BB or P/E out of college
Hi all. I am a university student taking part in a summer program this year at a BB with the IB division. I have a friend that recently accepted a FT role at a leading PE firm, after completing the same banking summer internship that I will experience soon. I was surprised to hear this. It seems that most people do the two (at a minimum) years in banking before moving to PE. I asked my friend why he took the FT PE role and he said "why do 2 years or more in banking and then try PE when you can try it out of college?" I was a little stumped. When so many people (up to 100%) of analysts in certain groups leave to PE, why do so after 2 years, if you can do it now? Obviously he is extremely privileged to have the opportunity to do PE out of college, but I wanted your thoughts on the decision between the two. An immediate thought that I had was that doing IB gives you a solid technical base and a strong starter network of people that will disperse within the financial world. Cons are huge hours, and perhaps a feeling that your work is somewhat less consequential than in PE. On the slip side, the pros of starting in PE include, of course, years on your banking buddies in terms of experience, relationships, etc. Being so young, with no significant experience in banking or PE, how do I decide whether to recruit for FT PE or not? Thanks guys
There are very very very few MF/UMM PE analyst spots and the vast majority go to either super target students or diversity candidates. Especially for FT - most to all of these analysts come from summer programs. Top tier PE firms simply have either no analysts or very few analysts.
It's doable enough to go to a MM PE out of school, but you then have no real brand name outside of your coverage and your exit ops are limited
So what you are saying is the spots are extremely selective or don’t exist at many shops, but it is an easy pick over banking if one can land a spot at a top MF as an analyst? Somehow this is what my friend pulled off (they are non diversity).
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