Offer compare: QMA(NJ) vs. Millennium(HK) vs. WellsFargo(NY)

I rarely post on forum and I need help from you guys to pick 1 of 3 internship offers
my background: couple years of military experience, now going to a top MFE (quant) program but my prior quant finance related internship experience is weak
After several top banks super days in the last fall/winter, I was rejected by all of them although I think I did alright during those onsite interviews. So
I think the reason of this is that my resume isn't impressive enough to them..
But since the beginning of 2020, my luck started to pour in and I got three offers to choose:
QMA(NJ) QR intern: low key but good long term alpha HF under PGIM, good pay. My worry about it is that starting in a low freq firm would limit my career opportunities in the long run and I personally like high/mid freq better.
Millennium(HK) QR intern: got the offer through an alumni, was told that I would be working directly under a macro trading PM, fast pace, good brand name and I believe that I can learn a lot there. Downside is that HK is not as comparable to US cities, fearing of a tough full time job searching back in US after 3 months internship
WellsFargo(NYC) model risk quant intern: ok brand name, pay is not as good, and risk oriented which I'm not interested. The best part is that it's in NYC, close to where I live and I think when getting a full time BB(better brand than WF) front desk quant job, they would like to see a person with more standard quant training from banks.
my long term goal is to find a full time front desk quant position at BB(Citi and above) for couple years and move on to top HFs.
Any advice is helpful.Thank you!

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Comments (16)

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  • Analyst 3+ in HF - EquityHedge
Feb 11, 2020 - 1:42am

are you US citizen? If so, take HK Millennium. In this case it doesn't matter much as they're all internships.

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Feb 11, 2020 - 6:05am

Millennium HK by a long way. The learning and development opportunity there working under a Macro PM is huge. Millennium is so well known and respected that if you don't want to stay there after the internship, doors will be wide open back in the US. The sell-side will want to speak to you and other funds will be interested in the IP you were exposed to. Millennium is also already a top HF so you'll be skipping a step in terms of your long term goal.

QMA is mildly interesting but their funds aren't anything special. Definitely more of an asset gatherer and marketing machine than a performance-driven shop. If you have a family already maybe this deserves more consideration as will be much lower stress than Millennium.

Wells Fargo is a waste of your time if you're getting the other two roles.

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