Private equity is a difficult field to enter and with a high number of applicants for jobs at a private equity (PE) firm, employers are forced to be selective. This has led to a common misconception that there is one single path to working for a PE firm and absolutely no other way to enter the field. This is simply not true, there are a variety of ways to enter private equity, as many of the top PE managers illustrate.
But it is true that many PE firms hire from top tier business schools and universities. Another popular path to a career in PE is through investment banking. Many investment bankers work with PE firms in valuation and helping in M&A transactions so the transition it fairly natural, although the two industries are also very different.
David Rubenstein of the Carlyle Group, one of the top 10 buyout firms in the world, worked in Washington as part of the Clinton Administration and as an attorney. Then he founded one of biggest and most successful buyout firms ever. This is a unique career path which shows that a person's most important qualification is education, intelligence and a strong work ethic like Mr. Rubenstein's. Other career paths for entering PE include accounting, law, compliance, corporate and business management, and any number of other fields. If you have performed well in other roles and have a strong background of knowledge in PE and finance you will still be able to compete for jobs in PE even though you will not have the typical background. Some firms may even look on this as a benefit because you have a different perspective.
If you are interested in entering PE you should consider bolstering a lacking resume with a private equity training program. This puts you in a better position and makes up for your lack of PE experience and knowledge by giving you a strong understanding of how the industry works.
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