2013 CMC Master's Placement
Thought I'd fill WSO in on some of the 2013 CMC Master's placement:
Bank of America Merrill Lynch - Investment Banking Analyst, New York, NY
Cowen & Co. - Investment Banking Analyst, San Francisco, CA
Fred Alger Asset Management - Equity Research Associate - New York, NY
Partnership Capital Growth - Analyst, San Francisco, CA
Lazard Freres & Co. - Investment Banking Analyst, Los Angeles, CA
Bill Gates Investments - Analyst, Seattle, WA
Relational Investors - Associate Analyst, San Diego, CA
J.P. Morgan Private Wealth - Analyst, Seattle, WA
HSBC - Credit Analyst, San Francisco, CA
Wells Fargo - Investment Banking Analyst, Charlotte, NC
Moelis & Co. - Investment Banking Analyst, Palo Alto, CA
Cognizant - Equity Research Associate, Stamford, CT
Analysis Group - Analyst, Los Angeles, CA
Associated Bank - Project Finance Analyst (Power & Utilities), Chicago, IL
Navigant Consulting - Analyst, New York, NY
Deloitte - Valuation Associate, San Jose, CA
RetailNext - Analyst, San Jose, CA
Rothstein & Kass - Analyst, Los Angeles, CA
Very nice. Would you do a review of the program for me?
Sure. Anything you'd like emphasized?
What are the resumes like from the students who placed at top shops (e.g. BAML, Lazard, Moelis)?
The student who placed at BAML had spent the previous summer at UBS IBD in NY; the student who placed at Moelis interned there for the summer as well; the student that placed at Lazard interned at TCW the previous summer on their corporate high yield desk.
The internships were secured via CMC and were key in the recruiting process.
I will say most students with any relevant finance internships the summer prior to the program were interviewed by at least one BB. A few made it far with HL Restructuring and one with Qatalyst. (The student who placed at Cowen had also interned there the previous summer and secured this via CMC career services).
Keep in mind that not all students are interested in investment banking. Quite a few focused on investment management or consulting.
The non-IB placement includes Relational Investors ($6 billion activist hedge fund), Bill Gates Investments (the Gates family office a.k.a. Cascade Investments), Alger ($19 billion investment manager), Analysis Group (top non-strategy/economic consulting firm), Partnership Capital Growth (growth equity/start-up consulting formed by former Bain employees) etc.
Most students who put the time in also secured interviews at Bain and BCG (two made final rounds) and one will be working in Wells Fargo's Leveraged Finance Group in Charlotte which is one of their better banking groups IMO.
All-in-all the exposure was there for all students.
Wow, this makes CMC the top MSF, in my humble opinion. I wish other programs would help their students land internships before the program starts. I know Vanderbilt claims to do this, but certainly not to this extent (well, not even at all according to the students I spoke with).
How is CMC viewed in general at IBs? Is it on par with Berkley and UCLA?
CMC is one of the best programs, but the issue is that it is perennially very small and ultra selective. Since the school really isn't about graduate business programs and doesn't truly need the MSF program for its core mission there isn't a push to have more students. Since the 2013 class has what seems to be an extra dozen students, with a large amount being Chinese, we shall see if these stats can continue.
Do you think CMC will still be able to get this kind of placement with an increase in class size? Also, as a CMC undergrad do you know if you are allowed to do some form of dual enrollment into the program? If so, does this hurt the program or have no effect?
There are a few undergrad CMC students I believe who are selected to participate in the program and complete both a bachelors and a masters degree in four years. I wouldn't think that would have any substantial effect as you still have to apply to do it, but it's possible I guess
http://www.cmc.edu/rdschool/academic/dual/ba_ma_programs.php
So full disclosure, the program had difficulty placing the Chinese/International students (though the student from Europe was placed at Relational) and will be likely looking to reduce its take from that pool of applicants. I think mainly the reason for this was how reliant CMC is on its network for placement. Given the relative homogeneity at CMC, potential employers were hesitant to move beyond the familiar (plus the cost of visas is a deterrent at-the-margin). Most of the international students had interviews at BB, but the career team can only get your foot in the door and direct you to the right people...the rest is really up to you.
Also, the program is likely going to reduce its size from ~40 down to ~20 (with 15 CMC undergraduates doing BA/MA program). This decision was made after numerous interviews with current/former students as well as faculty. In my opinion, having just gone through the program the size reduction will really benefit students who choose to attend.
I'm going to write something up for TNA when I get a chance this week.
Feel free to shoot questions.
These placements are insane. If CMC really can facilitate those type of internships prior to the program as well, then this is easily the top non quant MSF
I know one of the kids who went into the program. Smart kid, top student.
damn now i really regret not applying last year
So the program is going to be reduced to only ~5 non CMC students?
No, sorry I wrote that wrong. From ~40 to 30-35 with 15-20 non-CMC and 15 CMC. This is downward from a previous expectation of ~50 total in 2014.
That makes sense, thanks for the helpful info OP
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