Did I fuck up turning down a Kellogg acceptance?
For context, I have absolutely 0 pedigree to my name and was accepted to Kellogg's MBA program and APEX (advanced private equity experience).
After my acceptance, I was offered a full-time role as an investment banking analyst. I turned down my MBA acceptance as I rationalized that my IB stint would open more doors to PE and would get me paid for doing so (whereas Kellogg, while strong, is not a big door-opener to PE, particularly with my lack of experience, and would have cost me $200K).
I figured that after IB, I can hopefully figure out some sort of PE and maybe then get into a better MBA program through a more structured pipeline (though I'll be a bit old).
I should mention I'm international as well, so I can't decide if it was good or bad (Kellogg would get me VISA to work in the US, but perhaps few firms would sponsor such a risk like me, whereas now I don't have any way into the US unless I lateral/get hired by a firm post-IB and get sponsored).
Would appreciate any and all input.
Wait is your IB stint in the US or outside?
Canada
What type of bank are you at / location? This also impacts your chances. If you're at a bank with US presence it makes it a bit easier to lateral after one year (ie are you at a Big 5/BB or boutique like Cormark/INFOR/Canaccord)
Did you have prior banking experience before getting the role in Canada? The lateral market is so bad here right now curious as to how you navigated that.
As far as I understand, Most doors to PE close unless you’ve gone through an analyst program in the US if you want to aim for PE in the US. That’s even if you go to HBS/GSB. Taking the Kellogg offer could’ve been an option and then you could’ve tried to lateral after a few years as an IB associate but that would’ve also been tough. I think your best bet is to finish your 2 analyst years, recruit for a Canadian PE fund and then do an MBA in the US and hope one of the US offices of the Canadian fund hire you as a Senior Associate. Just my two cents.
That’s kind of my plan - I think either way I’m kind of screwed for getting to the US in a 2-and-out situation because of the firm sponsorship I would need.
Possible to get to the US after the end of the analyst program but especially given that Canadian have their own visa category. But the don’t think anything in PE will be open to you. The best you’ll get are probably IB senior analyst-associate roles. But if your goal is PE, I don’t think rejecting Kellogg was a terrible idea.
Agree with most of the points above, due to sheer volume of apps, and the polarising focus (very metals and mining) + low volume of transactions in Canadian IB (cultural fit also cited), that experience is completely discounted in US PE recruiting.
As a Kellogg MBA myself, I can tell you that the school has come a long way in making inroads to PE recruiting. Believe Partners and HIG recruited in recent batches. The school has some distinguished alum in the sector - cohead of WP's PE, Gary Parr at Apollo, head of BX HC, Pramod at Norwest VC - are some examples
Having said that, they don't place in same numbers as HSW, but the point is this - be it K or HSW the expectation is the same - 2 yrs US IB + 2 yrs US PE >> nly then your app will be even short listed.
So net net, what you did is correct.
If you did a year in a mining group in Canada have you seen those analysts lateral to other banks in the US outside of coverage groups like Natural Resources?
Could you further elaborate on why Canadian IB discounted in US PE? Also what doe cultural fit have to do with anything ahaha - Canadians and Americans are pretty similar.
Canadian IB is certainly M&M focused - strongest/most internationally recognized group in Canada is BMO's M&M group, but I know given the group, LBOs for example are rarely done there.
Thank you
Hello, I'm in a similar boat with a Kellogg admit and some prior renewables PE experience in Singapore. Would you have any advice for recruiting post-Kellogg? (Overall, 8 years of experience and post-MBA goal is to return to the same renewables PE industry after Kellogg). Happy to connect offline to discuss it.
Why would you want to waste money on a T2 breakfast? Frosted Flakes? Raisin bran? Special K??? Come on now. If you really wanted a balanced breakfast, General Mills is the place to be. Cheerios, Chex, and Lucky Charms? For god's sake you can SEE the taste in Cinnamon Toast Crunch. This is like choosing between GS and DB TMT.
In all seriousness, I think you made the right choice. Getting some IB exp first, and possibly a year or two of PE exp before doing an MBA will position you far better for post-MBA PE recruiting wherever you are. Can't comment much on the international getting into the US part, but I would imagine being a more experienced professional (and coming from a potentially better MBA program) would probably make that jump easier. Best of luck.
One consideration is whether you get the MBA and recruit for IB associate positions. Given that you were able to swing an analyst position with limited pedigree, you would probably end up at a top BB/EB if you were to recruit out of an MBA program and I've seen post-MBA associates from top banks (GS/EVR specifically) land PE gigs after two years (albeit at the associate / senior associate level). Seems like you landed at a solid bank, but just throwing it out there.
I would not bet on getting HSW even with better experience - maybe W, but H/S is a complete crapshoot even with ivy + blue chip IB/PE experience.
Facts re: H/S - too many qualified applicants to have any sort of guarantee there.
I guess the reality is there is no easy way for me to break into US finance as a Canadian without having to commit for an extended period of time to one firm given sponsorship rules.
You would be extremely unlikely to land PE out of MBA with no prior PE experience, so I think you made the right call.
If you're not at a US BB, lateral to one and you can move to the NY office after a year or so. You will have many more doors to PE (even needing sponsorship) as an analyst at a NYC BB than you would via MBA without prior experience.
You made the right decision. Kellogg doesn’t get a ton of respect in PE. IBD vs Kellog MBA, IBD no brainer esp since you want to get into PE. Direct to Kellogg without prior banking/PE experience you’d have no shot at PE. Prior banking experience to kellogg, slim to no chance. PE experience to Kellogg, slim chance outside of T3 firms like A&M Capital etc.
Thank you for this
It's water under the bridge at this point. No need to dwell on it.
Easily the right decision. You might not have any pedigree today, but a couple good years as an IB analyst is definitely pedigree.
I don't think the MBA, even an M7 MBA, elevates people in the same way. It works a lot better as sort of a finishing school for people who had good experience before the MBA. It's a place to polish skills & build relationships, not a place to level up.
Crush it as an analyst and you can actually level up. Not to mention have savings instead of debt.
I agree - it’s not a career maker. It’s like a cherry on top.
I may have to accept the ship has sailed and bypass an MBA and grind through (finding a shop that doesn’t force out associates).
I took the analyst position at an older age because I figured it would teach me and count the most and make me $200K net vs. cost me the same amount before I even start.
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