Joining a BB post-graduating M7 MBA program as an associate. Is Post MBA IB (no prior ib/pe experience) -> PE a thing? If so, what's the recruitng strategy/timeline? What prep work do I need to start doing (deal sheets, networking, etc)?
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Aiming to be helpful (and candid), so please no MS. Highly unusual path and would assume nearly impossible unless you have personal connections to a PE firm and/or (maybe) approaching a first time/very small fund.
There's no set process given traditional PE associate recruiting happens two years in advance. You can try to join that process for 2027, but it'll be challenging to get looks without IB or MBB pre-MBA.
Is there any reason why?
Do you also have to have PE experience pre-mba?
Is just IB before the MBA enough?
The 95% path is PE before MBA to enter PE post-MBA.
There's a small sliver where IB or MBB pre-MBA can translate to PE post-MBA (either associate or post-MBA position depending on firm size and approach), but it's highly unusual and often reserved for more diverse candidates.
Any other path is even rarer (accounting/FDD, tech, etc.) and generally, the less analytical/technical the pre-MBA training, the more uphill.
So would you say id be stuck in ib or corpdev? No chance for growth equity either?
Generally correct, though I’d welcome others’ opinions.
I’ve talked to my MDs several times and various other senior people through family events etc, and while I agree it’s an uphill battle, not one of them have said they wouldn’t hire someone out of post MBA IB, etc. They do have a preference for hiring from IB or MBB, but besides that I think senior people have an understanding that careers are non linear and many paths exist. So I think it’s just a matter of finding the right person / firm / entry
Not discrediting other posts but just highly doubt you’d be “stuck” in IB. Will depend on your background pre-MBA, network/connections and overall experience and ability to articulate your story, but if you want PE you’ll have opportunities.
The notion you’re locked out of an entire industry because you don’t sync up perfectly with the timelines does not reflect on the ground reality in my experience.
It’s possible in LMM but you’ll be three-four years “behind” folks that started in IB as buyside firms would require you to start at the associate level. I’ve also seems IB directors exit to the VP/Principal level which may reduce the number of years your stuck in a junior role with bad hours
Have seen the IB Director to PE Principal switch at a few MM levels
Post-MBA IB to PE is definitely possible but obviously need to be realisitic about what PE you are targetting. I'll just cover PE buyout roles as the spectrum/strategy of investing is going to differ in terms of what the conventional candidate is going to look like.
If you are aiming for MF PE then you honestly have no shot. MF PE is usually hiring Pre-MBA Associates through 2-year IB Analyst programs. I'd say this holds true for UMM and select MM players as well. Usually MF/UMM/MM funds are only hiring Post-MBA Associates right out of business school so no Post-MBA IB experience.
The real path to PE for a Post-MBA IB Associate is going to be at the remaining MM and LMM funds in addition to your unique buyout roles like family offices, sovereign wealth funds, pension funds, etc. The reason why this background works for these funds is due to the fact that they are not cookie-cutter when it comes to recruiting investment professionals. The other funds are near impossible to break into because they usually do on-cycle which you can only participate if you are a first-year Analyst and when they do off-cycle they get plenty of interest and will decide to go with the conventional candidate which is someone finishing up their Analyst stint. The latter funds I described will rarely participate on-cycle and when they do off-cycle they aren't as competitive due to less interest. This is where you can get your foot in the door and go through their recruiting timeline and process. Off-cycle in a less competitive role is your best shot at landing a gig with the background you have.
Even though these roles are not as competitive that does not mean they are not great career options. There are a lot of great funds in the MM, LMM, family office, sovereign wealth fund world and can turn out to be better in some instances if you value certain aspects such as better work life balance, path to promotion, less stress, etc. which is near-impossible to find in the MF/UMM space.
Strategy/timeline is going to be based on what I described above. Strategy is to participate in off-cycle roles and timeline since they are off-cycle you won't really know. It's going to be on an as-needed basis for hiring so you could end up finding a role in year 1 or year 3 of your Associate program. General timeline from first round to offer is going to be weeks during off-cycle whereas on-cycle can be done overnight.
Networking may work for the very unique roles like a single family office but for the most part you should just stay connected with the HHs who will send emails of new roles. You'll still get emails from HHs they just won't be from the top shops for the reasons mentioned above.
At my current firm many Associates do end up exiting IB. It's very naive to think you will be stuck in IB forever if you join at the Post-MBA Associate level. Not many will make it to VP and even less will make it to MD. There are plenty of exit options at the Associate level so you shouldn't worry about it they just may not be the famed MF PE exit that all the undergraduates will kill for and that's not a big deal since there are very limited spots to begin with.
Wow. this is incredible. Thank you so much! If you don't mind me asking as a followup: If I start out at one of the MM/LMM/"Unique" buyout opportunities, is lateralling into a UMM / MF a realistic career path?
Also, if I were to not go this route... what other exit paths have you been seeing from the pots-mba assocs? Corp Dev after Asso3?
Lateraling upstream/up-market is very rare in all cases. I wouldn’t count on it. PE firms don’t promote much at the Associate level since VPs and above are looking for the Partner path and PE is like a hierarchy in IB where less employees are needed as seniority increases. If you were to lateral you would be seeking a Senior Associate or VP role which seats are limited. Further to the earlier point, most MF/UMM firms do not promote Associate and treat them as 2-year programs so they are not taking laterals since they can count on the IB Analyst pipeline to give them new Associates every year who will only be at the firm for 2 years.
Associate exits are a wide variety. Most popular route is to go corporate. Corporate development, strategic finance, and strategy roles are popular. Investing roles are typically to small buyout shops and family offices.
I'm joining in Tech coverage at one of the top BBs. Would you say coverage comes at a disadvantage as opposed to EB/M&A?
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