What should I negotiate/expect from Business School sponsorship?
I've been a high performer at my fund and during my performance review the Partners told me that they would like to sponsor business school for me. I struck out this year (730 GMAT, no name LMM fund, straight white Christian male, what do you do) but I am planning on applying again next year.
We didn't talk specifics because I hadn't gotten in, but I wanted to see what y'all think reasonable terms would be for sponsorship. I'm interested in the following, but please add to the list if you know more:
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Title: I assume Vice President, but is that market for LMM/growth funds? (I'd be 3 years at the fund before returning, and am being promoted to Senior Associate this year)
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Compensation/Carry: Negotiate before going, or upon returning? And what benchmarks should I use?
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Payback period: at my MBB, it was 2 years for sponsorship, but is that market for PE?
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Clawback: What happens if I'm fired for performance issues? Leave? etc.
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Expenses: Should I negotiate for just tuition, or housing as well? Stipend, healthcare, technology, etc.?
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Return bonus: Anything I should consider here? Bain did a "coming back to Bain" bonus, but not sure if it's market in PE
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Internship: Should I negotiate not "interning" at my fund? I would think they'd want me to "intern" there during the summer
Would love any info on anyone else's sponsorship packages as well.
-KHC
I would add:
- relocation costs 2x (moving to school and back)
- are you giving up anything that has monetary value to go to school? need to sell a house? are you missing out on compensation? anything else? a good example are parking fees, that can be really high at college. UCLA (as an example) charge 2K p.a. for a parking permit in some special zone.
- do you want to live in the same location post business school? Now would be a good time to negotiate the location post degree, if needed.
I know a guy who did Columbia for a firm and he had to commit for four years after they paid for the degree.
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