M&A vs. E&F

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4yrs of generalist consulting, deciding between M&A position for PE-backed firm vs. investment position for endowment. No finance background or MBA. Pros vs. Cons? 

Comments (4)

 
Most Helpful
Oct 17, 2020 - 1:58pm

Are they in the same city? Do you/family/partner have a geographic preference?

Kinds of work will be different. One will be buying (and maybe selling) add-ons and probably have some pressure at the least from management/the PE types. I can't tell what comp is but I would guess that it won't be that good since it's corporate AND PE run and they will want to keep costs low. In other words, transaction focused. Can't comment on hours either.

 

E&F. Stable, permanent capital. Often sleepy. 40 hours a week and probably the best sharpe ratio job in finance if you can find it. Can be boring. More fund investing based, probably more travel. Everyone kisses up to you because they want your money. Great to network in, though exit opps if you want to go into direct investing is hard at best and will depend probably more your senior types pushing a firm they are already invested in to do so (Princeton does this). Otherwise, cushy.

Both probably position you just fine for an MBA.

 

Good luck

I used to do Asia-Pacific PE (kind of like FoF). Now I do something else but happy to try and answer questions on that stuff.
 
Oct 17, 2020 - 3:19pm

Having worked at an E&F, this hits the nail on the head.  The best pay/hours ratio in finance but can get repetitive. Lots of traveling cross-country/internationally which is not as glamorous as you'd think.  Much less fun when you're constantly changing time zones and are on the ground for less than 24 hours. One upside of the E&F is networking with those on your investment committee/board - usually some big hitters if it's an Ivy or prestigous non-profit.

 
Oct 17, 2020 - 9:04pm
I used to do Asia-Pacific PE (kind of like FoF). Now I do something else but happy to try and answer questions on that stuff.
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