BB IB > Hedge Fund > Top MBA > Post MBA PE ----- Possible?
Hey guys, I've been searching around the forum, and haven't found an exact answer to this, so maybe someone could help me out with an educated take.
I am an Ivy League undergrad
Worked in IB right out of school, on the coverage/M&A side at a BB in NY (not GS/ms/JPM, but top 5-8 let's say) for 1.5 years
Worked for a global top-10 equity long/short HF on the fundamental side with extremely good track record for the past 2.5 years
Thinking of applying to top 5 MBA programs for PE track (HBS, GSB, Wharton, Columbia, NYU, maybe Booth)
Is this do-able? Or do the PE guys really want a pre-MBA associate? I don't want to waste time/money if this is too improbable.
I'm at a non H/S m7 and from what I've seen, its doable with the IB background but the megafunds will target those with previous PE experience. I'm sure some of the guys on here with PE backgrounds can give you more info on this though. Out of curiosity, why the switch from L/S to PE?
I'm thinking about the long term competitive dynamics of public market participants with fundamental training - it's not looking great 10 years down the road, but I could be wrong
Out of curiosity, why do you think it doesn't look good 10 years down?
nothing is impossible but i would say it's an incredible long shot. what would be helpful is if you had a friend who worked at PE firm that could really hook you up.
it really boils down to this one illustrative scenario, and i talk about this as a VP in PE who is in charge of hiring associate and senior associates / post-mbas:
If i have a need to hire an associate right now, i have no shortage of bright candidates in the market that are available to fill the position. if it's for a 1st year associate role, i would prefer a kid who is hungry out of a 2 year IB analyst program that going to be fine coming and be at the bottom of the totem pole. if i'm looking for someone who has a bit of experience, perhaps for a post-mba role, i still have no shortage of candidates. the truth is that most PE associates that do their MBAs are not able to get back into PE. too few spots available, and those that are available, are going to go to those with good PE experience prior to school. even if you went to HBS and i found you to be bright, i have 10 other guys at top MBAs or are direct promotes that could fill the role and have the requisite PE experience that will make my job easier in terms of training.
my advice for you is that if you really want to get into PE, try to do it now without going to school. you would have to look for 1st year associate roles (pre-mba) and emphasize heavily the deals you did in IB as they are more likely relatable to PE experience than your HF experience was. the reality is that HF and PE work is just extremely different. sell yourself as someone who has solid deal experience in IB and had a very keen interest in investing. After trying the HF route, even though you like it and you've learned a lot (regardless of the truth), you have grown a strong inclination and preference for PE as an investment class because of x,y,z.
why not try to move to a more traditional long-only asset manager then? def. agree that there will be less institutional investors willing to pay 2/20 in the future so I see why you would want to leave the L/S world
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