IB -> PE -> MBA -> IB -> PE
Folks, at the risk of discussing something completely foolish, I want to get WSO's perspective about the less-than traditional path I outline in the title.
I currently work at a small buyout fund (~$250mm latest fund size). I previously worked at a "no-name" boutique IB. While I very much like my team and our platform, this isn't a place I want to be forever. I am still trying to crystalize my long-term career goals, though I have long-considered pursuing an MBA to expand my network and have a chance to recruit for a variety of new opportunities that I don't feel I would otherwise be competitive for given my background.
Additionally, I frequently wonder if there would be any upside to transitioning BACK into banking via the MBA process (with a more established IB firm) before recruiting AGAIN for PE after having better banking experience under my belt.
My thinking: as it stands, my network and professional background isn't anything special relative to your Target > EVR/CVP/LAZ/GS/JPM/MS > BX/KKR/SLP > HBS/GSB professional. While I would love to remain in PE long-term, I think it would be difficult for me to move "up-market" so to speak without "proper" banking experience at a large firm (and having the established brand name that everyone knows on my resume). In other words, I feel like doing a second IB stint at a larger firm would make me a more well-rounded candidate for better PE positions later in life. My primary concerns are: (1) I get the sense that IB candidates who are recruited post-MBA are expected to make banking a career (at least relative to analysts who are almost expected to leave after 2-3 years) - I wouldn't want to recruit for IB and grossly mislead an employer (2) post-MBA associate positions in PE are fiercely competitive - is it even feasible to do the post-MBA IB>PE route when there are already so many qualified candidates with pre-MBA PE experience? (3) Is there even an appetite at the larger IB platforms for candidates with just MM/LMM experience (in other words, why bring some LMM kid onto our mid/large-cap banking platform when there are plenty of candidates with large-cap banking, pre-MBA experience)?
I understand that a LOT of what I discuss here is contingent on career aspirations, the quality of the MBA program, etc. but I would still greatly appreciate some perspective here. Am I foolish? Shallow? Short-sighted? LMK and thank you very much for any input.
You will have to explain all the moves you make. Telling a story about working in IBD, then PE, then b-school, then IBD, then trying to go to PE again is going to be a very tough. To an outsider your story will make no sense. To someone you explain it to, it will seem ill-conceived — which it is.
You’re already in PE, try to get into a top 5 b-school and go back to PE if thats what you want to do. Not sure why you would fuck around and waste time in a career that does nothing for you experience-wise. It would be a complete waste of your time. Go to Wharton, or HBS, GSB, etc and then get a PE job you can see yourself at for a longer tenure.
Going from post-MBA IBD to PE is very off the run. If you can’t get yourself into Wharton and then get a PE job, I don’t know how you would get from a post-MBA associate banking job into PE. The latter is a way bigger coup.
No one in this industry is “qualified”, everyone is figuring it out on the fly.
There’s kids at all these megafunds that worked at MS/GS etc along with an army of other analysts, they happened to be unlucky and got dogshit banking experience with no transactions under their belt but still faked their entire way through interviews. They got jobs at top PE firms, and figured it out.
That’s what ATLEAST 50% of people in this industry are doing, top to bottom of the totem pole. Don’t count yourself out or discount your ability/credentials because of some preconceived notion or insecurity.