Received offer today for 2027 SA at CAP / Point72 Academy, but no banks have started interviewing yet. Long term goal is to do publics, but I don't want to renege on my current offer if I take it. Really tough position here so would love to hear any advice.
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Dont know why you would even consider BB/EB atp. Especially for SA. IB is a truly BS job and you will be doing the most braindead shit as an intern. If you find yourself disliking publics or the pods model or didnt get a return, IB/PE will still be happy to take you on FT.
Listen to Dan Sundheim's latest podcast; if you want to do publics at a top SM your best bet is PE full stop. Your best bet to PE is IB full stop. Therefore if you want a long-term career in publics without being pigeon holed into the MM model you would do IB. Obviously, the MM model is great but doesn't make sense for most juniors (you take on career risk without the upside that PMs get). Also it's really easy to join a MMHF from PE or IB (they hire from middle market banks sometimes).
Also FT isn't as reliable. Many banks don't hire and it's a huge stretch to say IB or PE would be happy to take someone from a MM. Sure it's possible if the spot is open and the individual is well networked, but would advise against picking a MM for junior summer unless you are set on the pod model.
Are you sure I can't FT from MM HF SA? Curious to hear others views
I mean I literally know someone going to tiger cub for FT after pod SA. Also my friend in these programs right now also get hits from HH for MFPE. Obviously I am assuming if you can land a pod SA you are prob locked in enough for IB/PE recruiting if needed
Larger pods (see new 5-10bn+ build outs happening @ MLP/Citadel/Baly etc) basically run their books like “top” single managers except the economics are better and there’s a feasible path to running $$ yourself.
Take the MM offer and figure out who those teams at your firm are.
A couple issues with your argument.
(1) there’s a ton of politics and luck that comes with placing into a top pod and it’s not a given that you would end up at those seats after the program
(2) economics are good for the PMs. They are good because it is risk adjusted (comp isn’t that good when you factor in career stability). Now, it makes sense for the PM who is making a ton of money to take the risk but the return profile becomes insanely asymmetric for an college grad with limited upside and the same risk.
(3) you can easily join a pod post banking (they don’t hire from the best banks). You can also easily join a pod post PE/SMHF. The other way around is more challenging. Why not wait until it’s a clear cut decision.
Not the guy you replied to but for context I’m doing one of the grad programs and joining one of those type of teams the brought up. Agree that there’s no guarantee but tbh u have better odds finding these seats from the programs than from banking imo.
Economics will change team to team but the pm in meant to join has paid analysts up (much higher than any SM) over the last few years (granted 100-200m PnL generated)
I don’t see how banking is better. Neither is guaranteeing u anything but how is PowerPoint simulation giving you an edge in placing?
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