What are my chances in PE?
I'm new on WSO, and would usually feel uncomfortable asking complete strangers for career directions, but here it goes.
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Education: I did a BSc. and MSc. in Computer Science, both school are non-target and not extremely known either (I learned a lot, but the employer doesn't really care). Grades 80th percentile. I had my head set for a software engineer job. So I first secured an internship at a large internet company (think Google), and then another one (extremely known as well).
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Jobs: While looking for jobs, I got approached by a headhunter for a financial firm (market maker), which seemed interesting and they paid well (30% more than a tech company), so I just took it.
This is when I discovered what an Option and a Corporate Bond was.
Depressed, I left that job wanted to go back to Tech industry but soon realized I was hooked on Finance, and took instead a Consulting role in Trading Software (very large financial IT software vendor) so I can learn more about the field (doing mostly development and support but gradually moving toward more functional stuff). -
Profile: I enjoy working with numbers, doing research and analysis. Coding is also fun but not in a basement back-office; I like being at the forefront of things, and of course a fat paycheck never hurts.
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Goal: What I want to do is break into Private Equity.
Do I stand a chance?
What do I need to work on and improve in order to reach that goal?
Which degree, which experiences?
Will getting an MBA be enough for me to break into PE?
I would be very interested in hearing from people who made it with a similar path as mine, 'un-focused' at the start.
So when you say "think Google" are you saying you worked at Yahoo!? Or are you saying you actually worked at Google, whereby you should probably just say so.
If you are coming from a tech background, which may or may not be Google, you are better off pursuing Venture Capital positions.. PE firms want bankers... not traders or ECM, but IBD and more specifically M&A and restructuring bankers. Every once in a while a consultant slips in, or someone from Big 4 accounting firms.. but it is difficult to get into PE without banking experience (especially at junior levels).
Go for VC or get a stint in banking first.
i was under the impression that PE firms took on a decent amount of MBB consultants, is this not the case?
MBB consultants will make it into PE every once in a while. But usually, they are the ones that worked on PE projects while they were consultants.
PE firms like bankers because they know what they are getting (usually)-- someone that: - can build a merger/LBO model from scratch - is familiar with the M&A process (management presentations, term sheets, politics that go on during a buyout, negotiations, etc.) - can pull all-nighters without breaking a sweat when required - can't be fooled so easily by bankers in terms of valuations
These are the skill sets you need to have to get into PE. Not very many consultants develop these skills unless they worked on a lot of buyout projects or worked with PE firms specifically. Although, consultants may be better at putting together a management presentation.
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