Point72 Academy SF?

Working at a HF on the west coast is brutal. Because of the time zone difference and the need to work during market hours, you're going to be waking up at like 3-5AM everyday. Imagine not being able to go out all weekend because you need to maintain your 8PM-4AM sleep schedule. As a young adult right out of college, can't emphasize how much this would suck; you're going to have virtually no social life. I'd think about whether you want to make this sacrifice. For me, hell no. (Also, the nightlife and social scene in SF in general is pretty garbage, and good luck with dating even if you had the time. I've lived in both SF and NY, and they're not even in the same stratosphere in terms of how much fun you'll have in your 20s)

Also, the SF office is a lot smaller vs NY, and there are way less pods (and therefore fewer good choices for placement and lower headcount). Would be willing to bet that FT return offer, pod placement, and long-term retention rates are significantly lower than advertised vs NY or other locations.

This is exacerbated by the fact that you're going to be committing to the Academy without any idea what pod you're going to be placed in following training. If you talk to anyone in the industry considering joining any MM, they'd tell you there's no chance they would accept a job offer at Citadel/Millennium/P72/Balyasny without knowing who their PM/pod was and their track record; your PM could literally get blown out 1 month after you join (I know of many people who this has happened to) and you'll probably be let go with them. PMs blowing up (getting fired) is super common; at the MM I used to work at, only 50% of PMs made it past the 1 year mark or something crazy like that. To be fair, unlike other MMs, P72 might make an effort to place you in another pod if your PM blows up, but there is no guarantee and this will likely not be a desirable team.

Finally, if you are forced to or choose to leave, exit ops are extremely limited compared to IB, PE, or SM HFs. Because of your lack of transaction experience, it will be difficult to switch to IB/PE and craft a compelling story for why you want to make the change (and doubt many banks will want to hire you after explaining that you've gotten let go from every MM on the street). People at MMs tend to bounce around between pods and firms until eventually they can't spin their last firing and are forced out of the industry. Especially since you'll be joining directly out of college instead of following an IB and/or PE stint like most people, you won't even have that experience to fall back on. Read the thread "Leaving Industry - Mid 30s" in the HF forum if you want more proof of this; unless you're the best of the best, your outlook does not look good (and considerably worse without previous experiences outside of HFs)

If you're even considering your other offer, I'd personally take it and turn down p72 without hesitation. Only someone who is 100% set on a career at a MM HF, knows they're competent enough to outperform the other Academy analysts to win a return offer and the best pod placement, willing to take a risky gamble with limited fallback options, and ok with giving up their social life would take an offer like this.  Assuming your other offer is at a somewhat decent investment bank or PE firm, the door to joining any MM will remain open following your analyst stint; MMs are like a revolving door and always hiring. You'll have way more control over your pod placement, more experience, etc. which will negate most of these issues