Can I break into PE post MBA?
Recently got my admit to CBS and will be attending next Fall. I have TMT Corp Dev/M&A experience with both buyside and sellside work (though no prior IB experience). Good amount of deal reps as the companies I've worked at have been quite active.
Is PE a possible path for me post-MBA? Granted the MFs are definitely out of reach, just wondering if MM/UMM is even a realistic option or if it's just a waste of time even trying and I should really just 100% dedicate my efforts to IB.
If it is possible, it would be great to understand trajectory/comp at these MM/UMM shops relative to IB. Any suggestions on PE shops to look at would also be much appreciated (trying to stay in TMT/Internet/Software at all if possible). I'm aware of MFs like Apollo/KKR/etc but not familiar on reputable MM/UMM shops.
Thanks all!
It will be a very difficult uphill battle. I’m at an m7 and see very few people, if any, even getting legitimate full time looks at strong MM/UMMs without pre-mba experience. I definitely see it happen at smaller, lesser known LMMs but you’ll have to network and pitch a strong story. Even that end of the market is pretty soft right now and I’m not sure if we’ll quickly revert back to the hiring craze that was 2021. In 2 years, hopefully things are different.
Would I handicap my comp + trajectory if I did LMM post MBA? Relative to IB at a T1 BB/EB?
Yes. But you can't pull the pivot lever and the comp lever at the same time. If you want PE be willing to go to a very small fund or independent sponsor because even LMM is a stretch.
This is going to be close to impossible. Most firms are looking post mba for people who have prior investing experience. This is because no business school or other prior experience will have given you the right tool set to lead a diligence, push advisors, drive analysis / documentation, and how to effectively work with portfolio companies.
On the rare occasion, people can make it in starting as an associate (not a post MBA role) if you have good prior experience such as IB or MBB consulting.
However, given your background, I would echo that this is going to be very very difficult and likely not worth your time.
Echoing this comment and no joy received from raining on your parade. There are just too many better qualified gunning for limited seats at notable MM/UMM firms that, in all likelihood, you will be cut at resume screens. Another trend working against you is that more firms are also trying to retain high performing juniors vs. kicking them to b-school (very true at my UMM).
I’d consider targeting ~$500m funds, especially those doing small roll-ups. I think they’d be more open to giving you an interview spot given your tangential professional experience and reputable b-school stamp.
Fair enough, figured this may be the case for me. Based on this site, I'd need 2.5B fund to clear 300K cash comp = equivalent to post MBA IB role. 500M fund won't cut it at 200K lol, that's close to what I make now
See if you can quit your job now and try to get some IB experience at a boutique or a MM PE firm before you start at cbs
bonus points if you can delay cbs slightly and get some real reps in
Won’t make a difference for PE. Too short and banking is quite far from PE. Also if he could get into IB without the MBA then why do it at all…?
Probably right but I was trying to offer creative ideas.
Can you clarify the "banking is quite far from PE" statement? It for sure is not the same job, but if it was a limitation, IB analyst -> PE associate would not be the traditional route, right?
Investment banking is the place for you, my friend
Hopefully won't strike out in recruiting!
I’d add that for the rare new entrant to PE post-MBA, it’s even rarer to not come from HBS or GSB. CBS is a great school but even greater uphill battle unfortunately.
Others have covered the substantive answer but I’ll note it’s funny how we get the same wishcasting thread like this every two weeks but very little talk from second years (or third year laterals) opining on how post-MBA recruiting is going. Dilutes the level of knowledge we all have about what the landscape is like above the ASO level imo
Folks who have IB experience with no pre-MBA PE experience, barely have any chance (less than 5%) to even get into PE post MBA from HSW.
You not only don’t have pre-MBA PE experience, you also don’t even IB experience.
I’m not trying to deflate your potential, but literally pointing out facts so that adjust your calculus a bit. Try reaching out to HHs and see what they think, but I doubt they would even show you opps once you have had your intro call with them. Even if somehow you get past the HHs, the VPs and Associates reviewing your resume to select initial interviews would immediately pass with that profile.
CBS is a great school and you did well in getting into that program. Try aiming for top BB IB offers from GS/JPM/MS.
Even for LMM/MM PE?
I'm currently in IB at GS/MS, considering the IB->MBA->PE path (would have preferred the traditional route without MBA, but unable to do so for various reasons).
Why can’t you? Plenty of firms are still recruiting for this summer. Could always lateral and recruit for next summer too
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