Finance/Rotationals
I know that when it comes to rotation's GE's FMP program is the best, and most highly regarded, but it's not feasible to count on getting one particular job, so I was wondering what other companies offer similar types of programs that are strong, and place well into bschool.
If you do decide to do the FMP program then don't mention b-school to them. You will be looked at with some slight disregard if you do.
guyjer, does the FMP hire from industry or straight out of undergrad, is the only basically?
FMP is for new hires only. If you have more then 1 year of professional expirience then you are excluded from the program.
guyjer I know you PMed regarding my question about FMP. I'm wondering I heard that even for those that were previous FMP interns such as yourself, only 1%-5% get taken in for FMP full-time. Is it really that tough to get into the program?
I've heard that the Corporate Audit Staff takes only the top 5% of all FMPs.
Seems extremely difficult to get into the program, almost as competitive as top ibanks.
Can you corroborate these numbers?
The FMP Intern conversion rate is not that low. Based on the interns I knew, only one did not get the full time offer and that's because he didn't do his project.
CAS is more competitive. FMPs also rotate out into senior management positions.
I got an FMP offer (turned it down) in Europe, so maybe a different from US. Here's what I understand from my research tough:
guyjer's right about the business school comment. For a GE insider, "the FMP is one of the best MBA's you can do".
Quite a few GE interns move on to banking analyst roles (I know several in that situation) and I met quite a few guys at the recruitment event who were applying to FMP as a safety net if they didn't get banking jobs, a bit like they did for audit applications. So not THAT competitive. I wasn't impressed by the level of most the candidates, but don't let that put you off, the managers who interviwed left a great impression. However, as you say it's an excellent program.
For CAS, it is competitive. But quite a few FMPs don't apply because if I remember correctly it's a 5 year stint. Some people prefer to focus on something they find more interesting than auditing (financing, strategy and all sorts of other roles...). And others don't want to carrying on with the long working hours and constant international travel you get in CAS. Don't they say that 5yrs of CAS can land straight into a CFO position though?
Yes, but 5 years of busting your chops in CAS AFTER you have done FMP is not what most people want to do.
Secondly, after FMP if you leave for B-school and then decide to come back for CAS, it hurts your chances because as guyjer said, GE looks down upon FMPs leaving for B-school.
No CAS for me, I'm aiming to get into Global Sponsers.
Just curious, what's comp like on CAS?
You probably don't have accommodation expenses on CAS which should be taken into account too.
When applied FMPs started at £27k with increases every 6 months depending on success at exams.
I don't know what the comp at CAS is like, perhaps guyjer you would have more information.
I just think industry in general be it GE, Procter & Gamble or any other sort of big industry giant is not as exciting as banking. Sure if you reach very high levels at GE you can make a lot of money, but you will make a lot of money if you reach the top of any industry.
The entry and middle ranks in industry do not pay nearly as well as BB ibanks. GE's FMP although quite selective is not going to be paying you clsoe to $100K your first year. You will be making $60K and maybe 70K at absolute most.
That is for the first two years.
Guyjer, I thought you wanted to do GE FMP because you are doing an internship in FMP I believe?
Why would you want to get into Global Sponsors? You are better off trying for ibanking, working the longer hours but getting paid a lot more money than at GE.
Go Google GE Global Sponsors and read up before you make generalizations about industry. Ge cover everything from banking, to NBC, to Industrials. I know I will be making around 60-70k for the first two years but I work 50-60hrs a week and I can get a job that is basically an exit opp for ibankers. Go to Doostang to see what kind of people work in that business segment and you'll see what I mean. I have met associates and VPs in the group who were former analysts at Citi, MS, UBS, etc.
CAS compensation is dependent on your year. Obviously a CAS year 5 makes more then a year 1. I don’t know for certain what the exact comp is but it is def 150k+ since you are paid on the executive band which is pretty nice. You’re not guaranteed all five years because each year you get reviewed and depending on how well you did you either get kicked off and resigned. On program you almost have 0 living expenses since everything is covered by GE from housing to meals so almost all your salary gets saved which is quite a sizable sum after 5 years. What CAS does is that you’re paying for a 3 letter title in your name when you get off program. Look at the officer directory and see how many former CAS members are there and you'll get the picture.
I have already thought about plausible routes and GE seems to best suite me and don't think I couldn't get a banking internship. I denied a research role at a BB to work for Capital Markets at GE.
I don't understand why you would go for Global Sponsors though. Yes, these former associates and VPs from Citi, MS, UBS etc... maybe working in Global Sponsors but they already have the associate or VP title from a BB. That is a lot better experience than just sticking through at GE and saying you have been a lifer at the company.
CAS year 1 is 150K+, ibanking is more like 250K+ or more at that same level depending on what a former analyst has done.
If so many officers are former CAS members why would you go to Global Sponsors. It doesn't make sense. CAS would pay you just as well and you would have a better shot at top exec. positions at the company.
I highly doubt you got a banking internship offer as a sophomore. Your obviously not at a target and it would be foolish of you to turn down the money when you can get into industry after an analyst stint and make more.
If your a sophomore you can use your ibanking research internship to stand out next year as a junior at top BBs. Instead you took a Capital Markets position at GE for possibly a Mergers & Acquistions or a Research role instead. I don't think anyone would turn down the offer as a sophomore and its likely that you just didn't get the offer in the first place from the ibank.
The only two big players in terms of compensation at GE are CEO Immelt and NBC Chief Bob Wright, who just retired from that post a few days back.
You have bankers at BBs that make more than most of the other executives at GE.
Roller, well done for getting the IB job you wanted, but not everyone wants to do the analyst stint, and it's not the only way to whatever we call success.
Enjoy GE guyjer.
Do you judge a person by how much he makes and the job that he has? If you do then we do not meet I to I. I managed to get the job as a sophomore because of my previous experiences (2 internships), a connection (my cousin is a SVP), my GPA (3.8 cum/4.0 major), and to stop you pestering me I go to Bentley. Most likely I am going to be in acquisitions. I am sorry if making 250k doesn’t validate me in front of your eyes but I'm doing this for myself. So stop calling me a liar. I don't know why you decided to single me out but stop it. If you want to continue on with this conversation then send a PM so my anonymity isn't any more compromised on a public board.
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