Seniors interested in investment banking but reluctant to join an unknown and faceless corporation may opt to work for a company that manages money in Princeton's interest, overseeing the endowment and other University investments.
Two-dozen students gathered last night at the Nassau Inn for an atypical job information session organized by the Princeton University Investment Company (PRINCO). Though much smaller than the information sessions held in the last few weeks for major firms like Goldman Sachs and JPMorgan, the hopefuls were still anxious to impress — or at least to learn more about how the University's money is managed.
PRINCO President Andrew Golden said that though the company's offices are in Princeton and not in a big city like most banks' headquarters, working for the company can be attractive to recent graduates because of the firm's small size and close-knit culture. And while investment banks typically are interested in the sell-side of financial trades, PRINCO is concerned with the buy-side.
For an investment firm, the hours at PRINCO are not bad — employees work fewer hours than their Wall Street counterparts, and the hours are more predictable, with employees working about 55 hours during a typical week.
But that doesn't mean that new employees will be paid less. Golden says that while senior employees are working at a discount and that he could be "making millions" in the private sector, pay for junior investors is very competitive, and the gap between the salary at PRINCO after graduation and the salary on Wall Street is quite small. Golden personally took home $1.14 million during the 2005-06 financial year.
Beware, though. Golden described the application process as "very competitive." PRINCO usually hires between one and three new employees each year from about 20 applications per spot. PRINCO has 25 employees in total.
Golden worked for Duke's and Yale's investment companies before joining PRINCO 12 years ago. During his tenure at PRINCO, the endowment has grown from about $3.5 billion to almost $16 billion.
Four of PRINCO's 13 investors are undergraduate alumni of the University, and a fifth received a master's degree in finance from the University.
Fang Rui '09 interned for PRINCO last summer and was attracted by the firm's small size and flexibility.
"I really liked the people there and it's kind of small, so I can get exposed to high-profile stuff," she said, adding that she met two-thirds of the employees during the interview process, so she was already comfortable with the firm before she even received an internship offer.
Rui, an international student from China, said it is easier for international students to work at PRINCO as compared to other companies since the firm is considered a University department, and thus the job is on-campus employment.
For international full-time employees, "it's also much easier to get a visa," Rui added, explaining that while there is a quota for the number of internationals, there is no quota for those who come to the United States to work for an academic purpose.
CK Ying '08 was at the information session because she became interested in the firm after hearing recommendations from her friends. "They have a good reputation," she said. "They're one of the top five endowment institutions. I guess I could look for jobs at hedge funds, but being from Princeton, you wonder where the money for all the financial aid comes from and where it goes and how it gets invested."
"You're learning from the best," she added.
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