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

tommysharp's picture
Rank: Baboon | 120

Hi WSO,
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!

Region: 
United States - Northeast

Comments (16)

Feb 10, 2020

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Feb 10, 2020

my personal opinion, Millennium HK will be a strong brand and good to have overseas experience. HK is a single guy's dream.

    • 1
Feb 10, 2020

thanks! but I'm not single and that's why I'm moving back to the states after the summer :D

Feb 11, 2020

lmao. A little off topic, but why is HK a single's dream

Feb 11, 2020

my guess is that local girls prefer American guys more than others

Feb 10, 2020

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Feb 10, 2020

bump

Feb 11, 2020

bump

  • Analyst 3+ in HF - EquityHedge
Feb 11, 2020

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

    • 1
Feb 11, 2020

Hopefully there's a person out there that understands all the acronyms you laid out. Maybe they can help.

    • 2
Most Helpful
Feb 11, 2020

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.

    • 3
Feb 11, 2020

thank you for the advice!

Feb 11, 2020

Yeah probably Millennium. QMA would be a 9-5 (or 9-6) job with decent pay and good job security though. The long only quant shops have been struggling a lot lately because of value factor underperformance but I think they are all overdue to outperform in the near future at least.

    • 1
Feb 11, 2020

thanks for the info, very insightful.

Feb 12, 2020
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