Lower MM PE offer, thoughts?
Hi monkeys,
Just now got this lower MM PE (~200M AUM) offer with a decent package (roughly double my current number). So come here to ask you guys for advices.
Background:
Top Econ undergrad, 1.5 years at Tier 2 consulting firm(LEK, Parthenon, Booz)
Goal:
Planning to apply for MBA next year and break into a upper MM PE (500M-2B AUM) after that.
I realize that a pure 3-year consulting pre-MBA background barely makes it possible, so maybe a mix background (1.5 years consulting + 1.5 years lower MM PE) could increase the odds.
Question:
1. In terms of MBA application, is it a right move? My targets are basically lower MBA business schools<br />
">M7 (CBS/Kellogg/Booth/Sloan) and upper S16 (Yale/Stern/Tuck). Do I have a shot at these? And how does this move change my odds?
2. In terms of post-MBA career, as I said my target is a upper MM PE. So do I have a shot at it? And how does this move change my odds?
Any thoughts would be exceedingly helpful.
1) Guessing you have a shot, depending on other things like your GMAT and GPA and extracurricular activities etc. Should be competitive at lower m7 if you execute well and seem like you'll definitely be competitive at Yale etc (assuming your overall application is solid).
2) Whether you make it to upper MM PE depends on your execution. Clearly doing this PE pre-MBA will increase your odds.
Thank you notthehospitalER. Just have one more question. Is the gap between lower M7 (CBS, Sloan, Kellogg, Booth) and Yale SOM so big? I thought certainly that Yale is not a M7 but they are way more competitive than schools like Tuck/Stern/Haas in terms of application. Please correct me if I'm wrong.
Others would know more but I believe the perceived gap between Yale and the lower M7 is pretty wide....I would go lower M7 100% if possible (I'd personally turn down better financial aid from Yale to go to lower M7 etc.)
First off your first question is unanswerable. The sentence "top econ undergrad, 1.5 years at Tier 2 consulting firm" won't get you into any school on its own. Start researching what business schools look for and building your pre-MBA career around that.
Second, yes, any PE experience is good to have to move into new PE jobs. I'm not even sure why you're asking that.
I'm in lower MM PE right now, planning on getting into a top b-school and leveraging that into upper MM or mega fund. Every single person I've talked to has told me that my prior PE experience pre-MBA will make this a possibility, and that without it I would have a much, much harder time.
In regards to your questions:
1) Your plan is solid. I think you have a shot based on the limited information provided. This doesn't mean you're a shoe-in, just that your odds aren't under 10%.
2) This is a fairly legitimate plan. Consulting --> LMM PE --> MBA --> MM PE is not unreasonable. Far better than staying in consulting for three years, and probably better than any other alternative available to you, in my opinion.
Thank you CompBanker. I've got an average Undergrad GPA and a 750 GMAT. As to Extracurriculars and leadership, I was president at some association and sport club during my college time. I know this is not going to make me a stellar, but you know, not going to be my shortboard. So basically that is my background. So how do you think my chance in business schools? Let's say five types of schools: Type A: Stanford, HBS Type B: Wharton Type C: Sloan, CBS, Kellogg, Booth Type D: Tuck, Yale, Haas, Stern Type E: Ross, Fuqua, Darden
Thanks
much better than going to MBA without PE experience. But in general, it is difficult to move upstream and go from a small fund to a bigger fund. Works the other way, much more often. But not impossible.
Thanks ledger123. Actually I'm just curious that is a 1.5 years consulting+1.5 years PE more advantageous than a pure 3 years consulting background in terms of applying for MBA. I mean, my current consulting firm is pretty pretigious (even it's not MBB). But the PE firm is a middle market firm with AUM of 200M, basically nobody in business school admission office know it.
Where did the senior guys at the PE firm get their MBAs? If they went to one of those schools you listed, chances are the admission office will have heard of it.
I don't really buy the notion that prestige of work place matters a whole ton. I think it's an implicit factor more than anything, as something that is possibly indicative of your leadership abilities to be able to get into a firm like that, but if you don't have any actual leadership experience to speak of it's not a huge help.
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