[Ivy1]

בתגובה ל: ארכיון 2: ???Any Israeli Applicants #9045

To: yonis

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Yonis,

First, I didn’t say that (decent) hedge fund is easier to get into than PE; I referred to the big investment management (IM) firms (Fidelity, etc).

Second, it is (IM) not necessarily easier – it depends on your experience and passion (yeah really) for investments. You can’t bullshit your way into any of these places.

Third, I don’t think it would be much easier to get a PE offer when coming from IM, since transaction experience is crucial when looking for a job in PE.

Having said that, stranger things have happened.

As for gradual transition into PE through Investment Banking (IB) – I agree that this is the traditional consensus. Just to put things in perspective – at least 200 people from the top banks are going to compete against you for probably 10 available positions (in the top shops). These guys are going to be better connected and suited for the position. The ‘master-plan’ of going to IB and then making the transition into PE is one of the biggest misconceptions in B-schools. It won’t be (necessarily) any easier 2-3 years down the road.

[Ivy1]

בתגובה ל: ארכיון 2: ???Any Israeli Applicants #9034

To: kw1

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Hi KW1,

Here are few remarks in addition to Assaf’s detailed and educated response.

Investment banking – I tend to agree with most of what Assaf said. I would add that Columbia, Wharton and HBS are the best schools for investment banking (recruiting-wise).

Investment Management – you don’t have to work harder to get there as long as it is on campus recruiting process (such as Wellington, American Funds, Fidelity etc. or within the banks). These companies recruited on campus this year in Wharton , Chicago, Columbia and HBS.

Hedge funds – very different story (although the top funds did come to formally recruit on campus in Wharton this year and some also went to HBS and Chicago). In case you have to look for a hedge fund off campus I agree with Assaf – you are going to work very hard to find something, anything. Some categorize hedge fund in the same pool of PE (definition wise).

Private Equity – I agree with the distinction between early stage and late stage (VC and buyout for the sake of argument simplicity, although it is very artificial one). Stanford and HBS are probably the more popular schools among the VC employers with Wharton in the 3^rd place. I also agree with Assaf that it is almost impossible to find a job there (especially for non-Americans) so it doesn’t really matter where do you go to school (in this context).

Buyout – I am very familiar with this field and I have some insights to add. Today most of the focus is on the operational level and not only on the financial aspect. As a junior guy you will deal mostly with financials aspects, though (read – build models). This is NOT an off campus process if you go to HBS or Wharton. In fact, this year few top funds including The Carlyle Group, KKR, Blackstone, DLJ Capital partners (CSFB), Madison Dearborn, and Goldman Sachs Capital Partners were formally and actively recruiting ON CAMPUS in 2 schools – Wharton and HBS. For the rest of the funds – Assaf is right, it is an off campus process that is almost impossible, especially for non-Americans.

Caveat – I agree with Assaf, if you don’t have previous background you are going to face major frustration when looking for these (PE) positions even if you are going to HBS or Wharton or Stanford. The people (mainly Americans) in these schools are so experienced and well connected in these industries (prior to B-school) that they are in their own recruiting league. Having said that, it is not impossible and people are finding jobs in PE in general and in the top shops in particular (even an Israeli or two succeeded in that).

[מאת]

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