"Exit Opps" and the sequential nature of early finance careers
More of a question out of sheer curiousity than anything concrete.. but why and how did the idea of exit opps and jumping from one job to another to another to B-school then another job come about?
Why is it that finance has such regimented steps/pathways that rely on prior brands/credentials in other areas before settling in?
Case in point, take getting into an activist or deep value fund:
Step 1: top university; Step 2: top bank in a top group in IBD; Step 3: top private equity fund as an associate.
Isn't this just credential collecting? What's the logic here - why not just recruit out of university?
