PE Analyst At Silver Lake/Ares/Bain Capital vs. Centerview/LAZ?
Which would be more valuable? Would the two years in EB banking be more valuable such as Centerview or Lazard? Any thoughts are appreciated!
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What's your end goal? Centerview's 3 year program is more geared towards career bankers, but obviously a few people exit. So if banking is your goal, then take Centerview. Otherwise, let's compare Lazard to a MF analyst. Most people work hard to get into an EB/top BB so they can end up in a MF associate role. Even then, take a look at the post with the Moelis class of exits from a week or two ago, most of them didn't end up in MFs/UMMs. There just aren't enough positions available for everyone at an EB/top BB to get one. And so a lot end up at MM firms, some even at LMM firms.
You have an offer from a MF. I don't know a lot about analyst programs, but I'm assuming that all of them do direct promote to associate after 2/3 years. That's a guarantee that unless you mess up badly, you'll be where everyone at the EB you rejected wants to go but has no guarantee of going to. But maybe you're not sure what you want to do. People always talk about IB exits being amazing, but the reality is most people end up in corp dev, some in PE, and even fewer in HF. I'm not sure what PE analyst exits are like, but most probably stay onboard, and the rest probably work at one of the firm's portcos. You may have more optionality with an IB background, but I think people overstate these things. And also most people don't know what Centerview is outside of finance, just like they won't know what Ares is either (unlike say Goldman), so I don't think anything has more or less name value than the other.
This is a moot point. MF PE is basically banking 2.0 - what if most of the analysts realized they don’t want to destroy the rest of their early 20s by working 100+ hours/week?
Who’s to say that the people who didn’t place in PE self selected, and that they wouldn’t have had first dibs on MF PE spots if they had wanted that?
I’m not arguing with your point that it’s a guaranteed spot at a megafund by taking a PE analyst role - just that the whole “few spots to go around, look at this elite bank who only had a few placements” point isn’t a clearly defined argument.
I’m going to GS/MS/JPM and I already know for certain that I don’t even want to go into PE. Self selection is a confounding variable.
Out of curiosity, what are you considering after IB? I too am not overly infatuated with PE post-IB but not all that sure what I want to do afterward.
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Solid question man. I’m aiming for mutual funds. I love public investing and I want to pursue long only strategies.
If I land at a place with a decent WLB then I’ll stay for my whole career. If not, I’ll further my education and find something else; I want a family above everything else.
Life is too short to chase after someone else’s vision of prestige, and it’s too short to spend 80+ hours/week in a job that you hate. If you love private equity then go for it - if not, don’t be afraid to walk away from the “typical path”.
I understand and I agree that a lot of people who took MM and LMM roles probably took them because the hours were better and they didn't have to do banking 2.0. But also some of them probably wanted MF PE and there just weren't enough spots. Some of them probably wanted PE in general and just didn't make it. There are significantly fewer seats in PE than in banking. I agree some is self selected, but taking a PE analyst position at a MF means your at a MF, whereas taking an IB analyst position at a top firm means you only have a chance at MF PE.
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