Should I accept UMM PE SA?
I am thinking about accepting a UMM PE offer for Junior Year SA. Historically, return offers are high at this firm, so I'm looking at it with a longer-term career perspective assuming I get the return offer. The firm's latest fund was raised within the last couple of years and is between $6B - $10B. It seems like it is growing well, has produced top-notch returns in the past, and is well-known in the industry and is relatively prestigious. There also seems to be a strong analyst program with MF PE and HF exits, as well as many MBA-skipped internal promotions at the critical associate-VP mark. It seems like a great fund to start at, and I love my colleagues. Any reason you guys would recommend staying away from UMM PE and going for the banking route instead? Anything I should double-check about the firm I'm planning to head to in order to make sure its a worthwhile experience?
I think the answer really depends on the specific UMM PE fund. Some firms have really well established SA programs that prepare you really well for a career in PE while other may be worse than your typical BB / EB summer program. You should definitely talk to people that have left the firm as they might have a more non-biased view vs. the people at the firm selling the program.
All in all, I do believe the industry is trending towards students going directly into PE and if your fund is well known, it’s probably going to be a better option than your typical banking track. I know people like to emphasize the camaraderie of analyst classes, structured learning at a bank, and optionality of doing a stint in banking, but I think it’s overstated. You have all those things in UMM / MF PE.
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