Have an interview with Silver Point for a position directly out of school. Saw some threads that mentioned them in the past, but nothing too substantive, What do people think of the firm? Are the people smart? Do you learn a lot? How's it compare to banking or PE? Thanks!
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Bumping to follow.
Always hear it’s very good but very intense. I would do the interviews and see if you like the people / their way of thinking. I think the people capable of getting an offer there generally take it (even from banking).
Thanks, do you know what the interviews are like?
Cases.
I also disagree with the other poster. I don’t think they’ve deteriorated. It’s been a difficult period for all distressed funds, but they’re still considered one of the best.
Lots of smart people but very intense culture, extremely modeling heavy; work very late nights. This is for the public group, not sure how their private group in Chicago or the few in CT are hours wise.
General consensus is they are definitely not what they once were. CT also definitely a negative (same issue with SVP).
Interesting. Is it better than banking though? Do you know someone there? How does the comp/learning compare to IB/PE? Who is the general consensus?
Not even comparable to any banking offer, honestly. Take SPC... that is, if you're the 1 person they choose.
Much better than banking. Very smart people. for some who know they want distressed/special sits investing, it is the top choice, although I admit it doesn't seem like it's as prestigious as it once was. Look at some of the FT analysts there: most are from top targets, and usually they take the top summa kids from wharton. Look a bit higher up the totem pole at associates, and you'll find that many did the BB IBD -> MF PE/SSG groups -> Silver Point. It's essentially the exit after PE/SSG for a lot of traditional finance kids. I have heard they have a pretty active presence in the chp11 creditor space. Comp I have heard is pretty high >120 for FT first years. But extremely brutal learning curve and heavy modeling. If you get offer there you'll have the skillset/intuition in place. Interviews are heavy fundamental case studies. if you want any advice make sure you pick at least 2 pitches and know those business models + drivers very well.
How do you prep for the cases? Also, isn’t $120k low? EBs pay close to $200k I think.
Yeah, all the young analysts seem to have great pedigree.
120 base, not all-in.
I can tell you that base comp is not 120k (lower) for first year out of UG
What is all-in?
Personally friends with a few current/former professionals at the place + dealt with them as clients
Pros: + One of the most sophisticated in the distressed / ssits space + Everyone I've talked to there is very smart (or at least seems smart) + A lot of exposure to both private and public opportunities as a jr analyst which I wish I had + Having SP on your resume will get you interviews anywhere else in the DD/SSits space on the street + It seems like they train their analysts well
Cons: + They work their analysts hard - I know a few SP analysts pitch in together and rent a crash pad in CT in case they need to work late + Distressed is currently tough this part of the cycle - returns are tough to come by, lack of opportunities + "Big fund" issues for jr analysts (too removed from investment process, model monkey) + I believe they assign jr analysts fairly early on to a sector, unclear to me how easy/hard it is to switch sectors + I think the transition to a different strategy (TMT L/S equity as example) can be tough from a place like SP vs some generic banker + CT can wear on people
This is a helpful overview. How would you say SP compares with other distressed shops at the more senior level? Could you force-rank the top 5?
Bump, wondering about a rough top 5 ranking as well. Is now considered a good time to join distressed given the increased opportunity set?
Generally agree with this
One of their analysts that joined out of undergrad originally exited to join the tech team of D1, others have gone to VC even. I highly doubt they're disadvantaged versus bankers for any HF type of role.
Did you end up going through their process?
I got cut after round one. I heard from a friend that only one guy got a super day, and he didn’t even get an offer. Very tough interviews.
Yep I know the guy. Process seems really thorough and honestly brutal
do they ever hire or interview anywhere other than W?
I heard that SPC is beginning to recruit. Can anyone confirm if this is true? I want to do distressed out of school.
Hi. Any updates on this?
do they do OCR at all? or is it informally networking
Anyone know if they still hire out of school?
They no longer have an analyst program.
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