Wharton - Buyside Recruiting
All - would appreciate any perspectives / guidance on my situation.
As context, I'm currently wrapping up a 2-year program at an MM PE shop in NY / SF, and I'm currently debating whether to attend Wharton or not with a post-MBA goal of returning to PE in an investment capacity. I'd be able to continue with my current firm if I forego MBA but am really interested in stepping away for two years to get away from the desk, make some new friends, build out a more expansive professional network, and travel.
Do any recent alumni (or others) have perspectives on how buyside recruiting for investment roles has been for Wharton graduates recently? I've read about the differences vs. H/S but still don't have an idea of what Wharton specifically looks like so including a few key questions below
- Are most students with PE backgrounds able to get back into PE?
- For the positions that people do get, are these typically at a certain stage of investing (MF / UMM / MM)?
- Do firms hire MBA graduates to enter at the Senior Associate or VP level? Have seen both on Linkedin but wondering if one position is more expected than others
- Anything else I should keep in mind?
Anecdotally hear recruiting out of b school has been very tough lately (even H/S). Seems like the optimal thing to do if you can pull it off is try to get a return offer from your firm and that way you can get the 2 years without potentially damaging your career vs. just hold onto the seat.
Thanks for the response. Helpful to hear, even if anecdotal
Curious if you have any additional information on what recruiting looks like at the MBA level based on conversations you've had. Do people exclusively recruit into VP roles based on what you've seen?
Typically "VP roles" but may have different title e.g., what some firms call a senior associate, others will call a VP and so on. Have to do your diligence on what the job is and not get hung up on title.
The one exception is I have seen is for the rare "break into industry for the first time via b school" person do it by starting as an associate.
Interesting, thanks!
More so was just curious as I have seen many post-MBA grads come in at the VP level which has typically surprised me, as I imagine a fair chunk of them didn't lead / close too many deals during their associate stints.
Definitely agree that title nuances like that shouldn't be a consideration when trying to reel in the next gig!
That wouldn't be uncommon if they were heading back to their old firms - were you able to get a sense of how many were firm returnees versus those doing industry re-entry?
I’ve heard from folks there struggling recruiting + peers of theirs there experiencing similar at W. Then again, just what I’ve heard and curious to hear other first hand accounts.
More broadly, have spoken to folks coming out of MBA (H/S folks included) and general comments were:
“Don’t regret it, but in hindsight not necessary to get MBA if you have line of sight to VP at pre-MBA associate”
“Not worth it for PE Associate if not H/S”
“Not sure why you’d leave your current role, go back to school, pay the opportunity cost, just to recruit for the same role if not role at a worse fund”
“Risky during this time as market isn’t great”
Pros: good amount of funds do school specific recruiting where they typically have a limited interviewee set of MBAs (less lateral competition), you have time to prep/network, etc
Cons: no real access to off-cycle due to the school schedule, competition is basically entirely HSW with prior experience, etc
All in all, I’d say the recruiting is kind of a wash, potentially a bit riskier as you can’t just take random off cycle fall/winter/spring start dates. That being said, it’s well known that the MBA isn’t a financially sound decision for PE Associates. The whole point is the social experience and ability to relax and do new stuff lol.
Former PE Associate in a public markets role that is currently deciding on whether or not to attend W this fall, so have done a fair bit of research on this.
1+2) Yes, most pre-MBA PE associates at decent MM to MF shops that wanted PE seem to have been able to get roles. General advice has been that the pre-MBA experience dictates placement more than specific school for HSW (for PE specifically, not other buyside roles)
3) Ultimately just depends on firm title convention. KKR post-MBA is Principal whereas BX is Senior Associate
4) If you’re optimizing for career and set on PE 100%, it’s probably best to stay at your current fund given the uncertainty for landing post-MBA roles. If you don’t want to stay at your current fund but want to stay in PE, I’d argue going to W might be better since you’ll buy some time before recruiting (usually fall of 2nd year) which will be helpful since the PE market right now isn’t great
Caveat I've heard is that some funds only recruit at H/S + looking at the VP profiles of recent cohorts at many top funds you'll see the majority of spots go to H/S. The number of intern and FT spots for Wharton grads are fewer. Quality of candidates isn't the issue between the schools, it's just funds' obsession with prestige (because they can...).
That is somewhat circular in that many are H/S or bust so there are fewer “quality” candidate at W to begin with, but yes all else equal H/S candidate is probably more likely to be chosen on the basis of prestige. What funds have you heard of that only focus on H/S? Berkshire comes to mind for me as only H (the S post-MBAs are usually returning pre-MBA associates)
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