This job pays you Rs. 15 lacs as an intern and you have to…
In a luxurious five-star hotel room in Hong Kong, 14 university students have secured coveted internship positions. These interns were carefully selected from a staggering pool of 69,000 applicants by the team of billionaire CEO Ken Griffin at the American financial powerhouse, Citadel, and its subsidiary, Citadel Securities LLC. The company is actively investing in nurturing the next wave of talented mathematicians and computer experts who have played a pivotal role in establishing Citadel as a dominant force in the world of market trading.
Interns To Be Paid Rs 15 Lakh Stipend Per Month
During the span of three days, these students will step into the shoes of hedge fund traders. They will engage in negotiations, write code, and create automated trading strategies through simulations that involve news feeds and macroeconomic data. This immersive experience is an integral part of an approximately 11-week program designed to equip them with the skills and insights needed for the often discreet realm of trading and market-making. As they undergo this training, they will earn approximately $120 per hour, amounting to a monthly income of around $19,200 (approximately Rs 15.8 lakh).
“There’s only a finite pool of truly exceptional students,” said Kristina Martinez, Citadel’s managing director in charge of human resources in Asia-Pacific, as per Bloomberg. “Because of the complexity of what we do and the fact that companies that intersect with us will be looking at the same people, we need to get in early.”
The CEO, Ken Griffin, aged 54, ranks as the 34th wealthiest individual globally. He has firsthand experience recognizing the potential in students. His finance journey commenced at Harvard University, where he began trading convertible bonds right from his dorm room. He even enlisted the help of janitors to install a satellite dish on the roof to access live price data. Today, his net worth stands at approximately $37 billion.
What Exceptional Skills Are Required?
The demand for mathematical and coding skills is on the rise in banks and investment companies worldwide. However, it’s especially crucial at Griffin’s firms, where quantitative researchers and engineers are responsible for creating trading strategies and implementing algorithms to automate trading. Virtually all of the interns selected for these positions come from highly esteemed universities in their respective regions. Some of them even have impressive achievements like winning math Olympiad Gold prizes or holding math doctorates from prestigious institutions like Stanford University in California. MBA degrees are seldom the deciding factor for these internship opportunities.
Throughout the extensive three-month program, the students undergo assessments that extend far beyond basic algebra. These evaluations focus on exceptional qualities such as their inquisitiveness, their capacity to receive feedback constructively, and their knack for asking pertinent questions. Their ability to work effectively within a team, as well as their agility in adapting and adjusting to new information, is also under scrutiny. Striking a delicate balance is paramount: they must compete with each other while simultaneously demonstrating the ability to collaborate as part of a team.
What Interns Do During Internship?
Throughout the summer program, each intern is tasked with a substantial project, collaborating with the extensive workforce of the two companies that collectively generated $35.5 billion in revenue the previous year. A fortunate few interns may receive job offers within weeks of completing the program for full-time positions. Meanwhile, others have the opportunity to return part-time as early as their sophomore years in college, allowing them to continue their professional development alongside their studies.
“It was so different, none of my previous internships offered an off-site like this,” said Taylor, who asked to be identified only by her first name due to privacy concerns. “The projects that they asked us to work on were put to use in real applications, super challenging and exciting.”
The students were organized into groups, with each group assigned a Citadel staff member to offer guidance without giving away solutions. In the ensuing hours, their task was to develop algorithms aimed at mitigating risk and pinpointing arbitrage opportunities. This exercise was a crucial component of their training, helping them gain insights into the intricacies of market-making and the trading process.
What the students may not be aware of is that their behavior and interactions with each other are also being assessed as part of the evaluation process. “Unlike job interviews, the intern program is packed with real-time problem-solving, social, learning and highly interactive activities,” said Martinez. “There are no surprises by the end of the process.”
Even Meals Are A Test For Interns
One of the important factors considered in assessing the students is their interactions with company leaders during networking dinners. These gatherings took place at the stylish Madame Fu and Porterhouse restaurants in Hong Kong this year.
To be fair, the students are not left without guidance. Citadel provides professional trainers to mentor them. These trainers organize exercises such as condensing lengthy, 163-word emails into concise messages of fewer than 60 words. Additionally, students are coached on videotaping self-introductions, where they learn to project their voices, align their facial expressions with their messages, and avoid using filler words or uncertain intonation. They also undergo personality assessments and receive instruction on how to solicit feedback by summarizing the input from others. This comprehensive training equips them with valuable skills and insights. For the latest and more engaging financial news, please continue reading.
It’s a demanding yet rewarding journey that prepares them for the complexities of the financial world. Like this post? Don’t forget to check out our other short stories in our Quick Read section