Harvard/Yale/Stanford Law vs. Booth/Columbia/Kellogg for PE
Hey all,
I'm currently a second year analyst at a top BB (GS/MS/JPM) and am heading to an upper MM PE shop after my stint is finished. I plan on leaving after two years and either want to go back into PE or do something similar. I know that getting into HBS/GSB/Wharton isn't a sure thing and in the event that I don't get in, would it be worth going to a top law school rather than a good B school from a branding perspective? I have a very good GPA and scored in the 99th percentile on my LSAT so admission to HLS seems more likely than not.
How would a JD from Harvard compare to an MBA from a school like Kellogg if I want to get back into PE?
I would think that with your profile (Top BB, good GPA, probably do well on GMAT) that you would be a strong candidate for all the M7 business schools, maybe with the exception of Stanford because they're a toss up for everyone.
If you want to go back into Finance, I would think that a Finance focused B School (Wharton, Columbia) would trump a law school. Either way its tough to get into PE regardless of which graduate program you go into, my vote would either be to skip your MBA or JD and keep working in PE which is what you seem to want. Or apply to all the top business schools and see where you end up.
Why would you go to law school if you want to do PE? Don't do that.
Not a PE expert, but can't imagine why you'd do law school. Assuming you do equally well on the GMAT as you did on the LSAT, you'll have "very good grades", a 750+, and very good work experience. H/S are certainly not guaranteed, but no reason why you wouldn't get into Wharton with solid execution. Worst case, you go to a place like Columbia or Booth, both of which will give you very good chances at getting into PE with your prior experience. This sounds to me like a bit of a fear of missing out on the prestige of an HBS/HLS, as opposed to doing what would be best to place you back in PE.
Have you talked to anyone from HLS that went straight to PE?
Do not go to law school unless you really, really want to be a lawyer.
Seriously.
I mean it.
Seriously.
How do most of them get in, though? I imagine they're not hired into typical post-MBA positions directly from YHS, right?
I don't have actual numbers to back this up, but I'd bet my next paycheck that there are more ex-bankers from restructuring groups than JDs in the distressed space. Distressed guys still hire lawyers do to all of the actual lawyering that needs to be done and the law school experience may (or may not) give you an edge in understanding the credit docs, etc but I doubt it's enough of one to justify the opportunity cost of law school. I could be wrong though.
Lot of them are JD/MBAs. Yes, I know Paul Singer of Elliott Associates is a HLS alum, but guys like him are an anomaly.
I'm a current MBA student who worked for a $10bn+ PE fund pre-MBA. I would strongly recommend any of the top 10 business schools over Harvard Law. Most, not all, PE funds care far more about the quality of your pre-MBA work experience than whether or not HBS let you in. HBS admissions are random and you need a great and unique story to get in. Firms know this and if you are a white male (might not be a safe assumption) with banking and PE experience they know that you are at a disadvantage applying to HBS since you are too common of a commodity.
Long story short, I'm at a school ranked just outside of the top three and I have gotten numerous first round interviews with firms as big as Blackstone and many of the smaller shops I would be more interested in joining long-term. Don't think I would have gotten nearly as many interviews at HLS, but who knows...
Lastly, you would have a very hard time convincing a PE firm why you went from PE to law school and want to go back to PE. Nobody does that and it sounds like you would just because you think HLS is more prestigious than Columbia or Booth. That is a terrible reason to spend three years of your life getting a degree you'll never use.
Thanks for the replies guys, they're very helpful. The main reason I was considering the HLS JD over an MBA were some things I'd heard about the utility of an MBA for a PE associate. It seems as though the main benefits for getting an MBA in PE are 1) Access to the alumni network and 2) Branding to add another layer of credibility to your profile, rather than the actual coursework from the program.
Considering how competitive PE recruiting is on campus at HBS/GSB and that networking is the probably best way to land a spot post MBA, I though law school might make a decent substitute. I would imagine that the HLS network is at least as strong as Booth/CBS/Kellogg, though obviously I don't have experience with either.
Also, has anyone heard of applying to HBS after your first year at HLS? It seems like a way to rebrand yourself for b-school and take yourself out of the finance bucket. The costs of this are obviously and extra year of tuition and fees and I'm not sure it would be worth it.
The HLS network is stronger than Booth/CBS/Kellogg in law and government but certainly not business. I think you have fallen victim to the Harvard aura of prestige and glamour. If you want to work in finance, I see zero reason to take HLS over a M7 mba program.
A decent number of the JD/MBAs at Harvard apply to HBS during their first year at HLS. It improves your chances of getting in, by all accounts. However, keep in mind that Harvard's JD/MBA program is 4 years, not 3. And given the opportunity cost and time involved, this is a serious decision. In my opinion, the joint degree is useful for only a small number of areas (i.e., politics, running your own company, high level policy, distressed debt investing or special situation). If you just want PE, stick with the MBA.
Easy choice any M7 over HYS Law, probably any T15 for that matter.
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