Hey Everyone,
Has anyone ever participated in the GE Capital RMP Program or RMP internship program? What should I expect? Do most people stay on to complete the full two year rotational program after the internship? How does this program compare to the FMP program? Thank you for your help!
It's a great program, a few things I know about it (don't know much):
-FMP is a lot more accounting-focused than the RMP (corporate finance vs risk)
-FMP provides broader exposure to different areas (you could be in a risk management position, but your exposure to risk won't be nearly as great)
-The RMP program is strong, but more linear than the FMP program.
In short, if you're interested in risk, do the RMP. If you're interested in corporate finance, do the FMP. If this is a stepping stone on the way to an MBA then on to something else, you'll probably want to do 2 years FMP -> 2 years CAS -> MBA.
When you say that the RMP program is more linear what do you mean? From what I've read it seems like FMP leads directly to CAS. Is there a set predetermined track with the RMP program? I appreciate your help!
I think he just means that you are more or less going to work only in risk roles, where as with FMP you can be doing finance, accounting, treasury, etc.
My info on RMP is 3rd-hand, I got it from an FMPer who knew a little about the RMP program. By linear I mean you're going to be working in risk for a financial institution. In corp fin there are a bunch of different ways you can go within the company. Yes, a lot of people do the FMP->CAS route. But you can get into controllers track, FP&A, tax accounting, general accounting, different finance functions, etc either before or after FMP.
The way he made it sound is RMP has you going in one direction: risk. I reached out to him for some more info, his response was he doesn't really know much more than that and he's not even so sure about that breakdown.
Yes, FMP does lead to CAS but it takes years to get there and very few make it. FMP classes aren't terribly large and they cut a lot of then before the CAS promotion comes along. Long story short, it will be years (more than 2... know of some being in FMP for 8 before making it) of cut-throat competition before - and if - one gets to CAS. Most who don't make it will roll off to non-program jobs within GE or leave the company for top b-schools. CAS is the holy grail at GE. If you did it, people will view, and treat you, as a god.
I agree that RMP is more "linear" as the objective of the program is to produce the finest risk managers in the industry. FMP, on the otherhand, is more of a general leadership program for any division of GE Capital. The best FMPs know a little bit about everything and a LOT about leadership. GE likes to rotate people all the time and so almost every job there is a pipeline for something else. FMPs need to ready to transition to unfamiliar areas down the road during their careers with GE. RMPs - if they stay at GE - will be career risk managers. FMPs - if they stay at GE - can do, and will be pushed to do, anything at the company.
I've got to go against some of what you said (keep in mind I don't know any of this first hand, just talked to a lot of people).
First, GE's FMP classes are pretty large compared to most companies. There are around 300 new FMPers every year. This includes international, but the largest group is from the US by far. Also, the program is 2 years long, it doesn't get extended. You complete the 2 year program and then move into a "normal" corpfin role at GE (or into CAS, if you make the cut).
Second, the FMP -> CAS route isn't guaranteed. You can't just skate along and expect to get accepted into CAS. Some FMPers make CAS immediately after completing the FMP. I don't know what the numbers are, but it's a competitive program. That said, 2 years FMP -> CAS is most definitely not unheard of by any means. It's a tough program/lifestyle (nearly 100% travel), but it'll do wonders for your career if you want to stay at GE or go for a top MBA.
Last, the FMP is for any division in GE, not just GE Capital (not sure if that's what you meant, as GE Cap is a division of GE). Agree that they know a little about everything and a lot about leadership. This also (apparently) can make it a bit difficult to lateral to another company.
Everything else you mentioned sounds about right.
This is exactly what I have been looking for, thank you so much! What is the career outlook for a career risk manager? Could you move from the RMP program into IBD? How different is the compensation against someone going the CAS route? I just think the RMP program sounds so much more interesting(less accounting).
Most people who get on CAS start right after FMP/RMP. It is competitive, but assuming you take care of business within your rotations in FMP, it is very attainable. RMP is in the early stages of its existence (3rd year) so its tough to truly assess what's going on. Within GE, CAS is the fast track no doubt. If you spin it well it can help for MBA admission, but I wouldn't say you're a "god" as mentioned above. There are plenty of people who have made it into senior positions without doing CAS, as they go over this ad naseum at roundtable discussions, etc. That being said, it has a proven track record of placing people into top positions within GE.
Furthermore, keep in mind most people who come off CAS go into FP&A/CFO type roles. If you're looking to do something else, that might not be the best. Can't speak to specific placement within Treasury, although I know several people who rolled off into Treasury roles. And I've NEVER heard of people waiting 5 years to go onto CAS. Everyone I've met who does CAS does it right after FMP and then goes from there. You can only spend 5-6 years on CAS as a whole; Associate 1/2, Audit Manger, Senior Audit Manager, Executive Audit manager. One wouldn't spend their career working on CAS. It's a fast track, but its a track that ultimately ends with a role off CAS.
It sounds like it is pretty tough to tell where the RMP program is really placing anyone at this point? I guess FMP would be the safer route?
Unless you want risk, go FMP. It's a much more broad program and very well established. RMP is still basically new.
Thank you I really appreciate your help. They recruit for the RMP program much harder at my school than they do the FMP program, which is the reason I am so interested in it. With GE's great reputation it would be pretty hard to turn down and RMP internship offer from them.
Anyone else have any experience with the RMP program?
PM me, I can be more candid on there
If there's any information (no matter how general) you can give us on the program, it would be much appreciated!
Thank you gjk, I will. (Had to get one more banana point to PM)
-I really enjoyed RMP. The full time people I met also seemed pretty happy with the program. -RMP is a new program, but its graduates have placed well from what I've seen. -The program is mostly about credit risk, from both a portfolio and an underwriting standpoint. If you're full time you usually do one underwriting rotation and one portfolio rotation though it varies depending on what the company needs. -It's a very different program from FMP. FMP is mostly accounting/FP&A, you won't touch anything credit related for the most part.
Awesome, appreciate it man. Best of luck with the career, hopefully we see you around the boards more.
Hey, I was wondering how the travel/relocation requirements were for RMP as opposed to FMP. You get four 6-mth rotations in FMP and two full year rotations in RMP. I know FMP would have more travel as you rotate between business in different locations, but risk tends to hire and retain within capital.
Does this imply the 2 year rotations in RMP are generally within the same capital location(s) in the general area, or would you be asked to relocate similar to the FMP?
Sorry this is a bit delayed, I don't go on wso that much anymore. The first thing is that RMP now has three eight month rotations rather than two full year ones. Travel/Relocation depends entirely on your rotations, but I would say that most RMPs do relocate to a different region at least once during the program. Capital is based primarily in Chicago and Stamford/Norwalk so it's usually from one of those to the other.
GE RMP: any offers out there? (Originally Posted: 11/29/2010)
Hey everyone, I have been extended an offer to GE RMP ...has anyone accepted this offer yet or know anyone that has...I have one question regarding this...I'd really appreciate a response. Thanks
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