+% premiums, and promotion timelines are faster. As such people get poached regularly and it is often a one way street. The academy hence is not a talent incubator but a low cost labor provider.
3. The success probability of the academy is lower. It used to be that each analyst would get two team "rotations" to pick from such that no one would overlap and it was the analyst's perogative to choose. Now I hear that analysts either can't get two rotations or that they have to fight their classmates for seats. The chance of 'passing' the academy is lower too. So you might flunk and be stuck. 

I do think there is still value, but we are all in the business of thinking about incremental changes and this seems meaningfully worse. 

Happy to hear alternative views from other WSO members.