Hedge fund Millennium is welcoming 190 interns this summer. 50,000 people applied
If you applied for an internship at hedge fund Millennium this year, and you got in, then congratulations. Tens of thousands of students apply. Few succeed.
Who is your Ideal Employer in finance? 💥 Answer our survey for a chance to win $1k
Millennium will welcome 190 interns globally this summer, working across roles in four streams: quantitative, engineering, markets and products, and business services. 50,000 students applied for the 190 positions, an acceptance rate of 0.5%.
This is equivalent to the 0.5% intern acceptance rate at Citadel and Securities, and below the 0.8% intern acceptance rate at Goldman Sachs last year. The average acceptance rate for all financial services internships is circa 1.5% according to the UK-based Bristol tracker.
Millennium is the largest multistrategy hedge fund of all, with over 6,000 staff in total, of whom 2,892 are in investment roles. By comparison, Citadel employed just over 3,000 people last year.
Millennium has a reputation for hiring experienced traders and portfolio managers from banks and rival hedge funds, and for giving them a high degree of autonomy. However, it's also increased its focus on interns in recent years. Six years ago, it hired only 50 interns. That increased to 100 in 2023 and is now close to doubling again.
50% of Millennium's interns will be based outside the US this year. They'll be working across Millennium's offices in Bengaluru, Dublin, Hong Kong, London, Miami, New York City, Singapore, Tel Aviv, Paris and Zug, with Paris and Zug new additions for 2025. In 2024, the internship program to quantitative researchers for the first time.
As with most internships in financial services, the intention is for Millennium's interns to convert into full-time employees after graduation. The firm runs full-time analyst programs across equities (in conjunction with UBS), quant research, and its 'core' (which covers technology, execution services, operations and middle office, compliance and finance). 90 full-time analysts are expected to join the core group alone in 2025.
It's not clear how much Millennium will pay its imminent interns. When we looked two years ago, $150k pro rata was the going rate for interns in the quant development (technology) stream. Citadel pays $24k a month.
Applications for Millennium's 2026 internships will open later this summer.
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, WhatsApp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libellous (in which case it won’t.)
Photo by «HAN×NES»™ on Unsplash
