Starting my rant....

I just got asked about career planning for the move from IBD to PE, yet again.
I've a lot of sympathy for my fellow WSOers, really I do.
But I've got to tell you stop obsessing about windows to jump to the buyside.

Everyone always has some "rule" they'be heard of.

Let me list a few gems:

"You can only leave IB and jump after your second analyst year."
"You have to leave before you make VP."
"You have to go to b-school."
"You can't recruit right after b-school."
"You can't come from consulting."
"You can't jump when you're MD."
"It's a regular cycle, and I'm so off-cycle that I'm screwed."
"You can only leave IB and go to PE on Good Friday on a leap year."

I'm going postal.
Where's my M16?
Who spreads these stories?
I feel like I'm taking crazy pills!

I've seen people come in as analysts, from family offices with zero IBD experience.

I've seen people transfer in at every level - analyst, associate, VP, director, MD/partners who bought into the franchise.

I've seen consultants come aboard, i-bankers, a couple of lawyers, and couple of folks from TAS at bg-4s.

One guy, who started as analyst but is now MD at the region's top fund, came in from a corporate banking trainee program from S*ttygroup (ok I'll grant that's a truly rare move but still, proves a point).

There's so many WSO people fretting, scaring each other, and drumming up bullsh*t rumors about the PE industry.

Here's what you need to know.

It takes solid finance knowledge, personal relationships, some domain expertise, and friends in the industry to get you in.
That's why I think W/S/H keep getting people over to PE - because alumni hire alumni and their buddies.
But so what?
Go make a friend, network, and get in if you want it so badly.
I didn't go to H/S/W and frankly only a fraction of my industry friend did go to those schools.
The rest of us hustled in just fine anyway.

All these nutty dreamt-up rules people recite like gospel, and then godforbid plan their motherf-cking careers around..... are you kidding me?

Stay in ibanking, learn your sh*t, learn to model in your sleep, pick up your industry and know it cold, build your rolodex, then call up your buddy from your analyst class who is working at Firm XYZ to hire your ass and/or refer you around to industry friends.

Jesus,

"I can't make a move from IB to PE because it's not a full moon on a leap year."

The door is always open for a good candidate who knows his sh*t, has hustle, chutzpah, and a friend who can refer him.

Also, just so you all know, PE isn't all free blowjobs and ferraris.
It's ok work.
But it is still work.
It's still a job, and one where you're often alone at your desk, reading, writing and making Powerpoints and models.
That's not THAT cool.
I didn't grow up dreaming of doing this.

If you're in a group that invests in something interesting (to me, that's tech and healthcare) then yeah, you get to look at some pretty cool and edge sh*t.

But that's me - I'm in it for the intellectual jollies.

Mostly, you're meeting companies, doing a f-ck ton of reading of semi-interesting / non-interesting stuff, pulling together decks, doing modeling, and presenting internally.

Sound familiar?
Yup, it's like banking.

Only difference is that to an extent you get to make some decisions and have more control.
You're not shilling companies, you're rolling the dice and putting $20mn on company X.

It's still educated gambling, and really it's either A) you're making the recommendation and not in charge and your MD /partner makes the decision, or B) you are the MD and you have to make the decision (I'm sure that's stressful as f-ck.

My last employer just sh*t canned the whole IT investment group.
Everyone.
Analyst, two associates, director, and MD.
The MD got a few bad deals done, was a drag on the fund, so everyone has got to go.

Buh-bye.

So where's the blowjobs?
Where's the Ferrari?
I was told there would be Lambos.

End of the day - it's just like banking, but with perhaps a bit more control.
And in fact, not always even more money.

So please, no more of this pining and whining for the glorious window into PE.

There's no pot at the end of the rainbow.

There's some decent paychecks, but let's not pretend it's a utopia.

Try to keep a level head, use ibanking to build your skills and rolodex, make the move only when the time is right
AND you're going to the right group for the right boss and for the right money.

And keep in mind, just like with IBD, the BOSS and the group make all the difference.

I've worked for some awesome people, in a real team environment doing cool stuff, and I've worked for some unbelievable a$$holes, that made every day hell.

And I wouldn't have guessed who would be who when I signed my offer letter.

OK, rant over.