EB (EVR, PJT, LAZ) vs. Point72 Academy
Title speaks for itself. How does P72 program compare to starting career at a EB?
EB (EVR, PJT, LAZ) vs. Point72 Academy
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What are you interested in? They’re very different roles
Point72 fucking sucks in terms of exits and sustainability. It’s a pod where you develop shit for skills and you’ll have a hell of a time exiting to somewhere good. You go to an EB and P72 will be available, but you’ll want a better HF and it’ll be more attainable and you’ll be better prepared.
Don’t fall for the Academy trap.
P72 is the exit.....
What I’m trying to say is P72 is on the lower end of desirability in terms of HF because
1) it’s a pod
2) turnover and inconsistent books
3) see above and you’d career risks shoot uncomfortably high
Don’t reply to me until you know what a SM is first...
As far as I'm aware, Point72's mode of "fundamental investing" actually takes shape in the form of earnings trading, rather than long term deep research. As some other users have said, the transferrable skillset you gain from this type of investing style is limited. If your goal is to keep HF options open down the road, then EB is probably a better bet.
Exits from p72 I have seen in last year- lone pine, maverick, Holocene. Exits possibilities don’t seem bad to me . As with most things, depends more on you vs company u work at
Is this legit? I was under the impression tiger cubs hate hiring from multi-managers...
All the cases I mentioned have LinkedIn’s. If you’re a good analyst you’re a good analyst
EB all day. Friend worked at P72 and told me average FT return offer rate is ~30% max.
not close to the truth. last year was lower than normal, and even then was still around 60%.
re: IB prospect's comment on "Point72 fucking sucks in terms of exits and sustainability." This is coming from someone who works at a SM you have definitely heard of with friends at pods.
1. Sustainability is fine.
Pods are stressful. So are most HFs. I know P72 will put you in a new pod if your PM blows up and you are a good analyst. You can stay at a MM and work with lots of responsibility and little bureaucracy. I have peers that print money at these firms, with varying levels of satisfaction.
2. You don't develop "shit for skills." You can move to a SM.
I know MM analysts who are extremely sharp on their stocks/coverage... "its a pod where you develop shit for skills" is a weird take I hear repeated here. The skills you would pick up at a pod are way more transferrable to SMs (if that's your goal) than the nonsense I worked on in banking. You have to know the long term view / what LT investors are playing for in order to play quarters, though there are of course differences (you probably aren't calling up 150 customers of one company at a pod). I have friends of friends who have left MMs for fantastic SMs. Great funds like hiring great people. If you are great I don't think working at a MM is going to prohibit you. What's important to realize is that having a career-long tenure at some of the SMs WSO is obsessed with is a right tail outcome.
My advice is if you know you want to work in l/s, take the academy. It will be more exciting. If you are unable to figure out what you want to do, banking is the better option. But remember optionality always comes at a price. People here seem scared to be on themselves and instead rely on past precedent + prestige... which is fine but maybe reconsider whether you want to work at a HF, an industry that is defined by risk taking. If you are actually deciding between the two, don't blindly accepted parroted takes: do your own research (talk to people with real names) and think critically. best of luck
SBed
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