non-traditional paths to MF PE
For those of us that dream of working in MF PE but miss the boat on recruitment out of undergrad or from top banks' analyst programs what are the odds of making it in later on (barring grinding your way up to being a big shot MD and then making the switch) and what is the best path for doing so?
Are MF PE firms receptive to associates from top banks, what about the feasibility of going to MM PE first and then trying to move up?
Is it basically a prerequisite to have some prior IB or PE experience? If not what are some other good feeder jobs, would something like an analyst role at a big asset manager like blackrock be helpful?
How critical is it to go to business school to break in once you've missed the aforementioned initial rush and if you do go to a top b-school how important is it that you had a stint at a prestigious firm prior?
Lastly, how do your odds decline over time. Is a 3rd year associate in a much tougher position than a first year, what about a young VP?
I would spend some time doing your research and checking out related threads on WSO. What's your experience and what makes you so sure you want to do mf pe?
Not 100% sure I want MF PE but just curious as to how difficult it is to break in late or without IB or MBB experience. I've done some snooping around before and after posting this but didn't really find anything comprehensive.
I've read that post MBA bankers have a really tough time breaking in but I would like to know the feasibility of something like non-IB -> IB associate -> MBA -> MF PE or how impossible it is to make the move without an MBA with something like non-IB -> MM PE -> MF PE.
It's very difficult if your goal is corporate PE. Why would they choose a banker with no PE experience over the twenty MM / UMM candidates who have 2 years IBD +2-6 years PE experience?
Some of their other divisions may look at non-MF candidates ie; Infra.
Only megafund I've seen a bunch of interesting moves at the VP or senior associate level is at Carlyle (or Bain Cap if you go to Harvard or Stanford and work at MBB).
In Europe Bain does not even do Senior Associate level, and post-MBA you get placed as Associate, based on experience of someone in my network (MBB > H/W/S (top3 BB internship) > Bain Cap Associate).
In the US it's been immediate to VP the past couple years which is pretty sick, especially for the people who did 2-3 years MBB -> HBS and basically skip a year or two.
Nice... can't beat that. Europe you have the occasional unusual step-up if there's good language skills/local market knowledge/minority/gender need but generally a bit less structured/slower (i.e. older associates). Don't see as many young VP's other than the pure 2-3 yr BB + MF PE without MBA internally progressed or hired laterally.
Post MBA role (Sr. Associate and up) you aren't getting in without prior PE experience, plain and simple. The absolute only exception I can think of is if you went to a top law school after banking and worked at Cravath or Simpson Thatcher afterwards for a year... then you might be able to get in, bc the legal side really is applicable to what PE professional does day to day and you'd have business finance experience from banking. But you aren't getting a post-mba role doing banking or consulting only.
Yes there are people who get into mega funds after working at middle market banks or consulting shops, but they are the exception, not the rule and it's never for a post-mba role.
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