Institutional Investing

Not sure how to categorize this question, so I hope it doesn't get too buried here in the "Other Industries Forum." I was hoping to get some insight about how to work/what life is like in institutional investing. I know there is a relatively large investment consulting industry (companies such as Cambridge Associates, etc), but a lot of institutions also have in-house shops (e.g. Harvard Management Company). Where are those firms hiring out of? Should I try and get a first job in IB? ER? Am I even on the correct forum?

Another way of asking this question: let's say I want to be the next Dave Swensen. What should my career path look like leading up to becoming the CIO for Yale's endowment fund?

Thanks for any advice anyone has to offer!

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