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The MBA Thread - Page 42

post #616 of 1044
Quote:
Originally Posted by maverick View Post
Will always be harder to get into than banking... but point is its only been relatively recently that the funds have even recruited out of college.

Many funds don't want business students, or finance students they want Physics, Math, and Computer Science Phd's. A couple of accountants too.

I had a trading portfolio in college and made killer returns. Bumped into a fund manager and told him what I have been doing and about job openings. He told me to get a Math phd and then give him a call.
post #617 of 1044
Quote:
Originally Posted by leftover_salmon View Post
They're very different, but many PE firms focusing on "growth capital" operate similarly to VCs, and many distressed debt or loan-to-own hedge funds operate similarly to PE firms. The line can get pretty blurred. But in general, yes, I agree with your comment in the context of people saying "I'm a college junior interested in PE/VC/HF," with the tacit addendum "...because I hear they're a great lifestyle and the pay is amazing [and not because I'm genuinely interested in what they do]."
IMO they're very different. Distressed debt has a huge credit focus. Sometimes they want people with PE experience ON TOP of credit experience. Even restructuring/bankruptcy experience. The lines are not as blurry as you would think. And what you do in a VC has nothing to do with an LBO. And in capital markets you had no experience with models, but what also is going to hurt you is that you don't have experience with structuring, documents, negotiations specific to that field (or maybe you do, I don't know). Working in excel is the bare minimum, not the golden ticket. Personally, I think you need to flesh out what you really want to do in life. Or at least where you want to focus on the capital structure. Which is a lot easier saying that than doing it. As an MBA grad, you'll be more expensive so the risk may not be worth it for someone. Just a thought.
post #618 of 1044
Quote:
Originally Posted by haganah View Post
IMO they're very different. Distressed debt has a huge credit focus. Sometimes they want people with PE experience ON TOP of credit experience. Even restructuring/bankruptcy experience. The lines are not as blurry as you would think. And what you do in a VC has nothing to do with an LBO.

And in capital markets you had no experience with models, but what also is going to hurt you is that you don't have experience with structuring, documents, negotiations specific to that field (or maybe you do, I don't know). Working in excel is the bare minimum, not the golden ticket.

Personally, I think you need to flesh out what you really want to do in life. Or at least where you want to focus on the capital structure. Which is a lot easier saying that than doing it. As an MBA grad, you'll be more expensive so the risk may not be worth it for someone. Just a thought.

Since I personally have zero experience working in banking and all experience working in industry I have spent a lot of my time learning about how our firm raises capital, targeting capital structure, timing, cash flow analysis, investor cues and expectations. I have more and more wanted to shoot for a treasurer or CFO type role. Perhaps this is just because it is what I am exposed to, but it would be interesting to see the other side. Our CFO's role is much like an investment banker that simply works for the company. It makes sense considering both him and the Treasurer are ex I-bankers.

I am currently studying for my GMAT's and shooting for NYU. I don't really know where I want to be 10 years from now, just trying to expose myself to what is out there, because honestly I am not sure. I am definitely interested more in big picture finance, than bean counting for a small company. I feel like I know a lot already, but I am not sure what move to make. Get experience in the industry and work my way up or try to get into banking somehow with no experience and an MBA.
post #619 of 1044
Quote:
Originally Posted by patrickBOOTH View Post
Since I personally have zero experience working in banking and all experience working in industry I have spent a lot of my time learning about how our firm raises capital, targeting capital structure, timing, cash flow analysis, investor cues and expectations. I have more and more wanted to shoot for a treasurer or CFO type role. Perhaps this is just because it is what I am exposed to, but it would be interesting to see the other side. Our CFO's role is much like an investment banker that simply works for the company. It makes sense considering both him and the Treasurer are ex I-bankers. I am currently studying for my GMAT's and shooting for NYU. I don't really know where I want to be 10 years from now, just trying to expose myself to what is out there, because honestly I am not sure. I am definitely interested more in big picture finance, than bean counting for a small company. I feel like I know a lot already, but I am not sure what move to make. Get experience in the industry and work my way up or try to get into banking somehow with no experience and an MBA.
It's not what everyone claims it is. Just remember that. Do what makes you happy and pretend you never heard anyone talk about what they do...you'll be a lot better off in life. And, again, if you can't with certainty say something like "I want to invest in busted convertible bonds" IMO you have no good reason for why you want to "switch". But again, just my opinion.
post #620 of 1044
Quote:
Originally Posted by scientific View Post
given the number of hf that dabble in pe/vc and the number of pe that dabble in hf, its a pretty arbitrary decision

the skill set is basically the same and not that difficult to acquire. the pedigree is the difficult thing

i agree that recruiters would frown upon it but thats because recruiters are dipshits

recruiters are essentially filters. the hiring decisions are made by partners, directors, department heads, etc. you might meet with a recruiter, but the others you meet with are those you will be working with on 15 hr days, etc. so their vote counts the most. plus many of the smaller VCs or HFs don't have recruiters...it is the founders that hire you and they don't have the time to recruit on campus. if they do, its a resume drop. Generally they are looking for *very* specific experience...either you have it or you don't.

if you mention in an IB interview that you want to work for a HF or PE shop, you chance of getting a job with that IB is essentially zero. they want someone who is going to work their butt off and not thinking about how soon they can try to switch to another field (even though everyone is thinking about it).
post #621 of 1044
Quote:
Originally Posted by hangthree View Post
if you mention in an IB interview that you want to work for a HF or PE shop, you chance of getting a job with that IB is essentially zero. they want someone who is going to work their butt off and not thinking about how soon they can try to switch to another field (even though everyone is thinking about it).

+1

NEVER talk about exit opps, no matter how much an interviewer tries to draw it out of you.
post #622 of 1044
Quote:
Originally Posted by patrickBOOTH View Post
True, I was in the top of my class, but I went to a very small state school and had no connections. I was screwed. I couldn't even get an interview at a bank for anything higher than a cold caller for a stockbroker. I tried HARD too. No such luck. Now, I don't work in the banking industry, and I work with ivy leaguers. I always ask myself if I am really smart, or they simply don't care, because they could be making a ton of more money at other places.

Sounds like you're crippled by your insecurities, my man.
post #623 of 1044
whoops, double post.
post #624 of 1044
The chances for an MBA with no PE experience getting into KKR, Bain, Blackstone, blah blah blah regardless of whether you went to Harvard or Stanford are small.

I've been told that Apollo has about three spots for summer associates (imagine 1,000 applications) and interviewees are explicitly told that they will not get a full time offer afterward. Tough industry to crack due to small size and level of demand.
post #625 of 1044
Can anyone tell me which of these is more common for finance careers? I'm trying to figure out when I will be going back to grad school

IBD Analyst -> MBA -> IBD Associate?
IBD Analyst -> Associate -> MBA -> VP?
post #626 of 1044
Quote:
Originally Posted by Souper View Post
IBD Analyst -> Associate -> MBA -> VP?
I skipped analyst and was hired as an associate. I have no intention of getting my MBA anytime soon.
post #627 of 1044
That's fantastic. I can't imagine how I would go about doing that. So for the rest of us...

I realize that I can make the jump from analyst to associate without the MBA. However, at this stage I am leaning towards getting an MBA for the life experience and varied exit opps
post #628 of 1044
wtf, exit options? Being an IB is awesome and sux. until you get 100-200M in deals under your belt, you should be concerned with the next 10 deals to get that number. I work at a small boutique firm so it is cool but you start to know a lot people in the industry quick. You need to network, network, network, and network. That is how i got my job, and i used to work with my boss at another job like 5 years ago. This is also my opinion as well but I think the CFA might be a better choice than an MBA but both combined and you're a freakin power house. That is what i am doing now, life is fun.
post #629 of 1044
Not sure if I'm shooting for a long career in banking or buy side exit ops after analyst years.
post #630 of 1044
from what i've heard buyside is better than sellside. I work on the buyside and I couldn't imagine bringing a company to market and going through that process. It's like picking a prostitue at a whore house. I find the best part of this other that the paychecks are diversity of CEO's I get to talk to.
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