P72 Academy rescinding internship offers
Is it true? I have been hearing across the Street that the Academy has over-hired significantly and quality of program has declined since one of the coaches left for Citadel
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Look I've been telling people for a long time. The "Academy" is a scam meant to lure naive college students. They hired 50 Academy associates last year. How the F are you going to place 50 people onto teams in on year?
There are 180 teams at P72. 60% are L/S. That's 108 L/S teams. How many of that 108 are in NYC/Connecticut? Probably 60. How many of those 60 are established teams? Less than 20. How many of those 20 were hiring for a junior associate/analyst in the last 12 months? Around 5 if generous.
The rest are pods that are sub 500m GMV or non-NYC. The economics of a 500m GMV pod are horrible. This is a similar distribution for other multi-managers, except they don't over-hire for their grad programs. Chances are you will get screwed.
Is that 20 number correct? Feels much lower than I’d expect
If you talked to people in MM HF land, you would know 20 is a very generous number for P72.
So what should you choose over point if you want publics? d&c/fido/cit/desco/IB/PE?
Ah yes, the same undergraduate brain bucketing Dodge & Cox / Fidelity with Citadel/Millennium
Love to see it
50 for academy intern, 35 for academy FT, another 10 drop/get fired, down to 25. You can say that citadel doesn't overhire cus they take 10-15 ish but you get a similar situation where 3-4 kids don't get placed because PM doesn't want them...
If you told me an internship had a 66% return offer rate, I’d tell you to pass. Of you told me a FT program had a 66% placement rate six months into the job, i’d tell you it’s a retarded program.
interesting as they have both an "experienced" and new grad track. imagine experienced have a leg up when it comes to placement
Helpful context
Had a bulge bracket IB offer and Academy offer. Chose IB after reading this comment:
www.wallstreetoasis.com/forum/hedge-fund/point72-interview-nightmare#co…
Seems like I made the right decision.
Is this for SA 26 / do you have a source? Incoming 2026 SA at P72 and chose it over EB lol. Hoping this isn’t true because im scared af..
I am quite certain this isn’t true. Think about the reputation risk for these companies… rescinding offers for no reason before start date would be insane, if anything they’d find a reason for firing on the job lol
Same here but chose it over a LO and another L/S offer. I have friends who went through this program successfully and only speak good about it. Though, I have heard PM placement is out of the control of the intern and there have been those who have gotten screwed.
We still didn’t get details on the “offers being rescinded,” and the details on the program quality declining is not something I’ve heard before from any of the many people I’ve spoken to about the Academy.
At the end of the day, no one can say for sure. Most people on here have no idea and the chances of P72 ppl dropping comments are low.
As a HH, this doesn't surprise me at the least.
Many people who weren't cut out for HF out of school in the comments...
If you are good, you will get an offer. These programs are designed to train you and formalise the skills you may or may not develop over your formative years at a hedge fund.
If you are good, these programs are the best training/proving grounds for a long/short equity career. The Academy has had some growing pains, yes...but not something to worry about if you're good.
Ask yourself what the alternative is...do you believe a career as a PowerPoint jockey will equip you to become an investor at an MMHF better than being trained by people who have done the job? Nothing is free, and you will always have to prove you deserve your seat...and this only intensifies as you get into the actual job.
Stupid incoming summer analysts banks shittjng on this HF program - it’s just the nature of the HF industry…
the “meritocracy” aspect of the academy is kind of a marketing scheme. the summer academy was more of a politics game imo
What do you mean by this
What gives you the impression that playing politics isn't part of the job? The people who are the best at it and can still perform will almost always do better than the ones who can only do the latter, even if they're somewhat better depending on the circumstance. Finance is a people business - if you can't figure out how to work across various types of people then LT you'll get snuffed out unless you're a truly right tail return generator.
Think important to understand that just looking at the numbers doesn‘t tell the whole story. The people that don‘t make it through the academy, in the vast majority of cases, are either not interested enough so voluntarily drop out, or it‘s just not the right job for them. Investing is not a job where you can just do well by working hard, you need to be very interested in it and your brain needs to be wired in a certain way. If you go into the academy knowing you really want to do this and have some previous experience with other internships/invest in your PA etc. the risk of being fired is lower than the numbers thrown around here. Is the chance that you don’t make it even though you are super interested and motivated zero? No, there is a chance that happens but that risk is the price you pay for the potential reward at the end of the academy. Now if you have a range of offers it probably makes sense to weight off risk and reward but for many I‘d think it‘s unlikely to have 3 high calibre HF offers out of school (in which case I wouldn‘t worry about not making it through the academy)
what is the GMV of your pod if you dont mind me asking. im an incoming at P72. this doesn’t address that they have been rescinding offers, the quality of the average seat out of the academy is subpar, and the fact is JH fires people who don’t suck up to her to fix the overhiring problem. multiple people know this is quietly true and have confirmed this to me. i’m thinking of recruiting elsewhere to hedge, would you recommend?
Who is JH? From what I’ve heard this program ain’t that great. 9 months doing class work cannot be better than real life training just learning how to swim in the pool rather than practicing strokes on land
I think you underestimate the role of luck in this business.
Let the kids dream
Makes me kinda anxious about p72 experienced academy. As a lateral hire should I be giving up my current career for something (assuming I'm good enough for the academy, I may not be) that may not land me in a pod seat at the end of the day? Seems like a shot in the dark
.
Dk about the US, but it's def a joke outside of it. Just look at the abysmal rates of London + Asia over the past few years. Small intake + even shittier returns. Knew people who ended up unemployed and jobless after all of it.
Did they rescind offers because of background checks? What do they use, Hireright?
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