Do Non-targets ever make it to PE? (the ones that break into IB)
(Monkey, 58
Points)
on 8/11/12 at 7:23am
Seems like PE recruiting is a bit more cutthroat than IB and they will only filter by the top firms/groups and top schools. Anyone know if networking is the solution for non-targets trying to break into PE as well, or is there only so much it can do?
I know 3 people who graduated
I know 3 people who graduated in 2010 from a semi-target university (Big 10 School with decent OCR). All three got BB SA -> BB FT at investment banks. One now works at KKR, and the other two work at Carlyle. Anything is possible.
"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan
Of the incoming associate
Of the incoming associate class for the megafund I interned at this summer, 4-5 were Harvard/Princeton/Wharton, 1 was Cornell, and 1 was from a complete non-target (some state school in Canada). Granted, the Canada guy had a 4.0 in undergrad and seemed to have great deal experience from a top NYC BB. Megafunds are tough to break into from non-targets, but it's possible. You have to absolutely bust your ass in FT though. There was one principal in PE at my fund from Univ. of Texas, and one associate from Indiana U.
it makes it harder because
it makes it harder because headhunters might screen you based on your school when choosing which resumes to send to funds, so you might not even get an interview. key is to dominate your headhunter interview
as for KKR and carlyle, those are probably less elitist about schools, but then you have funds like silver lake, bain capital, lot of the consulting PE firms like berkshire, where everyone is harvard, wharton, or another ivy
lonestaffer: Seems like PE
Seems like PE recruiting is a bit more cutthroat than IB and they will only filter by the top firms/groups and top schools. Anyone know if networking is the solution for non-targets trying to break into PE as well, or is there only so much it can do?
Yes, big mega-funds. But why would you want to work there? Working at a smaller fund and growing with it so one day you can get carry is way more important, yeah? Anyone else agree?
Getting into a MM fund is way easier. Hey, I'm a non-target and have an internship at a PE fund and they hire from undergrad so yeah it's possible. And hopefully I'll find out if I get full-time soon!! Oh but if you're an IB analyst already you should have no prob getting into a MM fund. Then maybe business school (HWS), then the world. I think at a certain point though, people forget about prestige and just do what they want to do whether it's pe, hf, or being an entrepreneur or day trader or whatever. The finance world is changing so much nowadays and has so much uncertainty that at the end of the day it's 1) what value can you add and 2) can you make the right call
My $.02 anyways...I could be wrong
mokey1234: lonestaffer: See
Seems like PE recruiting is a bit more cutthroat than IB and they will only filter by the top firms/groups and top schools. Anyone know if networking is the solution for non-targets trying to break into PE as well, or is there only so much it can do?
Yes, big mega-funds. But why would you want to work there? Working at a smaller fund and growing with it so one day you can get carry is way more important, yeah? Anyone else agree?
Getting into a MM fund is way easier. Hey, I'm a non-target and have an internship at a PE fund and they hire from undergrad so yeah it's possible. And hopefully I'll find out if I get full-time soon!! Oh but if you're an IB analyst already you should have no prob getting into a MM fund. Then maybe business school (HWS), then the world. I think at a certain point though, people forget about prestige and just do what they want to do whether it's pe, hf, or being an entrepreneur or day trader or whatever. The finance world is changing so much nowadays and has so much uncertainty that at the end of the day it's 1) what value can you add and 2) can you make the right call
My $.02 anyways...I could be wrong
I'm not trying to be snarky , but I actually can't tell if you're being sarcastic or not. BTW , don't most PE shops start carry at only the VP/Principal level?
GS: I'm not trying to be
I'm not trying to be snarky , but I actually can't tell if you're being sarcastic or not. BTW , don't most PE shops start carry at only the VP/Principal level?
My MO is always to be half sarcastic...but I wasn't being sarcastic about my last point OR about being at a nontarget...lots of nontargets have pe internships....right?
Yeah, at my firm, they start at principal level, but because the firm is smaller, someone who began with the firm can eventually be promoted to principal and then partner. If you're at a megafund that already has many partners how would you become one? If that was true why do people at blackstone go to business school? I mean you're at blackstone already.
mokey1234: GS: I'm not
I'm not trying to be snarky , but I actually can't tell if you're being sarcastic or not. BTW , don't most PE shops start carry at only the VP/Principal level?
My MO is always to be half sarcastic...but I wasn't being sarcastic about my last point OR about being at a nontarget...lots of nontargets have pe internships....right?
Yeah, at my firm, they start at principal level, but because the firm is smaller, someone who began with the firm can eventually be promoted to principal and then partner. If you're at a megafund that already has many partners how would you become one? If that was true why do people at blackstone go to business school? I mean you're at blackstone already.
Actually , I think Riverside and Audax both hire PE associates who haven't done banking. What about post MBA though?
Once you've got the
Once you've got the IB/consulting name on your resume, my experience is that where you went to school matters much less that your performance and the types of projects you worked on, and taking a somewhat non-traditional route can even be seen as an asset.
Life, liberty and the pursuit of Starwood Points
henry kravis went to
henry kravis went to claremont mckenna or some shit like that.
"I'm the luckiest guy in the world, and when I die I want to come back as me."
-Mark Cuban
^ umm yeah... as if Claremont
^ umm yeah... as if Claremont McKenna is a no name...
-----
"The surest way not to fail is to determine to succeed."
To clarify, a Principal is a
To clarify, a Principal is a glorified associate, right?
The difference between successful people and others is largely a habit - a controlled habit of doing every task better, faster and more efficiently.
TheBlueCheese: ^ umm yeah...
^ umm yeah... as if Claremont McKenna is a no name...
It pretty much is on the East Coast.
Absolutely. We all weigh
Absolutely. We all weigh targets too much. There's plenty of people at Big Ten schools (Mainly Michigan, Northwestern, and Indiana) that get BB IBD offers. Their top 1% do just as well, some even getting into PE out of college just like the tip of the peak at targets.