Leave MF PE for H/S MBA and Pursue Goal to Develop Country?
Naturally won't be speaking in specifics for confidentiality reasons.
I am a senior associate in a MF in London (Apollo/KKR/BX/Carlyle) having grown up in a third world country. For the past couple of years since I was in IB, I have been spending a lot of free time doing pro-bono due diligence work for companies that have been looking to invest/expand into my home country. It is almost impossible to find someone else to do, as there is an extremely large language/cultural barrier that MBB etc have not been able to penetrate.
There is a regrettable dearth of FDI in my country so the fact I have been able to contribute to the country from afar has been immensely personally satisfying. However, a year or so ago, I engaged with a large multinational who was interested in expanding into this region, and I did an enormous amount of work, speaking with C-Suite officials etc. This DD put me in contact with several ministers and businessmen in the country and therefore bolstered my network immensely.
Now, the situation is this. I applied to H/S last year in Round 1 and got in (with a sizeable fellowship). If you were in my shoes, would you leave the MF (I was hinted at VP promote), spend a considerable amount of cash, endure the earnings opportunity cost etc, for the chance that you can really leapfrog your country a few decades forward? The country is in Asia where the MBA offers disproportionately professional benefits, and I want to leverage the network immensely to help my country - but will leave it at that.
My GMAT is expiring so this is my one chance
Absolutely, you should go and help your home country. If it doesn't always work out, you can always come back to private equity and or an H/S MBA. The opportunity to change your country's trajectory (hopefully the better) and lift up millions of people is, for many people, a once in a lifetime opportunity. Obviously you should evaluate the exact opportunities that you've been offered, and yes, it does hurt to think about the opportunity cost of a couple years of PE VP cash comp and carry, but at the end of the day you will have more than enough money to take care of your day-to-day needs if you come back to finance. On the other hand, you may be missing out on a huge chance at life satisfaction (and power, fame, influence, whatever other things motivate you) if you don't do this.
Also grew up in a third-world country, very impressed with your story and wish you best of luck!
Ask yourself just one question: what would you regret once your career will be over?
I am sure your country could terribly benefit from your mind, and in my opinion, there is nothing more rewarding than that!
absolutely go develop your country. When you're old and dying, you will wish you had done it.
Fucking hell, I need to do more with my free time man.
If you are currently presented with the opportunity to essentially launch your own business managing or consulting on FDI in your home country, I would go for it. 2 years down the line when you finish the MBA the opportunity might have evaporated - as I'm sure you've seen over the last 2 years, markets can change very quickly.
I would suggest formalizing your ideas of what business you will conduct - are you starting your own fund? doing a single-company search? opening a consulting practice? and then go to H/S and ask them to defer while you do the business. Ideally if they accept this gives you a safety net - you can always go do the H/S MBA and jump back into MF PE if the business doesn't work out. but I believe these schools generally see that for people who defer they rarely actually come - good chance pursuing the business puts you on a whole new track and you realize the MBA is not as good as the track you are on!
Good luck!
I'll stay at the philosophical level: I would give you a tentative "go for it" with a word of caution. I have been glued to the holy grail of finding something that I find personally fulfilling and impactful and for that reason have worked across a variety of consulting and investing in social impact sectors. A few points
1. Point 1a) If you have the itch to do something meaningful in x field (for you, your home country) it will never go away. Point 1b) Provided you already have sufficient foundational skills (up to you to answer), you will gain an immense amount as you begin to specialize in this pursuit early should you choose to continue doing so beyond the short term (I can personally vouch that the gains from specialization in a niche field are immense and compound quickly).
2. Point 2) Be careful with what you consider impact. There are many unintended consequences of FDI. I am sure you know this, I don't know your country, you do, and only you can assess this. But for example, in the social impact sector I work in, I actually found impact to be usually fairly non-existing. I became disillusioned with the sector and it's to be seen whether this almost decade focus on social impact is even someplace I want to spend my time. If you could remotely see that being your case, think long and hard about that opportunity cost.
Long story short, look, you only live once, and anyone can be another cog in the PE machine doing work that is not only unfulfilling but may actually be negatively fulfilling, but to be able to do something you believe is good for your home country is both noble, and there is a pursuit of glory to be had (whatever floats your boat).
I would try to explain the situation to your fund and ask if you could come back to it in a couple years if necessary.
I'm sure you've always dreamt of having a legitimate opportunity to enact change in your home country. This is it. You'd be highly credible with your previous experience and can truly be influential, but know that it will be extremely challenging and takes patience because it is a third world country (probably corrupt as well)
This sounds like Nepal. Anyway, I’m Korean. My grandpa’s biggest regret in his life (he regrets it every day he lives) is not climbing up the ladder in the South Korean government and helping unite the Koreas. He thinks it was possible in the 1960’s (He was a colonel in the ROK Army). Instead he moved to the US. Don’t be 89 and live with the regret every day. Go do it and props to you
Was literally about to say the same thing. Sounds just like Nepal.
Absolutely do it but don’t be so delusional as to think that just because you did IB/PE you can singlehandedly leap your country forward by decades… if that were true then there should be no 3rd world country today. Sorry but that statement came across super arrogant
Do H/S MBA, and be that “home country” guy in your program. You’ll grow your network even more. If it’s meant to be, it’s meant to be. Don’t worry about the timing of the country or anyone else.
Frankly, helping my home state and alma mater are really the only things I care about beyond myself and family. I’m from Hawaii.
I’ve also been doing consulting for my home state government from afar developing new industries and projects, so I know the feeling.
Really you have two options. Go back and go all in. Or be successful wherever you are, London, make money and gain influence and give back that way (main thing, be supportive, help where you can). The MBA helps with both.
If helping your people motivates you, like it does me, then your career to-date is just a vehicle for you to do what is uniquely important to you. Your finance job is just a job, a means for your greater plan.
I assume your MBA app mentioned your goals. I’ve been able to do many of my app goals and it is definitely fulfilling. I don’t miss working at the mega ___.
How have you been able to help your home state? In a similar position just a few years junior
This could be a topic of its own. Thanks for asking the question.
1) starts with wanting to help and feeling that you would be happiest “doing something that could positively impact your 2nd grade teacher” as long as you are making a decent living. I have friends from back home, living abroad who have varying levels of caring about home.
2) making efforts to staying in the know of current events. That could be subscribing to the local online newspaper. Introducing XYZ professionals to politicians and business folks back home. Example, EV charging companies to a politician who is passionate about climate change.
3) have something that gets you thinking about home on a day-to-day or week-to-week basis, like following the local sports team. Or in my case, D1 college athletics (football, basketball, etc). Supporting your high school fundraiser, socials, later board membership, etc. Get involved in communities and make connections. Say, if you’re from another country, go crazy for the national soccer team or city pro team. Something that makes you connected beyond your parents and career pursuits. This is very helpful in making you relatable after being away. And it’s fun.
4) continue to build your skillset, be great at it. For me, it’s real estate development, economic development, capital raising - distilling big ideas into financial, operational steps and milestones both from government and private enterprise perspectives. And being versatile that you can understand the drivers of any business or industry. Hone this.
5) consistency and persistence. You’ll meet professionals back at home and over the course of a few years of doing what you say you’re going to do, people will start referring you to opportunities. Your hometown will benefit from your perspective of seeing best practices. Remember Money Touches Everything, is portable and global.
6) do those opportunities, as beyond money, the relationship building and good feeling that you get applying your skillset just feels right.
7) after you look under the hood on how things get done back home and the pace of progress, decide whether it is best for you to stay where you are and help from afar, or go all in and move back. Other factors such as family, friends, lifestyle, etc come to play. Sometimes the memories of living back home, is more rosy and nostalgic, than reality. Sometimes that goal or desire is really only there as a feel good target, in a life devoid of uniqueness/meaning beyond what everybody wants. I’ve found going “full circle” or the attempt to is a way to feel happy - that your past, that leads to your present, helps the future and the past at the same time. Helping your hometown/home state/alma mater/country of origin - you have an advantage, and a lived history. Co-worker recently asked what I would want written on my tombstone other than my name and stats, and it is “Son of Hawaii.”
This is the playbook I’ve observed. It’s personal. Feel fortunate if this resonates, because you have it.
I am reposting this answer (with minor edits tailored to your situation) I gave in another thread which might be relevant to you:
You say "H/S" in your post, but I'm going to assume it's HBS, since I attended HBS and I know how that school works best. If it's GSB you were accepted to, I think this advice might still be relevant as there is a good chance this "hack" I am sharing with you is also available at Stanford.
So, at first glance, it seems you have two options before you and you are undecided which is the best to take:
1) leave current highly desirable / competitive job at MF to attend HBS -> gain network and other professional benefits that will help you develop your country
2) turn down HBS and continue in your current job at MF while doing pro bono consulting on the side
What if told you there was actually a third option (somewhat of a "hack") available to you that is virtually unknown but worth considering:
3) stay in your current job at MF with complete optionality to be able to attend HBS and obtain your MBA (without going through admissions process again) for the next 5 years
How do you do this?
In practice, how it's done is quite simple. First, you accept HBS's offer and go through the matriculation process as normal. Request vacation time off from work in late-August/early-September, fly to Boston and attend all mandatory events and classes at HBS for a nominal period of time BUT less than 2 weeks (If you stay for more than 2 weeks, you will be charged tuition which is non-refundable. Under 2 weeks and you will not be charged tuition.) Once the nominal period of time is up, request a leave of absence from HBS and return to London to work at your MF.
HBS seldom allows students to defer offers of admission. They make exceptions for medical cases and other unusual circumstances (e.g. family emergency, visa issues), but by and large, if you are accepted, your options are pretty much to accept it or turn it down. Even their own official website says as much.
–How long can I defer my acceptance? Candidates should submit applications only for the year they plan to enter the MBA program. Postponements and deferrals are granted rarely and are considered on a case-by-case basis.
People can certainly ask for one but their odds of being granted a deferral (especially one that is longer than 1 year) are not good. If one turns them down, one would have to reapply and go through the entire admissions process (essays, letters of rec, interview, and even the GMAT if enough time has passed - which in your case seems to be true) all over again if they decide later that they changed their mind. Of course, people who were accepted once before have reasonably good odds of getting accepted again, but there is no guarantee.
So what is one to do if they are accepted to HBS but are unsure of leaving their current job which is a good post-MBA position? Well, you can maximize your optionality by doing Option 3.
Once you officially matriculate to HBS, you are no longer under the purview of the HBS admissions department. For better or for worse, once you matriculate you are "in the HBS system" and out of the hands of the admissions department.
Requesting a leave of absence as an enrolled student is very straightforward. I knew a handful of people in my class at HBS who took leaves of absences between the 1st and 2nd year to work on startups. I also know some people who did the Option 3 "hack" and only showed up for classes for the first week before bouncing out. From an administrative standpoint, both the former and latter are treated as exactly the same - "A student who requested a leave of absence"
Once you request a leave of absence, you have up to 5 years to return to resume your studies. If you go over 5 years, I believe you either go through a special petitioning process or you might possibly be required to reapply again - it depends on the individual and these things are always handled on a case-by-case basis.
In summary, the pros and cons of utilizing this 3rd option / "hack":
Pros
(+) You maintain maximum optionality for yourself by keeping your job while having the option to return to HBS (within a 5 year timeframe) without going through the hassle of the admissions process again and, in your case, retaking the GMAT
Cons
(-) You will essentially be taking away a spot in the class of someone deserving who really wants to attend HBS
(-) You will potentially miss out on some very significant friendships/relationships in your section and you will be forever known within your section as "that guy" who dropped out of the MBA program before it really started
Nice HBS hack. Going to steal this for the future when I inevitably crush my goals
I will say, this is something I also have a yearning to do. Immigrating from an Asian country (that is more well-off than yours but still has its own issues to sort out), doing all the right things, going to an Ivy where I studied Economics and Development, and then selling out and going into finance.
I don't think you necessarily have a "wrong" decision here but if you have a yearning to help your home land and do something for the good of society, I don't think that will ever go away. I say do it now while your mind and body are sharp. Money is great and all, but you have the potential to actually make a difference.
If you can't, who cares? You have the background to just go back to your normal life. I also think the H/S MBA will help a ton. Gives you credibility in that region where Harvard / Stanford is the only American school they know and allows you to tap into your new network for any fund raising need.
you're a good man.
even if you don't do it now, you can always help your home country with social mobility charity programmes or return in a decade as Prime Minister / Finance Minister etc.
It's not really now or never. You can always go back.
I actually think there are limits to the “you can always go back” mantra. If you are throwing around your money, sure you can move back anytime.
But, a lot of solid pathways are forged through long term relationships, and struggle or seeing multiple market cycles/turnover in power. That means, going back when you still have the energy, when people will take you under their wing.
There are always exceptions, but I believe this.
For me, because I attended college in my home state, I have a lot of long term connections. That helps. But I still see limits. Also, how open is the society to outsiders? That impacts, how open people will be with you even if you were originally from there.
lol making it sound like becoming PM is a viable exit opp
Influenced by Exit Opps Are Paradise??
this is extremely commendable. i wish you the best of luck!
This is admirable OP, whether or not it's practical is much more complex. How would you even do this, setting up a consulting firm? Honestly, very interested in how you were able to balance this work with an MF over the past few years, very impressive. God willing you are successful regardless, world needs more people like you.
Don't have any advice but wish you all the luck going forward! in a forum filled with people lusting after money and prestige this is a refreshing post
Damn, wish I had this guys pedigree and noble calling. I’m just some useless lump
Damn, wish I had this guys pedigree and noble calling. I’m just some useless lump
Damn, wish I had this guys pedigree and noble calling. I’m just some useless lump
Damn, wish I had this guys pedigree and noble calling. I’m just some useless lump
Damn, wish I had this guys pedigree and noble calling. I’m just some useless lump
Damn, wish I had this guys pedigree and noble calling. I’m just some useless lump
Damn, wish I had this guys pedigree and noble calling. I’m just some useless lump
If we could all change nations after a few years in PE, we wouldn’t be here…
I'd love to follow your footsteps and get into economic development. Curious to hear what types of jobs would you pursue after your MBA? I'm in IB now, don't have much interest in PE but would love to pursue economic development.
Hey man, I am kind of ina similar situation as you (I come from Latam though). I had something similar in mind. Would you mind if I shoot you a DM to discuss how you approached the pro bono situation?
Before choosing to move back, I would do a deep dive/analysis on the country's prospects first. Does your country have any catalysts that will lead to an increase in FDI? What is the political landscape like? Who are the current foreign investors in the country, and do you foresee them doubling down on your country? What are the sectors that will see great government push? Where will FDI go to?
Moving back to help your home country is a very noble thing to do. But, I think timing is also incredibly important. If you are 10 years too early, you might not see much action. Of course, if you time it right, and you build a powerful network of government officials, conglomerates and investors both locally and abroad, you can become a power broker and serve as the conduit between your home country and foreign investors. This can be incredibly lucrative, and there will be so many opportunities to make money. All you need is one good trade to make back all the money that you are forgoing by leaving a MF PE.
Another question I want to ask is, do you have a plan? Would you join a firm or work as a consultant? Or, would you set up a new "firm" of your own and maybe start building a brand? What is your immediate 3-month, 6-month and 12-month game plan? It is going to be very entrepreneurial, but I think you do need some sort of direction and plan, and not just hoping to opportunistically run into meaningful opportunities. You cannot leave it up to chance. For example, if relationship building is the focus of the first 6 months, have you mapped out the key constituents in your country that you need to meet and build relationships with? How are you going to "cover" these players in the ecosystem? Would someone engage you as an advisor/consultant, and you would be able to receive income in the form of a retainer? I would have some sort of framework and gameplan, before making the decision to move back.
I do think frontier/emerging markets is incredibly exciting. It's certainly high-risk high-reward. And, doing it for your own country makes it more worth it.
I think life is meant to be exciting and challenging, so if you have conviction, you should totally go for it.
Congrats on getting into Harvard. Much respect for what you are working towards here.
Curious if you considered / applied to INSEAD MBA?
Strong global ranking, 1-year program, i assume good asia network since based in Singapore?
I wouldn't drop Harvard. Just curious if you gave INSEAD any thought.
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