Internship Pathway • 2025

5AM Capital Student Stock Pick Competition

Pitch a US or European stock to enter our 5AM $5,000 stock pitch competition. Competition winner receives a paid internship with 5AM Capital. We back durable, high‑quality compounders and value clarity, evidence and owner‑mindset analysis. Internships are flexible by location and remote‑friendly.

Locations: Sydney • Brisbane • Remote

Start your application Submit your stock pick

Submit/register here.

Real‑world investing

Pitch a listed company you believe can compound value. We look for clear thinking, evidence‑based reasoning and sensible risk assessment — not hype.

Career fast‑track

High‑scoring entrants will be prioritised for interviews for our student internship program and ongoing analyst opportunities.

Flexible & remote

We’re based in Australia but work with students nationwide. Hybrid and remote options are available depending on your study schedule and location.

Our investment philosophy

We invest like long‑term business owners. We look for scarce, high‑quality businesses with durable moats — often network effects, mission‑critical software, or infrastructure‑like economics — that can compound free cash flow over many years. We favour disciplined capital allocation, strong unit economics, and aligned, transparent management teams. Downside risk matters: we prefer resilient cash generation to speculative growth.

What this means for your pitch

Explain the moat and why it endures (scale, data, switching costs, regulation).
Show the cash engine: conversion, reinvestment runway, incremental returns.
Value it sensibly with clear assumptions and a balanced risk view.
Keep it professional, concise, and evidence‑based.

How it works

1Apply — Tell us a bit about you so we can understand your background and interests.
2Submit a stock pick — Share a concise thesis covering business quality, moat, unit economics, valuation and key risks.
3Shortlist & interviews — We’ll invite selected students to discuss their thesis and investing approach with the team.
4Winners announced — Top entries recognised; standout candidates progress to internship offers.

Tip: Aim for clarity over length. Link to sources where relevant and state assumptions explicitly.

What you’ll do as an intern

Join weekly idea reviews with the investment team.
Research coverage names; build DCFs and peer comps.
Write concise 1–2 page memos with clear assumptions and risks.
Support deep dives on moats, unit economics and reinvestment runway.

Judging panel

Sam Chipkin — Founder/CIO — Sam Chipkin

Founder & CIO

Tom Perfrement — Investment Manager — Tom Perfrement

Investment Manager

We assess clarity, evidence and owner‑mindset thinking anchored in our philosophy.

What we’re looking for

Understanding of a company’s business model & moat
Sensible, evidence‑based valuation (DCF, comps, or yield logic)
Clear articulation of key risks and what would change your mind
Balanced use of data, primary research, and independent thinking
Quality writing: structured, concise, professional

Eligibility

Currently enrolled university student (undergrad or postgrad)
Open to all degrees and year levels
Individual entries only
International students studying in Australia welcome
Idea must be US or Europe listed

“This competition pushed me to tighten my thesis and think like an owner. The feedback from 5AM Capital was invaluable, and the internship gave me hands‑on exposure to real research, simple DCFs, and weekly idea reviews — highly recommend.”
— Siddesh, 2024 Stock Pitch Winner & 2025 5AM Capital Intern

We are seeking stock ideas from the US or Europe.

Key dates

Applications open: Now
Submissions close: 11:59 pm AEDT, 31 Oct 2025
Interviews: Rolling

We review on a rolling basis — earlier is better.

Closes 31 Oct, 11:59 pm AEDT

Prizes & pathway

$1,000 cash prize for the winning pitch.
Paid internship offer (≈ 20 business days) — valued at ~$4,000, timing flexible; hybrid/remote options available.
Finalist experience — live 15‑minute pitch + 15‑minute Q&A with the team.
Recognition — certificate of achievement and a written reference from 5AM Capital.

Figures are indicative; internship offer subject to eligibility and scheduling.

Why 5AM?

Quality‑first fundamental investing
Hands‑on exposure to real research
Flexible/remote friendly arrangements

FAQ

Stuck choosing a company?

If you’re having trouble picking an idea, we can share a few example names on request to help you get started.

What format should my stock thesis be in?

Short memo or slide deck is ideal (PDF or link). Focus on business quality, moat, unit economics, valuation, and risks. Keep it crisp — clarity beats volume.

Do I need prior investing experience?

No. We value structured thinking, curiosity, and integrity over prior roles. If you’ve never pitched a stock before, tell us how you approached the research.

Is the internship paid and can it be remote?

Yes, internships are paid. We offer flexible arrangements (hybrid/remote) depending on location and university commitments.

Can I submit a second idea?

Please submit your best idea first. If shortlisted, we may ask for a second idea or a variant (e.g., bear case).

When will I hear back?

We review entries on a rolling basis and aim to respond within 2–3 weeks. High‑potential candidates may be contacted sooner.

5AM Capital — Team — Our team — collaborative, curious, owner‑minded.

5AM Capital — Bondi Beach location — Based in Bondi Beach, Sydney — flexible & remote friendly.

5AM Capital — Brisbane office — Brisbane office — QLD candidates can work from Brisbane.

Ready to apply?

Submit/register here.

Questions? Email [email protected].

About 5AM Capital

We are long‑term investors focused on scarce, high‑quality businesses that can compound free cash flow for many years. Our research concentrates on durable moats — network effects, mission‑critical software, infrastructure‑like and testing/inspection economics — with disciplined capital allocation and aligned management teams.

Hard‑capped fund size: A$750m
Focus areas: B2B SaaS, online classifieds, infrastructure, TIC
Since inception (Jul‑22): 18% p.a. (as of 31 Aug 2025)
Alignment & ESG: Pledge 1%, transparent reporting

For full philosophy and disclosures, see our website.