How is Citi’s quant analysis rotational program these days?

How is Citi's 2yr quant rotational program for new grads these days?

Trying to help advise a friend w/ an offer, but do not know any quants there. Has a few other offers for swe/ds in tech space that pay anywhere from ~50-75k more, but not really interested in those problems. Money not too big of an issue for those 2yr if it's a good program to start learning the ropes.

My initial impression is that it heavily depends on the desks you rotate on and roles (e.g. analytics or EMM). Some good reviews on WSO that I can't link to due to lack of points, but they are old… My advice at the moment is to take both offers, and wait to see what desk they place them on. Thoughts?

The Social Network For Smart Money Investors

  • Commonstock built a platform to showcase the portfolios, real-time trades, and analysis of the smartest retail investors, helping you distinguish signal from noise. 
  • From equities and options to crypto and NFT's, markets are changing fast. It's more important than ever to find trustworthy information. 

Comments (16)

  • Senior VP in S&T - Other
Jan 26, 2022 - 11:06pm

You don't get placed on a desk until post-training and the analyst has a lot of input into the process.

The program is good. I was in it 2014-16 and can answer any more specific questions you might have (there could be stuff that changed since I was an analyst, but the major components/structure remain the same).

Jan 27, 2022 - 6:10pm
Fillycheesesteaks, what's your opinion? Comment below:

Can you elaborate on "input into the process"? Also, which desks did you like or feel were best to work with?

  • Senior VP in S&T - Other
Jan 27, 2022 - 7:10pm

There is a networking period where analysts and desks meet with each other. At the end of the period both analyst and desks submit ranked preferences to HR who will match them up based on that. The vast majority of people will get one of their top few choices that way.

As far as recommending desks.. there are a shitload of them. I can't really say. But you will get a chance to see how you might fit in during the period I mentioned above.

  • Senior VP in S&T - Other
Jan 26, 2022 - 11:12pm

Also, when you say their alternate offers pay 50-75 more, are you just comparing base? Because they will get like 60-65k/yr in bonus (guessing, not 100% sure of current analyst numbers). 
 

(Actually those bonus figs are on the old base. If they are paying 110-125 now bonus is likely lower. Total comp for mid bucket A1 was 145 in 2015, assume a bit more now)

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
Jan 28, 2022 - 1:07am
CiroDiMarzio, what's your opinion? Comment below:

Appreciate you taking the time to reply. That's good to hear on both validity of the program and total comp.

I was referring to their total comp (excluding restricted stock units), but that mid bucket A1 total comp figure is more competitive than I initially thought.

One question. Are there any additional assessments during the training process for desk matching? I.e. good understanding of a certain product means a good chance of landing on a related desk, or strong programming means landing on a more algo/development heavy desk? I recall a coding test was required before offers could be finalized (not a differentiator for receiving an offer though), so I know that is one factor used to initially match up candidates.

  • Senior VP in S&T - Other
Jan 30, 2022 - 1:56pm

Bear in mind it's been a while since I was an analyst and I am not directly involved in desk placement at this time so things could have evolved.

The coding test was actually developed after I got there. My understanding was that it actually was part of the superday and did impact whether you got an offer. As far as being used for placements, I don't think it is directly but the results may be shared with the desks which would then impact how likely they are to want you. Similarly, I don't think there is any standardized assessment on product knowledge; each desk is essentially interviewing you and their style will determine what kind of stuff they ask in the networking period (some desks are very informational and all about fit, while others are very rigorous and basically put you through another superday).

Jan 28, 2022 - 11:09am
PlsFthx, what's your opinion? Comment below:

It's been a long time since I was analyst. At the superday for this program, we started at 8am with a 30 min math test (it isn't hard, something like 8 AMC 10 level questions).

Beyond that there were 8 30 min interviews, half were fit half were more technical. They only cared about your potential and not if you knew exactly where the S&P was that day. 

I didn't end up in the program but had a few friends who did it. Basically once you get to Citi, there is a 6 week training period where each desk gives a high level overview of what they do, you do a basic refresher on stocks, bond pricing etc, and you study for the series 7 and 63. During this time, it's sort of like rushing, where you're expected to network with desks and find a home (the regular S&T kids are in the same room and are lately doing the same thing). Networking is all about the people, most won't care that you don't know anything, especially if they are covering a more opaque product.

  • Associate 1 in S&T - Other
Jan 28, 2022 - 12:49pm

Also did the superday for this program, they tend to hire more asian female candidates than asian male, but if ure white male you should also get a fair chance of getting in(yup, very stereotypical of hiring preference), super day is consisted of math, coding(debug), and case study(macro econ), and there would be 3 interviewers ask you questions about the case, your resume and some brainteasers. The program does not pay as much as typical front office strat, and most of the trader track positions are not open since its the sweeter job to be in and ppl like to stay there for a while. Among the peer that I know who completed this program, they tend to jump ship to other banks/buysides for the reason that the actual final placement is not as good as they expected.

  • Senior VP in S&T - Other
Jan 30, 2022 - 2:01pm

With all due respect (not much to be honest), how the fuck would you know any of this stuff just by failing the superday? I mean, I'm pretty mad at Citi currently lol and still feel obligated to defend the firm from this kind of BS:

Your description of the superday is basically correct, but:

"The program does not pay as much as typical front office strat". This is simply untrue, unless you are comparing associate level positions to this analyst program. If anything, Citi pays above street for S&T analysts and this program pays the same as S&T

"most of the trader track positions are not open since its the sweeter job to be in and ppl like to stay there for a while" This is not really true either, or at least not any more true than it would be in the sales and trading department of any bank

"Among the peer that I know who completed this program, they tend to jump ship to other banks/buysides for the reason that the actual final placement is not as good as they expected." People jump ship after analyst programs all over finance dude, that's not an indictment of the program.

  • Associate 1 in S&T - Other
Jan 30, 2022 - 5:09pm

Before you're getting all defensive there bud, I can tell that you clearly do not know much about where do quants go and how much they are compensated after they graduate. Citi is one of the few if not the only bank that hires master graduates(most of quants these days are master degree holders) into a 2 year "analyst" program, unlike JPM, MS or even WF who pay their quants at associate level. And how do I know anything about this program? There is a thing called alumni networking, I am good friend with ppl who were or who are now in this program and they all complain about the placement and there are not enough headcounts in the trading track for at least 2 years. Also if Citi pay is so good, why those candidates who has the return offer still interview for roles(even develper role) at other banks?

  • Senior VP in S&T - Other
Jan 30, 2022 - 9:03pm

Right, if you can get an associate role at another bank you are going to be better off. That much is obvious.

No idea about people with return offers interviewing for developer roles at banks but let's just say that's not a career move I would recommend and it's almost certainly not going to lead to higher comp in the short or long run. It would not greatly surprise me if some interns do not actually understand this.

Regarding trading placement, not everyone is going to get the desk they want as a returning associate. I don't deny that, but it's not like the other banks are just teeming with open trading seats that Citi people refuse to vacate.

Most Helpful
Feb 1, 2022 - 2:16am
CiroDiMarzio, what's your opinion? Comment below:

Reiciendis necessitatibus et qui et nobis. Ut dolores ut soluta distinctio delectus perferendis. Sapiente quaerat quibusdam rerum. Eligendi iusto qui maiores autem a est dolores.

Nesciunt autem esse et quia vero quia qui. Modi nam temporibus quaerat sit qui.

Dolor ut aut tempore amet commodi debitis sed. Vero quia ducimus enim repellendus incidunt voluptatibus optio.

Start Discussion

Career Advancement Opportunities

June 2022 Investment Banking

  • Jefferies & Company (▲03) 99.6%
  • Lincoln International (= =) 99.2%
  • RBC Capital Markets (▲07) 98.8%
  • Bank of America Merrill Lynch (▲01) 98.4%
  • Houlihan Lokey (▲06) 98.0%

Overall Employee Satisfaction

June 2022 Investment Banking

  • Lincoln International (▲06) 99.6%
  • Jefferies & Company (▲11) 99.2%
  • Greenhill (▲07) 98.8%
  • Rothschild (▲01) 98.4%
  • Evercore (▽01) 98.0%

Professional Growth Opportunities

June 2022 Investment Banking

  • Jefferies & Company (▲04) 99.6%
  • Lincoln International (▲04) 99.2%
  • RBC Capital Markets (▲09) 98.8%
  • Houlihan Lokey (▲07) 98.4%
  • Bank of America Merrill Lynch (▲04) 98.0%

Total Avg Compensation

June 2022 Investment Banking

  • Director/MD (9) $661
  • Vice President (37) $394
  • Associates (190) $246
  • 2nd Year Analyst (117) $162
  • 3rd+ Year Analyst (17) $156
  • 1st Year Analyst (369) $150
  • Intern/Summer Associate (78) $147
  • Intern/Summer Analyst (292) $92