PE Analyst Exits -- MBA vs HF vs PE Associate?

Question

Incoming FT analyst at one of BX/KKR/OAK/GA/TPG/Ares/WP. I plan on doing 2 years as an analyst, and then going to 1 of 3 paths: in no particular order, 1. MBA, 2. SM HF, 3. Stay as an associate and start partner track.

As far as the MBA goes, I would probably only consider HBS, so if I don't get in obviously that's not going to be an option. As far as HFs, I am mainly interested in L/S, would like to work at a $10bn+ manager, and would prefer east coast.

ke18sb · Accepted Answer

I think there are two types of stress - stress of the investment and stress of time/lack there off. To your point, the stakes are the same so similar stress, maybe more so in regards to investment performance day to day on the HF side.  But as you eluded to the big differentiator is just a process oriented job with deal sprints vs not. My comment was not about stress of underlying job rather the stress of grind.

ke18sb · Answer

Ah yes, this is a good point. While there is a high "toll" for a PE career (time) the road is way more predictable and truly is a career. So what you give in in daily life you make up in a much stabler overall career. I'm sure some partners have a few deals that crater their career but for the most part once you make it to that level odds are you will stay there for a very long time. A crazy high annuity with ballon payments. LO and HF seats probably are shrinking as you said. For sure on the LO side.

wvu · Answer

Recruiters would clearly see from your resume that you only worked for 2 years as an analyst, rather than the more typical 2+2 IB/PE experience.

wvu · Answer

I wouldn’t suggest going for an MBA after only 2 years as an analyst. Think of it from a recruiting standpoint - once you’re at HBS, if you’re trying to go for PE / HF you’ll be competing against others who have mostly done 4+ years across banking / PE so having only 2 years of work experience would be a setback. From a firm perspective, it would also be less straightforward to figure out what to hire you in as (likely wouldn’t be given the same role / title as someone who did 2 years as a pre MBA PE associate before business school)

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PE Analyst Exits -- MBA vs HF vs PE Associate?

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