Cornell Johnson Placement in IB/PE
I've looked through the career report for the 2 year ithaca program and I am curious to learn more about where people place in IB/PE/VC as the report doesn't have exact numbers.
For IB, where do most people end up? Which firms are target? (are JPM, MS, GS) What proportion end up in Tier 1 vs 2 vs 3? Do people going through this path end up as lifers in IB or do they move well to PE/VC/HF after?
For PE, is the school target for any of the large funds or does anyone place at KKR or Blackstone?
Thanks
Johnson places very strongly in IB for school of its caliber (IE non-M7). The career report does actually break down IB - look at job placement by function. I'm class of 2015 and the past 3 years 17%+ of the class has gone to IB - that's higher than almost any non-M7 school (besides Stern).
As far as firm placement, it's a target for all BBs except for MS and Barclays, although a couple people go to those firms each year through off campus recruiting. Most of the hiring is concentrated in Tier 2/3 BBs - Citi, BAML, DB. I'd say 2/3 of the group that goes to IB ends up at BB/EB and 1/3 at MM firms (Jeffries, Piper, STRH, Robert Baird, etc). In terms of EBs, Lazard, Moelis and Evercore recruit on campus (Evercore is new in the past 1-2 years).
For PE/VC, maybe 3-4% of the class gets a job in the field each year, and its exclusively through off-campus networking. You will be very hard pressed to find PE/VC firms that recruit on campus outside the MBA business schools">M7 (and even outside of HSW). Also, almost no one goes into those fields without pre B-school experience in IB/PE/VC. There are exceptions but they are few and far between. I have never heard of anyone placing at a megafund post-MBA.
I see you did not mention GS and JPM. Is there a reason?
I have a buddy there, he said they usually send 3-4 to JPM and maybe 1 to GS
Correct. I didn't mention GS because it's usually 1-2 a year. JPM varies - sometimes 2, sometimes 4, etc.
Thanks, for the tier 1-2 BB, do the people who get these roles typically have previous banking experience? or are most of the bankers career switchers?
What's the perception of Cornell Johnson MBA on the street? Is it viewed negatively because of its lower rankings and as such may it impact long-term career goals? (eg. getting into PE megafunds or HF?)
No, they don't have previous IB experience. In my year we sent ~40-45 people to IB and not a single one had previous IB experience.
As for "perception on the street", I don't work in IB so I couldn't tell you about what people might or might not say. However, a ton of banks come back year after year to recruit people from the school, so I think that pretty much answers your question.
Just one other point re: long-term career goals. After your first 2 years out of school in IB, no one cares where you went to school. A guy who went to Rutgers and somehow broke into GS TMT and succeeded there has as good a shot at KKR as someone who went to Harvard in the same group. There's a small chance he runs into a dipshit interviewer who is a prestige whore, but otherwise the GS TMT and job performance speaks much louder than his school.
This would be true for a pre-MBA analyst, but not a post-MBA associate. People who get into IB post-MBA at the associate level are generally expected to be "lifers." It is far less common for an associate to exit into PE or HF jobs. If you're interested in these areas, your best bet is to go to a top MBA program and network as much as possible (as previously mentioned there is very little on-campus recruiting for these areas outside of H/S/W and virtually none outside of M7).
If someone worked in non-Abraaj PE in emerging market pre-MBA, do you think they would have equal odds for breaking into PE post-MBA as those who worked in PE in US? If in case they can't break into PE in US, wouldn't IB route ie (PE EM--->MBA---IB US) considered a downgrade?
Good thing you say non-Abraaj, wouldn't want to be associated with them right now....
Thanks again, I heard on Reddit that in order to recruit for IB at Cornell, the IB club needs to accept you? Is that true? How do they decide whether or not you can?
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