Stuck deciding between two offers, ultimately trying to end up working in PE but will likely get my MBA a few years from now. Both are 3 year programs, both have a 10k signing bonus. I've heard pretty good things about culture at both. Benefits like PTO are very similar between the two.
Hamilton Lane: Base is only 70k (tried negotiating but because of the program structure they said there's no flexibility), at the HQ office outside of Philly, working on the direct investment (direct credit) team. Fridays the office closes at 3pm and most people are in the office 4 days a week. Performance bonus capped at 10%. Bonus cap and base salary increase every year (don't know how much though)
Prudential: Base is 85k, at the Newark office as part of the alternative investments - real assets team. My team would only be in person 2 days per week.
I don't know much about Prudential but my previous roommate from school in Philly joined the analyst program at Hamilton lane. What I gathered from him, pay at HL seemed criminally low for the industry at least at the analyst level but he loved the people and culture and exit opps generally seemed solid. My friend didn't finish the 3 years and from LinkedIn attrition seems pretty high at the junior levels but it looks as though people end up at reputable buy side shops if they attempt that route (B capital, sverica, comvest, hig, etc). Prudential is also likely a good role with slightly higher pay (not meaningfully higher) and close to nyc but real assets focus will likely silo you if you do try and lateral.
Any thoughts on associate pay at HL?
The HL ADP program used to only be two years when it launched FYI - it was changed to three in an attempt to retain people longer because of the crazy turnover. Experience/culture varies by team, but teams like co-invest and direct credit are some of the best to end up on. Read some of the reviews here, people either love it or hate it. Rarely do people with truly great culture have to constantly shove down your throat how great the culture is.
No color on Prudential unfortunately but proximity to the city should make networking/interviewing a breeze if that’s where you’d like to end up.
Anecdotally; I have had friends at both and here is what I've heard:
Hamilton Lane: There is a ton of turnover and no-one good seems to last there. Haven't been impressed with analysts or questions they ask on lender calls. They do have a very large direct credit team and a good flow business; so you could develop a good rolodex if you were thoughtful about networking.
Prudential: Can only speak to PGIM - know and like people there, good investors. However, one of my friends said that the "reverse commute into Newark makes him want to eat a gun in the mornings".
If I had to pick between the two; I would lean towards Pru as you can get exposure to NY networks etc. Nothing wrong with Philly but if you're in finance, NYC is the place to be as a young grad.
Why is the turnover so great?
Probably because they pay $70k base
If you are a good investor; you tend to gravitate towards faster and more complex environments (e.g. a hedge fund or Tier 1 AM like BX). There is nothing wrong with Hamilton Lane; but it is larger, older, and more bureaucratic. It also pays less. So if you are a higher-quality analyst, you tend to maximize your future outcomes and income and leave once you can.
Places like Hamilton Lane get much better if you are mid level to senior - the WLB is very good, the platform is very established, and you can make a career without having to look over your shoulder everyday.
Prudential, they're known to "train the street" for a reason.
I know a ton of people who have done both programs and the answer is Prudential and it’s not close.
Pay: Hamilton Lane pays very far below the industry average. Even among the other alts managers in Conshohocken, it pays 30k less than the standard. Prudential doesn’t pay incredibly but much better than HL.
Location: They’re both in inconvenient locations but it’s much easier to get to Newark from NYC or Jersey City/Hoboken than to Conshohocken from Philly.
Culture: Given the crazy turnover at HL, the culture is pretty weak. There are some good people but overall it is not great. Prudential has a great culture with a lot of family-oriented senior team members.
Exits: You will not get direct PE or even decent IB analyst options from HL. You will get direct investing opportunities from Prudential. You can also easily jump to any IB because of how strong their training program is. Regarding MBA applications, Prudential is much better known/more respected than Hamilton Lane.
Error necessitatibus dignissimos eveniet repellat possimus alias vel. Delectus repellat ipsum libero. Iure expedita eaque aut qui ratione iure. Quia aut vero omnis corporis nihil et. Quam officia est ipsa impedit. Et consequatur ipsa labore nam dolores omnis. Vitae officia quia aut fugit velit amet tenetur facilis.
Non blanditiis dolores repudiandae velit mollitia quo natus. Velit enim dolorum voluptas rerum et consequatur officia. Necessitatibus debitis dignissimos rerum.
Omnis eum quibusdam repellendus est debitis accusantium eum. Iusto nobis dolore et animi voluptates. Quos error fuga eligendi.
Quod sed et nostrum voluptatibus magnam ea fugit et. Placeat illum quos quisquam quos ducimus dolor dolorum. Ipsa vel laborum tempore laudantium fuga rerum fugit rerum. Ut doloremque et vero accusamus iusto voluptatem odit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...