Can anyone comment on the work environment at BX, particularly in PE? Dress code formal? Start time in the morning, interaction with senior management etc?
Thanks for any insight!
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Suit and tie. Most groups start 8 or 9am (time you end varies group to group). SIGNIFICANT interaction with senior management. I know associates that have found themselves in meetings with Steve Schwarzman.
Listening to input from more junior employees is a principal Schwarzman has embeded into his firm from day 1.
This isn't as cool as you think. more like shit your pants and hope you have the right answer, those guys never ask easy questions. The starting early and dressing well part is a true stereotype.
I never ment to imply it was cool - I can see how someone could easily have a panic attack, LOL
But with a couple good answers, and if you happen to be on your A-game, you can definitely make a name for yourself.
I met with an ex-Blackstone guy and his questions were absurdly good given his experience in the specific sector. One of those magically tactical + strategic people.
^ That's pretty boss.
Also heard that at BX, Steve Schwarzman will ask you questions directly to you if your boss/partner that you work for has an idea but wants the associates view on the potential investment. Should read "King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone". Really great read and inside view on Blackstone.
haha, nice
haha well done
PE sounds awful if getting to interact with the founder is seen as a 'priviledge'.
Is it true that the culture tends to be a bit more.... stuffy?
Pre-IPO they were a lot cooler, a bit more laid back, and recruited a ton of athletes. Nowadays I agree with most saying it's a bit more stuffy and Schwarzman is big on looking business-y, so suit and tie every day doesn't seem far from the truth. Probably still cool place to work though and definitely a good gig, but my understanding from friends who worked pre and post-IPO, it's gotten a lot more corporate and a bit less WASPy as well... not that the latter is a bad thing.
Bump. Would be intersting to know what people's thoughts on things like their culture, comp, etc... is like today. Know people talk a lot about the MFs on these forums vaguely but wondering what differentiates them from a KKR, Apollo, Warburg, etc...
Bump as well. Starting there in this summer as an analyst in one of the PE groups. Didn't intern there so have no idea what my life is going to be like.
Could you share anything about how you recruited for full time? I'm doing a BB IB internship this summer but really keen to go straight to PE.
Bump.
Know a couple guys in the PE team there and these are the takeaways I got from speaking with them:
Good: - hours still not good but not bad, normally leave by midnight which they said is better than they thought - they’re quite a close group at the junior end i.e associates / analysts go out regularly together - very big on hiring females and have an internal recruiter who headhunts females, so there will be a good gender balance - neither would spill the beans on comp as they said how strict it is on confidentiality there but they said the base salaries are about 10-20% higher than IBD bulge bracket at the analyst and associate levels, they gave me no insight into bonuses / carry, despite how many beers they had..
Bad: - hierarchy is quite strict and formal - difficult to move up the ladder, just because you make it in as an analyst / associate don’t expect to get that promotion without being a super star or having a strong relationship with a senior. Alternatively if you know an LP they also hire / promote based on their LP network (both at the junior and senior end) - my friend mentioned some juniors and seniors joined due to their LP connection so nepotism exists - juniors often get used and abused on DD work i.e often grinding away doing DD and research over the entire weekend for a senior to look at it on Monday for 3 seconds and be like ‘no longer interested, do the same again but for this sector/company’
Agreed on all except comp - it's definitely below street for analysts, slightly above street for associates.
For analyst program, it's somewhat explicitly a 3 year program, with most people recruiting out to HF after the three years and not much internal mobility (this is for PE only, some other groups like RE have more options to move up the ranks).
What factors lead to PE having such limited talent opportunity for promotion?
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