Small PE or FX Sales better for B-School?
I was wondering everyone's thoughts on which potential job would look better when applying to business school in a few years.
My first option is working on a foreign exchange sales desk at a commercial bank. I've interned at this bank for a good amount of time and could see myself moving up quickly.
My other option is an entry level position with a small PE firm that has great growth potential and a stellar group of professionals who could really teach me the industry.
Obviously, these two positions are completely different but I'm genuinely interested in both fields and I plan on developing either career path further once accepted to a quality MBA program.
Any thoughts?
I find it hard to believe that you aren't interested in at least one a little more than the other (since they are so different). But if you are really equal, then go with the one where you can move up the quickest (I know bschool adcoms love to see a track record of promotions or increased responsibility on your resume).
I would take the small PE. Basically because you would learn a more variety of things and more correlated to what you would see in B-school. Also, doing PE, you can contribute more.
Anyway, just me 2 cents.
FX sales vs. PE are two totally different fields. I think you would learn more in PE and have better exit options, if you decide not to go to B-school down the line.
If you are applying to b-school, PE will really pigeonhole you with the rest of the bankers/PE professionals, especially at schools such as H/S/W. Thus making it harder to differentiate from guys who worked at Goldman or KKR as an example.
Ultimately, you want take a position that will give you room for advancement and the opportunity to demonstrate your leadership skills. Therefore, based on your choices I would go with the FX position.
However, if you choose not to go to b-school than the PE position hands down.
I have some experience with FX sales so hopefully i can add some value here
WIth the FX sales position you tend to be pretty specialized, if you are going to be dealing with corporate clients even more so. Generally speaking the career path for FX salespeople is basically eventually having a book of clients of your own to manage. But generally speaking the skillset you pick up as an FX salesperson is fairly limited and you wont find a broad market out there for what you do other than other sales jobs (typically in either FX or rates). If you are on a insitutional desk usually those guys deal with multiple asset classes with big clients (rates, fx, commodities) in that case you have broader experience over more asset classes so there is less pigeonholing.
Depending on the amount of financial modeling and other valuation work you end up doing at the PE shop i would say that those skills are more applicable over a wider array of jobs (Corp Dev, Corp Fin, Planning etc) Basically depends what you like better. That said the hours on an FX sales desk are definately far better and you have a better work/life balance than you would at a PE shop.
My 2 cents...
Great advice from everyone. Thanks. I'm leaning towards the small PE shop since I was already worried that FX Sales might pigeonhole me for later opportunities. It would entail working with a book of corporate clients so mobility might be limited later on. But like FX said, the hours are ideal.
The culture at the PE shop seems very collegial so I think I would have ample opportunity to pick up great experience. To be honest, I think the long hours would be worth the professional growth opportunity. I think the more transferable your skills are the better in this current market.
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