SA Would you pick Point72 or Goldman Sachs?
As per title:
10 week internship at Goldman Sachs: 5 weeks in LevFin, 5 weeks in TMT M&A group (NYC)
or 10 week internship at Point72, Steve Cohen's Family Office HF. (NYC)
I think the Point72 offer is a nobrainer, but I have heard concerns about the future of L/S equity funds. Am I perhaps entering a dying market/ profession?
I have the optionality of HF/PE if I go into Goldman, but by going straight into P72 and their academy programme (assuming I convert), I can skip the whole recruiting process and place myself straight into the buy side and one of the top multi-manager funds.
Any opinions would be greatly appreciated.
Thanks!
What percentage of Point 72's intern class gets return offers? I do not remember clearly and may even be mistaken, but I felt like a few people had said before that the return offer rate was very low. I would definitely consider this.
Similar "IB or buyside SA" questions get asked on an almost weekly basis, and there never is a clear-cut answer. Do realize that you're choosing between two great internships, so you really cannot go wrong with either. I personally would always go with the most established path, which in this case is the IB SA at GS. Almost everyone within the finance world knows of the success of IB SA roles and the skillset developed in them. While Point 72 is an excellent place to be, I feel like the skillset developed there might be a bit more narrow and not as directly applicable at the junior level as what one might gain at an IB SA role.
Just my two cents. Again, you cannot go wrong with either.
Great post. I personally would go with GS as well, which I think keeps more doors open and doesn't have a super low return offer rate (I think Point72 was 50% or maybe even lower).
70-80% according to the recruiters.
That's exactly what I've heard from my family/ friends/ other people working in the industry. Thank you very much for your response.
I thought Goldman axed 50% of their class as well...? So, they're comparable. Flip a coin.
dude go to the Goldman Sachs
Sure, go work for the guy who says he's blown away at the lack of talent.
I'm not a Certified User and I'm a junior at a non-target, but I would go with GS. I agree with both Sil and NuclearPenguin that GS IB will give you a larger skill-set and open more doors (GS TMT), and if you're scared about starting in L/S you can do IB develop a large skill set and be able to leave L/S if it does actually "die". I was actually able to meet with an MD/Sector Head at Point72 over the summer and what I took away from him was that starting in Banking or anyplace else where you would learn fundamental analysis would be better since programs like GS have been around forever, where as Point72 Academy has only been around since August 2015 thus you could say their still figuring it out with the Academy and seeing what works and doesn't. Just wanted to share what I learned from him, but congrats on both offers. Can't go wrong with GS or P72.
I would choose Point72 in a heartbeat. Why go for GS when you already secured a buy side SA position specially in a place like P72? Seriously, just work your balls off and make sure you get the offer in the end. There is no rationale that justifies otherwise (not even preftige).
Both are great. This is not going to make or break you.
P72 no doubt
It is absolutely not a no brainer to take P72. Both are great positions but it's definitely not clear and dry.
I would say go with GS. If this were a top PE analyst position (Silver Lake/Bain/Blackstone), its much easier to say take the buyside offer as the PE analyst skillset is very transferrable to anything else (modeling, project management, diligence, working in a professional environment, etc.) and will basically give you a spot at HBS/GSB or a top hedge fund afterwards.
GS will keep doors open to operational roles, as well as to other top hedge funds - both distressed/special situations hedge funds that look for a different skillset than L/S equity, as well as long-term fundamental value hedge funds, which look for a different skillset than the P72 analyst role which can be a little bit more niche.
I would go with GS, it gives you more optionality in the long term
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