Background - rounding out my 1st year of an associate gig at a MM PE firm (non-NYC), with a looming end in sight for my contract next summer. Not terribly interested in getting my MBA, but would like to stay in PE.
I haven't brought up getting promoted with my current employer, as I've only been there for about a year, but I've been told that I'm doing a great job and that I'm a very good cultural fit (in both formal and informal feedback). Naturally, the most desirable thing would be to move up to the Sr. Associate level without getting my MBA (at my current firm or otherwise), but it also seems like there might be an opportunity to lateral sideways into another associate gig at another MM/Lower-MM PE firm. My concern is that it might just put me on another junior track cycle and doesn't allow for upward advancement (I'm already sort of old for an associate). If I were to do this, I would like to make sure that there was an explicit timeline/opportunity to move up, but don't know how realistic that is.
Anyways, just curious if anyone out there has done/seen anyone successfully do this and move up. If it doesn't work out, I won't be heartbroken - one thing I've learned in my time in PE is that there are a lot of ways to make a buck, from both the businesses that I look at to the service providers that I interact with. I'm a little more entrepreneurial than most I've interacted with in PE and I don't need to make top dollar to be happy (though $$ are nice), so I'll make it work. Any thoughts appreciated!
Bring it up with your current firm at your next review. I was in the same boat: MM PE, fit well with the team but was told I would have to get my MBA to advance. I started recruiting mid way into my second year and found that partner track PE jobs that don't require an MBA do exist but aren't that common. Most firms are very explicit in whether or not associate jobs are pre-MBA or partner track, so you should be able to avoid junior track roles. I ended up landing in a corp dev role for a holding company.
My advice would be to figure out exactly where you stand with the current firm - be open with them about what you want and your timing (even if there's no path to promotion, there could be opportunities at portfolio companies or your VP could refer you to other funds). It's also probably not a bad time to reach out to some recruiters and update them on what you've been up to.
Thanks celtics2007, I think that's probably the best course of action. I have my next review in January, but I think I'll have to bring it up in an informal (or at least different) forum before then, as I'd like to get a little clarity earlier. I didn't do much recruiting before I got here to my non-NYC city (followed my SO), so I'll have to do some research on the right recruiting firms to speak with in the geographies that I'm interested in.
Just out of curiosity, post post MBA guys/girls get zero looks from P/E shops, yet pre-MBA P/E associates are told that they need an MBA in order to advance? Explain this rationale.
pretty much all the tops dawgs at PE firms have MBA's from top schools. If you get promoted maybe a part-time MBA could be an option for you to check that box. food for thought.
I actually had a similar crossroads recently. My approach was a bit informal and it came from my own initiative. I took all of the Partners out to lunch (not all at once; too many to get overlapping availability), explained why I wanted to stay in PE at this firm, in this strategy, with these people, in this city, and where I wanted to be in the long-term with them, if possible. Well, now I'm here for the long haul. Unfortunately, they are believers in the MBA, so I will be doing a weekend program. But, I get to stay in my position and move up upon graduation.
Take some initiative and get the conversation going so they can think about it and discuss before your January review.
The partners are convinced it's a box for the LPs to check, although I'm not sure how much they really care if you consistently generate good returns for them. They all have MBAs here, so I don't think they've seen it done without one. One partner actually said I could rise to Sr. Associate/VP level without one, but would be stuck there. Anyway, who am I to argue with those giving me this opportunity?
I suppose it could make me a more valuable contributor as I start to sit on port co boards?? Glass half-full thinking there...
If your other MM offer is in New York, consider Stern's part time MBA program maybe? How old are you? Would you tell us some more about your background?
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