Prospect Capital Reviews

Updated Jul 8, 2020

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4.2
74%
Recommend to a Friend
76%
Approve of CEO
Prospect Capital Chairman and CEO John F. Barry III (no image)
John F. Barry III
19 Ratings
  1. "A Great Professional Experience"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Managing Director in New York, NY
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Prospect Capital full-time for more than 10 years

    Pros

    Prospect offers employees the opportunity to expand their responsibilities based on a record of success and achievement. Prospect is an excellent environment for young and middle level professionals seeking to reach the next level in their careers.

    Cons

    Prospect is a fast moving environment and not a good fit for those not seeking to make gain new skills and adopt to evolving product lines.

  2. "Outstanding Platform"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Managing Director 

    I have been working at Prospect Capital full-time

    Pros

    I never wanted to work at an organization where I was just another spoke in the wheel,. At Prospect I know that if I have a good idea or make a positive bottom line contribution I will get both the recognition and the support from management . As a result, Prospect has developed one of the most diverse investment platforms you will find for a debt and equity fund. Prospect, as an industry leader, is not only diverse in terms of its various investment strategies, but also available career paths. As your career evolves, the ways in which you can contribute will evolve. Its up to you seek out those opportunities but I have found Prospect is capable of adapting to how you can add the most value. Just as important is the diverse background and experiences of its people. These people are doers with the drive and grit to solve problems. One final note. I have found that Prospect puts great value on allowing its employees the flexibility to manage the demands of raising a family with those of working at a growing an constantly evolving financial investment business. As evidence of this, Prospect has opened up satellite offices from coast to coast, allowing its employees to work closer to home. If you believe in yourself and want to be challenged I can't think of a better platform.

    Cons

    Nothing really comes to mind.

  3. COVID-19
    Helpful (1)

    "Great co-workers"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Associate in New York, NY
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Prospect Capital full-time for more than 3 years

    Pros

    - I genuinely like my co-workers and miss seeing them right now during the pandemic. - I enjoy working with other smart, driven and motivated people who care about their work product. - Lots of opportunity to grow and learn , but you have to be willing to put the effort in. - Lots of interesting projects (and problems!) to work on. I have the ability - to an extent - to focus on projects that fit my skill set and interests.

    Cons

    Prospect is not a perfect fit for everybody. You have to be ready to work hard, able to accept criticism and have the ability to work in a sometimes stressful environment.

  4. Helpful (6)

    "Avoid Avoid Avoid"

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Prospect Capital full-time for more than 5 years

    Pros

    You will bond with other victims (employees)

    Cons

    First of all, look closely at the positive reviews and you will see clear similarities in structure and wording. As with other acts of employee coercion (such as threatening employees with termination if they ever sell stock in the company which can comprise up to 75% of annual bonuses), these were composed under the instruction and oversight of management to combat their sinking recruitment efforts. Going to work for Prospect could become permanent handicap to your career. Other potential employers have noted that Prospect employees are untouchable due to fears of litigation, reputation damage by association, and concerns over learned bad business practices. Please reach out to ex-Prospect employees on LinkedIn to hear more. The culture at Prospect is set by the CEO and the COO, and most employees directly report to them. The work environment is so toxic that employees have developed anxiety issues and marital/relationship problems due to the abuse and the need to constantly address management’s micromanagement and harassment. This not just a “tough” work environment common in finance or private markets; it is truly a nightmare that can sometimes feel sadistic in intention. The CEO and COO are always in search of others to blame and harass for the failings of the firm; most notably, the defaults and losses in the portfolio and the complete lack of success in raising private capital. As such, employees involved in deals that have performed poorly (the very deals that may have been promoted by management to solve short-term origination needs) or those involved in raising additional capital (management’s reputation makes this an impossible feat) are constantly hounded and berated for no fault of their own. Post hounding, these employees can expect to be sent down the path of fulfilling endless and futile tasks of gathering, organizing and documenting information under the disguise of truth-seeking. Every 48 hours, all employees are expected to write a “pipeline report” detailing what they have accomplished in the last 48 hours and what they plan on accomplishing in the next 48, including weekends. Once that is submitted, there can be a several additional emails with comments and questions from management. Once this is done, every 48 hours, there is a 6-12 hour long “pipeline call” during which the CEO and the COO publicly discuss the contents of each person’s report, usually taking this as an opportunity to hound and berate. If you believe that employees can at least get away from the culture during vacation, you are dead wrong. Vacations are shunned at Prospect and employees are expected to work during their time off, including on their honeymoons. Vacations to destinations more than 3 time zones away are also implicitly banned. This is partly due to the expectation to work and partly due to the nationalistic political beliefs espoused by the CEO. Why would anyone go to Italy and give their money to dirty socialists when they can go to Florida and be ready and able to work? You can expect to hear frequent right-wing diatribes while working at Prospect. This is all allowed to go on because there is nowhere for employees to turn. The Head of Administration (and HR) is the wife of the CEO and frequently approaches employees with a fake collegiate attitude, only to relay all information and complaints, which results in retaliation. Employees are also terrified of litigation given the reputation of the firm. This is a very litigious organization with an in-house legal team of a dozen or more people who have targeted investment counterparts and ex-employees. I would highly recommend that you also reach out to the street to get an accurate evaluation of Prospect. When litigation is not possible, the firm may attack in other ways. Several years ago, as equity analysts began writing negatively about Prospect’s BDC (rightfully so), there were weeks of internal discussions about how to discredit and ridicule the most prominent BDC analyst. Management wanted to gather information specific to his incorrect recommendations (essentially cherry picking negative data) to publicly discredit him and his career. Lastly, given all of these issues, the firm has experienced significant turnover over the years. Layoffs have been a small part of the turnover, and they generally occur in December, with employees receiving neither their bonuses nor any any severance, even if they have been with the firm for years. Please don’t go to work for these people. You will be overworked, underpaid, and mentally and emotionally abused.

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  5. "I love working here!"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
     
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Prospect Capital

    Pros

    1. Management actually cares about your personal life and make you feel valued. 2. Lots of perks- Friday lunch, happy hours, holiday dinners, annual ski trip etc. 3. There’s room for career growth. 4. Management seeks staff’s opinions on ways to improve the company.

    Cons

    If you’re lazy/laid back, you won’t enjoy working here.

  6. "Tremendous personal and professional growth"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Assistant Controller 
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Prospect Capital full-time for more than 8 years

    Pros

    The company is made up of intelligent and very motivated people. All the departments are integrated, and everyone is kept in the loop on any developments. Management always asks for feedback and tries to improve processes.

    Cons

    This is a fast-paced environment and can get stressful at times, as would be expected of a publicly traded finance company.

  7. "Great place for ambitious individuals to work"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Vice President 
    Approves of CEO

    I have been working at Prospect Capital full-time for more than 5 years

    Pros

    1) Smart employees across the firm, at all levels. 2) Highly capable and humble management team. 3) High degree of transparency on deals that are not of your own. 4) Broad investment mandate and multi-strategy focus supported by a permanent capital base. 5) Entrepreneurial culture, which creates opportunities for significant responsibility, regardless of title. 6) Results-driven organization; top management is less focused on “facetime”, which improves overall firm productivity and is a strong employee retention tool.

    Cons

    1) Lack of promotion visibility (although guidance is available if you are proactive on career progression). 2) Employee reviews are brief and occur formally only once per annum (real-time feedback is provided throughout the year). 3) Unable to co-invest personal funds in firm deals (other PE funds offer this and other incentives).

  8. Helpful (3)

    "Rewards Entrepreneurial Mindset"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Anonymous Employee 
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Prospect Capital full-time for more than 5 years

    Pros

    * Compensation is fair and well thought out. Management has total open door policy to receive complaints about compensation or any other subject. * Colleagues are smart and collaborative. No one obsesses over "taking credit" for successes. * Junior professionals are able to interact directly with the most senior members of management. Transparency. * Prospect still has a "family" feel to it. People genuinely care about each other and try to help and support. The firm outings are well attended, and people get a lot out of them.

    Cons

    * You have to make the most of your time here. You will have a mentor, but ultimately your own hunger to succeed will be the most important factor in your success at Prospect. No one is going to bring you success on a silver platter.

    Prospect Capital Response

    June 12, 2019Associate

    Thank you for the response. We have emphasized the importance of a friendly and familial culture for many years and are glad to see a positive reaction to this environment. As we have grown, we have focused more on increasing learning opportunities and developing our mentorship program and we expect this to continue improving overtime.

  9. Helpful (7)

    "My spouse told me to not go back after my first day -- always listen to your spouse"

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Attorney in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Prospect Capital full-time for more than 3 years

    Pros

    Micromanagement - you'll be told how to call people on the phone. Massive amount of emails irrelevant to your position for you to spend time reading/ignoring/deleting. More phone time with management than you can ask for. Always being surprised when your bonus gets paid and in what form it takes

    Cons

    Receipt of year end bonus is well after you're supposed to have paid taxes on it. CEO, President and CCO (CEO's wife) collaborate to determine which employee will next be the subject of prolonged public criticism in front of the entire firm for minute and/or imagined work performance issues. Stock and cash components of compensation change radically from year to year with no explanation. Never, Never, Never permitted to sell any of the stock compensation. Family environment = unprofessional treatment of employees; lack of boundaries. Firm's reputation may make it more difficult to find your next job. High turnover.

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    Prospect Capital Response

    June 12, 2019Associate

    Thank you for your feedback here and we are truly sorry to hear that you had a negative experience working with us. In an effort to be responsive, we would like to clarify two items: 1) Our bonus structure is clearly detailed in our employee materials which employees receive on their first day. This handbook also details when you are allowed to sell your stock compensation. 2) There is no collaboration between management to publicly criticize employees. We work in a high stakes industry and this often leads to difficult and direct conversations which are required to continue doing business. Our environment is similar to other top investment firms and it is not a fit for everybody. Lastly, we work hard each year to improve our employee experience and are always looking for ways we can make it better.

  10. Helpful (3)

    "A Great Place to Work"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Controller in New York, NY
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Prospect Capital full-time for more than 5 years

    Pros

    Aside from working with talented, smart, motivated individuals and top-notch leaders, Prospect offers great benefits, awesome outings and an overall flexible working environment. The company invests a lot of time and money into their workforce and every individual in the company, whether a MD or an Admin is treated with the same respect.

    Cons

    You will probably end up wearing many hats because there are no pigeon holes here.

Found 22 reviews