PJT RSSG vs Citadel (L/S Equity)
Incredibly fortunate to have an offer for both for Summer 2024. Interested in public markets, but also read that job stability at MMs like Citadel/Point72/Millenium isn't as high junior level (correct me if I'm wrong here). Also, prefer longer-term investing which I know is often not as prevalent at MM platforms. For someone who wants to ultimately join public markets but maintain as much optionality of platform as possible (SM/MM), what's the right move?
If you are interested in SMs/longer term oriented places, which it seems you are, RSSG is a no-brainer. Both are amazing offers though, congrats and fuck you.
As someone in a similar situation (MS vs pt72), I'm leaning towards pt72 for the summer--if I don't like it or something, I can definitley rerecruit and I'm confident I can get a PE/IB/ traditional L/S job for full time. I'm still working through a few other recruiting processes though, maybe those will change my perspective. I've also worked at a tiger cub before and have a strong network of SM managers. I think the whole perspective of "working at a MM means you can't work at a SM" is pretty false, especially if its only an internship, and because a lot of these SM's have done super poorly lately. It's just an internship at the end of the day, at least that's how I'm looking at it. Would appreciate your perspective on how you're thinking through things!
Knew someone a couple years ago choosing between GS and P72 for SA, he ultimately chose P72
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It's hard to feel special about a banking offer these days when dumb state school chicks on TikTok are bragging about their summer internship offers.
I was in a similar situation, I would choose citadel in this case, feel free to PM
PJT restructuring might be the most overrated banking group of all time. It's a two years-and-out job (they fire all analysts after two years), comp is nothing special, and even though people always point to their "exit ops", it's more selection bias than anything. If any banking class had just ten people recruited out of say a 1000, you're going to get great exit ops regardless as a factor of their screening process. Their exit ops, like most EB groups, are almost completely a function of the candidate's competence, not the firm. Restructuring kids are hardos, PJT is a very "polished" firm, and polished hardos tend to do well when recruiting (IQ+EQ).
Also every one of their exit ops seems to be worse than just going to a top multi manager like Citadel and P72. Maverick, Governors Lane, Eaton Park, etc have been popular exit ops for PJT and look how that's going. The multi managers are the top hedge funds these days, and will be for a while. Better to start there as an analyst in a comprehensive training program imo. I know that academy analysts at Point72 have much longer careers than regular analysts—maybe the same at Citadel.
This isn’t a totally fair analysis
You haven't really provided any analysis or counterarguments yourself
A few of wrong points here
1. Direct HF exits include Baupost, Lone Pine, Maverick
2. This past cycle David Sambur came to the office and personally met the first year class before on-cycle process kicked off. 5 of the 10 are headed to Apollo next year
Can’t think of an Analyst program that provides either of these two
I don't see any person on LinkedIn or PJT's stupid exit ops chart that exited to Lone Pine. Aside from 2-3 Baupost in the past ten years (all 3 went to Harvard/Wharton by the way, back to the selection bias point), the rest of PJT's hedge fund exits are honestly not impressive. Highfields, York Capital, Hound Partners, Darsana, etc. Sure, if you want to go into PE by all means do PJT or any other top banking program. But let's see how highly levered+bloated PE firms fare in this market regime (I don't think it's a coincidence that Apollo is begging for restructuring hires now to fix their portcos).
Sorry you are still salty after several years.
Sure so also all MF PE analyst roles are overrated, MF PE analysts are hardos, Blackstone/KKR/SL/Warburg are very "polished" firm, and polished hardos tend to do well when recruiting (IQ+EQ) for HF
Yeah, that's exactly my point. OP will be fine wherever they go, but best to capitalize on current macroeconomic trends as well as what industry fits their personality most. If theyre more geared towards public investing, best to start out of college.
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I think what people are missing here is that multi manager funds are absolutely miserable to work for. There is a >50% chance you’ll flame out and the day to day reality of the job is likely very different from what you’re imagining in your head. Yes they’re very “hot” right now and have basically solved investing, but that doesn’t necessarily mean they’re the best place to work. Also, the pod shops are constantly recruiting and will always be there and willing to look at folks from almost any background. Can’t say the same about top IBD/PE/SM opportunities.
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Sure, but the pod shops are so specialized and nuanced that it’s hard to make the case the skills are transferable. By at least getting two years of banking under your belt, you have something else to show for it. Given the extreme volatility in these roles, having optionality is important. Pod investing is very different from what most undergrads have in mind when it comes to working at a hedge fund and I think it’s rash to rush into a job there too early.
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These two don't come together. Like public markets, accept the risk associated with it.
If can't tolerate the risk now, then stay in IB before reconsider jumping to buyside.
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This might just be me, but I stopped the process w/ Millenium's Junior Analyst recruiting after the second round, I realized that the bank that I was at was simply better for someone in terms of not Pidgeon holing myself and getting a good learning experience without the threat of consistently being fired. You're at the first point of your career, by going to these shops it gives you volatility at a time where you cannot afford it.
I also really like banking but I think I might just be fucking crazy for that idk.
Not to mention markets are volatile as a MF rn. You'll have opportunities to do a hedgefund stint later, but starting at PJT RSSG will allow you to get more opportunities down the line.
All of this being said, do what YOU want. Do what you feel will make you content with yourself, and when you look in the mirror you won't hate the person you've become because you're chasing someone elses dream. Follow and think for yourself, otherwise you'll be lost and burnt out.
to be fair, Millenium’s junior equity research program is miles behind Citadel/P72. If im not mistaken they actually outsource their training to UBS equity research and the pay is well below street.
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I'm in a similar situation, deciding between point72 and mfpe for SA 2024. I'd probably like point72 a lot more but I want to be at a SM long term. Should I take point72 now and rerecruit for full time? Thanks
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