PE -> JD/MBA: How to fill the summers?
For those who choose to go this route, how do they usually try to manage their internships? I imagine most don't just go Finance/Finance/Finance their three summers (assume a 4 year program), but I also assume that last summer has to be Finance if you're looking for an "exit" back into PE/HF (perhaps even at the same firm). So is Finance -> Law/Policy -> Finance more typical? What are other possible paths?
Generally, the curriculum for a JD/MBA program starts with year 1 at the law school (1L). Then you'll switch over the the business school for the entire second year. The remaining two years are generally split, with most of your time at the law school. Because the first year is at the law school, most JD/MBA students find a summer position in the legal field after 1L unless you can work a deal with your current employer to come back over the summer. It's more common to transition from Legal --> Legal/Finance (e.g., corporate counsel) --> Finance throughout the summers.
The best resumes I've seen from JD/MBA guys at Harvard or Stanford have been the following:
BB IBD summer analyst > senior year > MBB internship > 1L > BigLaw internship > 2L > MF PE internship > 3L > elite HF
1 year work experience in brand-name public policy/nonprofits > 1L > MBB internship > 2L > BigLaw internship > 3L > MF PE associate
1L > BB IBD summer associate > 2L > MF PE internship > 3L > MF PE associate
These guys were all monsters. I wondered why they were okay spending so much time in school, but I understand different people pursue different paths. While all three were guys I'd gladly have had at a desk next to me as a colleague, only one seemed to have a real social life and be a guy I'd invite to stuff outside of work.
To answer your question, I think that the route varies based on the individual. If you were pursuing the JD/MBA directly out of undergrad, you're working with more lead time and can thus plan accordingly (like the first guy's profile I shared). If you worked after undergrad and decided to return to school for a combined program, you'll probably follow broam's comments and pursue internships related to the course of study in each academic year.
One thing I'd add anecdotally is that the brand of the school seems to matter more with the JD/MBA than anything else. The deviation in outcome between people at H/S vs. also great schools like Penn, Columbia, Northwestern, Chicago, etc. that round out what's generally thought of as the most elite schools was surprising to see.
It's tough: you have to mesh the M7 (MBA) against the T14 (JD). It's not always a clean pairing. H/S are the only programs to be regarded as 1 and 2 (or by some standards, 1 and 1) for both business and law. (I'm aware that some programs put HLS as 3rd behind SLS and YLS, but it's well-known that for corporate recruiting, HLS is either a peer or superior to SLS.) NYU is the 4th/5th best law school but falls somewhere 10-12th with its MBA. Northwestern, UVA, Penn, and several others all have similar imbalances.
Good luck.
Awesome overview, much appreciated. Have you heard of any "traditional" (2 IB + 2 PE) kids doing the JD/MBA?
I've heard of only one guy doing it (and he was the subject of a bunch of "what the fuck is he thinking" amongst the group of us in that conversation).
Not a "kid" but most notable example of someone who did JD/MBA after PE that I can think of would be Ram Jagganath at Blackstone who was an associate at Genstar prior to degree.
Not sure what Genstars rep was then, but looks like it was MM or LMM based on their fund size.
EDIT: I'd assume there's some Paulson & co alums who did it as well. They used to recruit heavily out of Harvard's JD/MBA.
What do you mean by brand name public policy / non profit? Something like Rockefeller / Gates / Ford Foundation or something like the United Nations?
Never have understood the allure of a JD/MBA. If you want to be a lawyer, go to law school. If you want to work in business, go to business school.
I think most programs let you pick which school you start at. If you start at the bschool it'd probably help with nonlaw internship recruiting. You could do BSchool > MBB or IB internship > 1L > Opposite of first summer > 2L/BSchool > PE internship > 3L/BSchool > Full time PE.
I'd have to assume this would be your best shot as opposed to doing a biglaw internship.
To what extent do you think Senator Romney's JD (part of his HBS JD/MBA) helped him become Governor / Senator? Do you think he would have been fine anyway without the JD (e.g., Governor Rauner, GTCR)? Do you think the formal legal study makes Senator Romney a more capable politician than Governor Rauner was?
For Romney, assuming the JD helped him at least some measurable amount, how much do you think the benefit was from the JD network, and how much do you think the benefit was from his understanding of constitutional law (et al.)? What other elements do you think contributed to its utility? I realize there are myriad other factors but I'm trying to get opinions on the value of the JD as an isolated entity.
Is anyone aware of any interview where Senator Romney has talked about the reason he got a JD/MBA? Are there any other examples of investors who turned to politics after a fruitful career? Either senatorial or gubernatorial is fine.
A lot of these older guys (Blankfein, Rubenstein, Romney) got a JD during an era when it was a much more versatile degree and education was way less expensive, can't really compare their career paths to someone half a century younger.
His father and former Governor of Michigan, George W Romney, pushed him to do the JD.
Also, here's a quote from a Harvard JD/MBA who did a Q&A on a certain law forum 8 years ago.
"There are a few different buckets of people for whom it makes sense:
- Aspiring politicians. Getting the networks from both schools is a HUGE benefit if you are going to need to raise a ton of money in life, and having both degrees/backgrounds will give you credibility in the business and legal worlds.
- People who want to start businesses or social ventures and plan to be calling the shots in those ventures for a while. Having a deep understanding of contracts and how gov't operates can be very important for certain very specific types of non-profits or social ventures.
- Some finance jobs (esp. Paulson & Co.) really like people who have the dual degree, because they get the quant/business side of things but also the regulatory framework in which these businesses operate.
- People who want to get into stuff like the IMF/World Bank/etc. This is one area where it really does help to understand law and business."
If you want to do finance after, why do the JD when just an MBA can get you to the same place.
Might make sense if you are coming from a silver background (ie; MM IB / LMM PE) with top GPA/LSAT and trying to trade up / backdoor into HSW. The three summers of internships can help.
do you really think someone with a MM PE pre-MBA background can use the JD/MBA+3 summers to be more competitive in UMM/MF post-mba PE recruiting (given how competitive it already is)?
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