Back in May, SAC Capital/Point72 Asset Management founder Steve Cohen told attendees at the Milken Conference that ninety-six to ninety-eight percent of the people applying for jobs at his firm have their heads lodged in their asses if they think they're even worthy of entering the building. What was a hedge fund manager thinking about maybe reopening his fund to outside investors at 12:01AM on January 1, 2018 and in need of staff to do? Luckily, Cohen had recently formed Point72 Academy, a finishing school for young college grads hoping to one day become real, live traders. With Point72 School For Boys, Cohen could 1) Grow talent on his own and 2) Not have to worry about the adjustment period when new hires came to him after working as banking analysts, and he had to beat out everything they'd learned. And while handing out Varsity jackets with Point72 Country Day School would've been reason enough to start this thing, becoming the Harvard of the Tri-State Area probably didn't hurt the Big Guy's pride too much.
The 12-month training course, which ran for the first time last year, is designed to train financial analysts and is easily the biggest in the hedge fund industry. It has been flooded with applications, according to Jaimi Goodfriend, director of Point72 Academy, with 7,200 received for about 15 positions for the next intake.
It's also a signal to Cohen and Point72 Management that yes, they can start younger. Why work with 22 year-old when you can start grooming them FROM THE WOMB? (Or at least pre-K. SC's obviously great with kids.)