GE's FMP and me
Hi guys,
Im going to graduate this summer/late summer and am thus looking for a graduate position in finance.
I have experience as an IB intern at a sell side position in Europe and at a small buyside fund, again in Europe, and am currently in talks with a few places, but nothing to really write home about (no BBs, EB). I was thinking that my experiences would make me stand out, but so far this has not been the case.
I am however talking to GE's FMP, with the process progressing quite smoothly and thus came here to try and find out what the current status of it is and what people seem to think about it.
My research on WSO has told me that the program itself is quite respected, with (small) salary raises to be expected every 6 months due to changing locations, but that it is quite heavily focused on audit/controlling, which I am not particulalry passionate about.
However, what I am passionate about is green finance, as I really think that this will be the future - with GE thus playing a not inconcesquential part in on/offshore windmills, I am thus wondering if you guys think that it would be possible to stick with the program and then move to green finance within an IB or buyside role (PE/Infra).
What do you guys think about this and what would you advise me to do?
I have reached out to personal contacts but did not manage to receive any conclusive advice, as these people arent too deep into the industry.
Thanks!
I interned at GE in FMP and most of the class left. Only 3 of the 13 interns returned for FT or another summer if they were sophomores. Your job as an FMP is essentially operations. There are different rotations but almost all of them are really accounting jobs or process improvement/operations. The guy I knew in FP&A that I sat next to did literally zero analytical work. Guy was a spreadsheet pusher and was working insane hours for Corp fin like 70-80 hours a week on average and you’re only making about 65k with a very small bonus. You have no actual say or input in discussions regarding forecasts and you don’t gain any real hard skills either because there is no modeling involved and 80% of what you’re doing is administrative type work.
After FMP your options are to find an analyst position somewhere in the company or go do corporate audit staff which has absolutely brutal hours and pay is extremely underwhelming compared to IB/PE in the same stage of your career. (~$95k)
If you have interest in banking/valuations absolutely do not do FMP. It is an automation/operations graveyard of building dashboards on tableu and the work is boring as all hell. A lot of the FMPs literally do manual journal entries. It should really be renamed accounting management program or business analyst program because there are very few real finance rotations.
Also in terms of your passion for green energy GE power is a complete nightmare to work for. Aviation/healthcare are the only businesses worth touching there. They have been losing money forever and have been dragging down the whole business along with capital. Some benefits of the program though is that some of the rotations have pretty comfy hours. It’s also considered very prestigious within corpfin for whatever reason. It used to be more around core finance functions than it is now but the good reputation stuck around. FMPs have placed all over the place including top b school placements. I actually have seen a couple FMPs go straight to MF PE although as an analyst not an associate however this is extremely rare. Most people either:
What are your thoughts on Aviation vs. Gas/Power? Which would you prefer? Are either of them fine? Is Gas/Power that "terrible?"
I work in IB now but Aviation and it isn’t close. Power is a horrible place to be and gas doesn’t really exist anymore it’s baker hughes now.
So are you saying if you have an offer for Power (not Aviation) you should turn it down? Or is the FMP experience similar across all the divisions at GE, it is just that Power is not "ideal" to work for? By Power "being a horrible place to be," are you saying the culture is bad, or that the opportunities post Power FMP are very poor compared to Aviation?
Hey ! Thanks a lot for your very detailed explanation of your experience there.
Doesnt sound too inspiring to be honest, but at least it does have some potential upside - especially with the knowledge that healthcare is quite profitable while renewable energy isnt....
I re-read my post and noticed that I didnt make it clear that I would be a post-grad (read someone with a Masters) and that this would be for their 2-year FMP program vs an internship, meaning that I would have to complete the program to then maybe go elsewhere.
Sounds like I should rather continue to apply for more interesting positions.
Thanks a lot man!
No I totally understood that you are post grad. The program has benefits and is great if you want to be in an accounting/back office as a career and work your way up to an executive position or exit to consulting/top b school. But if you have interest in strategy/m&a/valuations or anything related to banking stay far, far away.
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