Point72 ramping up recruiting through academy expansion

efinancialcareers

August 14, 2018

Point72 Asset Management made headlines in 2015 when it launched its own school of sorts – a nearly year-long paid training program aimed at molding college graduates into investment professionals with the hope of bringing them on full-time, if they impress. The first program of its kind, Point72 Academy was met with some initial skepticism. Traditionally, hedge funds fill their analyst classes with former sell-side bankers that come pre-trained, usually with at least two years of experience under their belt. “At the time, even we didn’t know if it was going to work,” said Jaimi Goodfriend, director of Point72 Academy.

Fast-forward three years and Point72 is increasing its position in the academy – adding more classes, more seats and expanding the program internationally. Goodfriend attributed the planned expansion of the academy and the summer internship program that has become its main feeder for talent to the success of recent graduates. She said that 33 of the 35 people who have been hired from the academy since 2015 remain at the firm, representing a much higher retention rate than non-academy hires.

Beginning in 2019, Point72 Academy will run three different classes for its 10-month program, with anticipated starting dates of April 29, July 15 and October 7. The move will increase the number of available seats to around 45, up from 10 in 2015 when it only ran one class, with seven graduating to full-time positions. Goodfriend expects more than half of the firm’s roughly 60 annual analyst hires to come from the academy moving forward.

Read the full article from efinancialcareers.