Career switching
Looking for some advice from folks who've been there. I’m in my mid 30's and interested in switching careers. I’m currently a professor at a top 20 MBA program that sends a lot of students to Wall Street. I’ve taught classes in accounting and finance and am very familiar with LBO modeling. I have a PhD in business, a CPA, and professional training in the valuation of privately-held businesses. I'm ready to try something new and have been interested in PE for a while, read everything I can get my hands on. Unfortunately, I’ve done a poor job at making a large network of connections, and networks seem vital for success in PE. I have prior public accounting experience, but no prior IB experience. I do, however, have an excellent understanding of equity markets through my training and research.
So, a few questions:
Is making the switch to PE realistic, given my background and age?
What types of positions would be in my opportunity set at a PE firm?
Based on what I’ve told you, will getting in the door at a reputable PE firm be hard or easy?
Thanks for the info,
t’gallant
I've never been in your exact position, but I did career switch into IB while in my 30's. Regarding IB, the key is to make the story of why finance and why now sound plausible. You're obviously smart enough and if you're a likable guy you're 2/3 of the way there. But banks aren't into hiring people who will decide it's "not for them" after they've been ground into the dirt for 6 months straight. Your biggest hurdle will be overcoming this unspoken, and perhaps even unconscious, suspicion on the part of the bankers you need to network with. I wouldn't bring this up explicitly, (sort of like "don't think about a red bear on a unicycle" - mention it and it WILL be a conscious concern for sure) but your agenda needs to address this issue hard any way you can. Work on your story - how you gradually became more interested in finance.
Forget PE. For 800th time on this board if you are 26 at a big 4 audit, 28 and doing equity research, 33 and a professor, you have no shot at PE. PE shops hire out of analyst programs at BB and top boutique banks. There is no other career path. The quicker you drop this as a plausible option in you mind, the more effective your job hunt will be.
I disagree with the above poster. I doubt many people on this board will have valuable input to your situation. Given that you're older and a professor, you don't want to be blindly submitting your resume to PE shops that are looking to people to hire IB analysts. That's not going to get you anywhere.
"What types of positions would be in my opportunity set at a PE firm?"
If you're asking US that question, your chances probably aren't good. In my opinion, YOU need to figure out how your unique background will allow you to contribute at a PE shop, network your ass off, and make your case to people.
If you don't see how you're going to add value, nobody else will either.
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