Citadel, one of the largest hedge funds, accepts just 1% of applicants to its associate program. Insider spoke to program participants and Citadel employees about how applicants can gain an edge.
Applications for summer 2024 are currently open for the program, and we spoke to Citadel employees and CAP participants to explain how the program works, the perks of doing it, and how applicants can gain an edge in the recruitment process.CAP is a direct route into Citadel, allowing college students to become full-time employees after the program, and continue to work their way up the ranks in their career.
Week 1: The program starts with a week-long offsite trip to Florida — last year it was at the Four Seasons in, where participants did Shark Tank-style challenge sessions and heard from guest speakers like Michael Phelps. A year later, after the students graduate, they return for the second part of CAP, a five-month trading program. That training brings you deeper, he said.
After the program: While getting a full-time slot is never guaranteed, program graduates are"well positioned" to build a career on Citadel's platform — and the number of open associate roles exceeds the number of program participants, according to a spokesperson for the firm. While they usually end up one of the teams they worked on during the program, placement depends on team need and availability. The base salary range for an associate at Citadel is $125,000 to $150,000.
For example, Citadel sponsored the 15th Annual ENGAGE Undergraduate Investment Conference and the Texas Stock Pitch competition. Citadel executives have also spoken to campus investment clubs on the following campuses: Wharton, Harvard, the University of Chicago, Princeton, UC Berkeley, The University of Texas at Austin, Duke, Yale, Claremont McKenna, and the University of Virginia.
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