LBS MBA to pivot to London buyside
Is anyone familiar with the London buyside recruiting scene for LBS MBA?
Background: Currently a 32-year old 5PQE solicitor working in corporate law (M&A / capital markets) with experience in SC / US firms in London and Asia. I'm looking to do a career change for a wide range of reasons but primarily due to (1) not wanting to stay in corporate law for the long term to see myself make partner in a law firm or becoming an in-house general counsel; and (2) an innate desire to be closer to the economic / commercial side of deals rather than just solely focussing on the legal aspects and documentation.
At this stage, I'm most interested in doing a pivot to PE / PC and wondering if doing an MBA at LBS will help me get there. Are there a good number of funds recruiting directly from the programme and how helpful is their career services? How difficult will it be to recruit for roles in PE / PC without previous experience in IB? I'm acutely aware of my limitations so I won't be targeting MFs like KKR / Blackstone but what are my chances for LMM / MM funds? I've seen from LinkedIn there are people who manage to get buyside roles directly out of MBA so i'm sure this is achievable but just wanted to get a sense of how common this is.
Based on the most helpful WSO content, pivoting to the London buyside from an LBS MBA is achievable, but it comes with challenges, especially without prior IB or direct investment experience. Here's what you need to know:
Recruiting for PE/PC from LBS MBA:
Challenges Without IB Experience:
Targeting LMM/MM Funds:
Strategies to Improve Your Chances:
Alternative Paths:
In summary, while breaking into PE/PC from LBS MBA without prior IB experience is not the easiest path, it is achievable with the right strategy, networking, and focus on LMM/MM funds. Your legal background can be an asset if positioned correctly, especially for funds that value diverse perspectives.
Sources: PE Lateral Recruiting Advice/Stories/Help?, Q&A: VP in Private Equity (Growth Equity + LBO)...Post-MBA...Formerly IB Analyst, IB -> PE -> MBA -> IB -> PE, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, Ask CompBanker
Very unlikely. I pivoted to private equity in London after my Insead MBA (also got into LBS, Columbia, Booth so did strong due diligence via alumni on all 4 schools).
It is clear that Insead + LBS are the best for buy side recruiting in London BUT the market has become much, much more difficult recently. Unless you have IBD / PE experience prior to MBA (or at the very least MBB experience on the PE team), the chances of getting a PE role post MBA is closer to 0.
Thanks for this. Knew it was going to be a steep uphill battle... Did you do IB pre-MBA? Seems the LBS MBA is useless in pivoting to finance-related roles for London then given also the lack of post-MBA IB recruiting...
i think it still exists at some banks, like Citi
I was working at MBB on the PE team. I think we are at peak MBA to be honest - the MBA is only good for "small but manageable pivots". I know folks who were at a regional IBD shop -> LBS / Insead -> London IBD. But it really is drying up, and I only see MS / CITI hiring in meaningful numbers (also seen a smattering of BAML as well).
If you really want to break into finance, I think LBS MBA will give you a good shot at MBB in London. If you place into the PE team, after a few years you can gun for a MM PE shop.
Sorry to go off topic, but would you mind sharing why you chose Insead over the other three schools? I'm considering a similar set of schools for my MBA.
FWIW, I think all the above schools (and really and good MBA program) will be a blast and more similar than dissimilar. After visiting the admit student days for Booth / Columbia, I spoke with my family and did not want to try to live in the US afterwards. I went to the US for undergrad (think at the Duke, Northwestern, U Chicago level) - so had a good network there already and wanted to expand to a more global network.
If you are trying to recruit stateside, you have to do your MBA in the US, period. Its a visa issue and the number of Insead grads who manage to recruit in the US without right to work is pretty much 0.
Between LBS and Insead, I felt like Insead was more seen as more prestigious and more international - I it worked out as I now work at an Asian PE firm and plenty of Insead grads running around. That being said, if you want to work in London - go to LBS for sure.
You often see lawyers from restructuring/distressed teams move to the other side. M&A / Capital Markets roles are less core to the investment process (more of “just another workstream”) on the PE side. I cannot say that I have met anyone on the PE side with your background + an LBS MBA (frankly not met many large cal PE professionals with an LBS MBA).
Currently an LBS MBA doing a PE internship at a mid-market fund. However, I got this internship through my previous network/banking experience, not because of the school or the MBA programme. As some have already mentioned, the London market, especially for MBAs, has crashed. I think you have a solid background, and five years ago it would have been very possible to pivot into PE. But now, it's highly unlikely. Nearly all those who secured PE internships already worked in IBD or PE, with only a handful of MBBs being the rare exceptions.
There’s another route, IB first, then PE. One of my classmates was also a lawyer, and he's now doing a Summer Associate internship at Morgan Stanley. In London, buyside roles are still possible if you have two years of BB experience, regardless of your levels. But it may take several years to recruit for IB, and the market is volatile that this year only Morgan Stanley still hires MBAs in London.
You will definitely find more opportunities through a US MBA. That said, it brings new challenges around H1B/visa issues. My advice: aim for any M7 or T15 MBA and give your best shot at recruiting in the US. While you probably won’t secure an H1B or enjoy the same opportunities as Americans, if you perform well and your company likes you, they can always relocate you back to the London office. (US banks and PEs typically have more influence over such decisions than their London branches.) Besides, always remember that MBAs no matter be it LBS/INSEAD or HSW, are not mainstream in London high-finance markets, as an MBA you will always be judged by those French grande ecoles/Bocconi/LSE/Oxbridge who live to work in finance. Only in the US are MBAs generally valued above their tuition fees.
So if I were you, and I was truly set on breaking into PE, I’d go for a US MBA. Do your summer internship at a prestigious bank, stay for three years under H1B, then relocate to London, either by moving directly into PE or staying in banking for another 1–2 years before transitioning to PE as a junior associate.
Very helpful. Thank you!
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