Hello All,
I am soliciting feedback in reference to my chances of returning to my current type of job after earning an MBA. I recently gained admission at Chicago Booth full-time MBA program.
I have over 5 yrs of full-time pre-MBA work experience comprising 2+ years at a bulge bracket IB (M&A dept) and over 2.5 years at a respectable mid-market private equity firm. I am going back for an MBA to widen my network, and to earn credibility (Although I have an undergrad from a respectable State School, I thought getting an MBA from one of the top MBA programs would enhance my pedigree).
I was wondering if the readers could guide me as to my chances of returning to Private Equity after a Booth MBA?
I am considering deferring my MBA so that I can re-evaluate and would really appreciate any feedback.
Also, I would appreciate any feedback with respect to alternate post-MBA careers in finance.
Thank you,
Also interested in some perspective on this.
I think it would help your pedigree and I do think you would have a good shot at getting another job in PE post MBA due to the fact that you have so much PE experience already.
What you should be asking in my opinion is whether you need the MBA or could you lateral to another firm (if the prospects of a promotion are slim at your firm)? Do you want two years to evaluate other fields, start a business? Do you feel that a wider network would make you a more valuable PE professional?
It's a big investment so it should not be taken lightly...I'm not sure how good the PE recruiting at Booth is, but obviously it is a well respected school. The issue is at a top school (i just graduated from Wharton), everyone and their mother are applying for PE positions...although you would have a leg up on most, that does not mean that a job in PE post MBA would be automatic.
Not an easy question -- also depends on where you want to live post MBA (NYC, Boston, Chicago?)?
Good luck, Patrick
I would love to get some additional insights from you. All these people who apply for PE jobs out of B-school, are they mostly people who have previous PE experience? Is it still really true that if you don't have PE experience before B-school, it's pretty much impossible to land a PE job after? (even at schools like Wharton?). What do most people who did IB then PE before B-school end up doing after MBA? Do they tend to go back to PE and work at larger shops? Smaller shops? Other fields outside of PE altogether?
Thanks in advance.
Would love the see answers to the above questions. Can anyone provide additional insights?
This is just my opinion on B School and PE..
The brand name of a B School lasts beyond the placement cycle or placement season. Yes, it is difficult to land a top PE gig at the placements in a B School.
However, there is life beyond this. Places like Bain Cap and Blackstone (At least in Asia) are heavy consultant recruiters. If one does not land a PE gig out of B School, plan B would probably be to take up a consultant role at a top firm.
In short it probably works like this:
Ex BB IBD - Move to consulting post B School and then try to move into PE later on. Ex Boutique IBD - Move to either a BB or Consulting post MBA and then move to PE. Ex PE - These guys probably have the best chance to move into PE post B School. However, Mega Funds look way beyond your past experience. It is a combination of past brand names, certifications, GPA, etc etc.
All I am trying to say is, all is not lost if you do not land a PE Megafund Gig after B School. There are various ways into PE.
Also, does anyone have any idea if PE Syndication work is considered as PE experience to move to a mega fund?
Everyone's dancing around the answer and no one is really giving it to you, which is, it is IMPOSSIBLE for us to know. It's going to be very hard, yes, even with pre-MBA PE experience to get a post-MBA PE job. Also, we have no idea what the market will look like in 2 years. Maybe you'll graduate into a hiring boom or into a 2008-type recession. Who knows.
Booth is a great name but judging from the VPs and up at my firm, its either HBS or Wharton. I haven't seen a lot of Booth MBAs in VP+ positions but of course they're out there. The answer is: it's possible but difficult and no one can tell you your chances. Hell, you could be a horrible interviewer for all we know.
same here. i see lots of HBS and Wharton. very little of stanford, booth, kellogg
I don't think I would be too concerned about the financial cost, but I would really be evaluating the risk of not getting back into PE and whether you want to put what you have on the line and potentially end up at a smaller PE shop, or in IB or consulting post MBA.
PE recruiting is still super tough, regardless of our previous experience. Most shops don't do OCR, so it's about your network and ability to reach out and find the opportunities that are/might be available.
As someone else pointed out, there is no way for us to be able to answer the question, but sharing what your near term prospects at your current fund would allow us to be a bit more helpful. If there is a partner track that you could be considered for, then getting an MBA might seem too risky to me. If you have no way to move up, then what might your lateral opportunities might be? If those aren't great, then you will slowly push yourself toward the b-school decision because you are eliminating the potential opportunities that might be seen as better options...at least in my mind.
Honestly, it's a risky decision (even though I'm applying to b-schools this year as well). There is no way to know if the market will be better or worse or the same, so there's no way to know how competitive you will be for the open spots, or how many open spots there will be or what you might have to sacrifice just to get back into the industry.
At the end of the day, if you answer those questions above and don't feel like you have other opportuniteis without b-school, and you can potentially stomach working in consulting or IB for 2 or 3 years post MBA while you wait for a better economy or the right opportunity, then the risk of leaving the industry seems much less and that may justify the move to go back to school.
Regards
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