Hey guys, figured I'd throw this out there and see what feedback the WSO community had for me. A quick background:
1) 2 years at an "elite boutique" in NYC
2) 1 year at mm pe fund: closed 1 deal early on but fund couldn't raise capital so jumped ship at the end of my first year
3) Restarted as a first year at a brand new fund (fund I) and am thinking of applying to bschool this year (i.e. would matriculate after 2 years at new fund) but have no transactions closed here and given this fund is new, has no brand name
My concern stems around recruiting for PE post business school -- if you were me would you try to get another year and hopefully a deal or two under your belt (so 6 years post UG) or head out now (5 years out). On one hand I'll have hopefully more deal experience but I'll also be on the older side for applications. Curious to hear peoples thoughts - thanks!
I'm unclear on the timeline. I think it's this:
2 years, EB 1 year, MMPE #1 1 year already complete, Brand New Fund
(1 more year at BNF until matriculation)
5 years post-undergrad by the time school starts
I guess it depends on how likely you think you'll close some deals in the next year. I think getting additional deal experience would be a positive for recruiting, and I don't think another year of age will make a difference. Maybe if you were pushing 30, then I would say your window was closing, but you're not there yet.
Yup the timeline above is right (edited post to be more clear). I've just heard from friends that unless you've been in the military, getting into HBS or GSB with 6 years of work experience is extremely difficult which is what I'm weighing against that additional year of deal experience.
have you taken the GMAT yet? i think you'll be fine to apply now with your current WE. also its very tough to get into H/S from MMPE regardless of years of WE but you should be strong at the rest of the MBA business schools ">M7 assuming stats are in line
Haven't taken it yet should be knocking it out this summer and am not too concerned with that part of my application as I'm a fairly strong standardized test-taker.
The concern for me is around recruiting coming out of business school balanced against getting in (would not consider going if I don't get into hbs gsb or wharton). That's not to say I think it's easy to get in, I just don't have many data points on what recruiting with limited deal experience looks like coming out of business school esp given that my current fund doesn't have a recognizable brand name. I know it's tough to get a post-mba PE gig regardless so don't want to end up in a situation where I leave for bschool, blow $250k like an idiot and can't get a job afterwards.
Make sure you prep properly; GMAT is really a different animal than what you have experienced in the past. I tutored one guy for the GMAT who had a perfect score on his SAT's and then couldn't break 600 on the GMAT. He refused to learn the frameworks and double check his work because he felt like he was a genius and shouldn't have to.
Just my two cents.
Does an "H/S/W or bust" approach make sense for PE? Why not Booth or Columbia?
First, I'd advise against an "H/S/W or bust" position. While those three do have substantial (the best, in my opinion) PE recruiting, you can absolutely end up in PE if you go to Kellogg, or Booth, or Columbia. There is also a ton of randomness in the business school admissions process and you may be artificially limiting your opportunities with a "H/S/W or bust" approach.
Second, being at a new fund will likely have more of an impact on your business school admissions than actual PE recruiting. As long as your experience is relevant and you're at a good school, you'll get looks.
Third, "deal experience" for PE recruiting has, in my experience, meant the full end-to-end ownership cycle. So I wouldn't worry about closing new deals necessarily if you're getting good experience working with existing portfolio companies or fundraising or whatever.
Finally, post-MBA recruiting is about your technical skills and experience, but those are usually table stakes. The bigger differentiator is how you present and craft your story for "why xyz fund". For what it's worth, everyone I knew who had good prior PE experience and recruited to return found something in the industry.
With all that in mind, I'd apply now and focus on getting really good experience this year. A year is a long time to wait if you want to go to business school.
Hope that helps, feel free to PM me if you need any more specifics.
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