I think you’re making too many assumptions about future events, and you’re not factoring in different possible outcomes. For example, yes, you probably won’t be promoted directly at the mega-funds, but you could go from there to middle-market funds, growth equity, hedge funds, etc., so you don’t “need” a top business school to advance unless your only goal in life is to become a Partner at KKR or Blackstone.

Also, you have no idea whether or not you can get into the top business schools because it depends on events over the next few years and, unlike law school, is about more than just your test score.

So… I think you are being overly paranoid. You should start the IB role, and if you’re not certain you want to go into PE, just interview around for other roles, like PE at smaller funds, private credit, real estate, growth equity, etc., and see what sticks.

I’m about to enter IB in NYC at a BB. As you know, pretty much EVERYONE is jumping on the PE bandwagon and trying to jump to MFs/Upper MMS in search of higher pay, less hours/grunt work etc.

But most of these programs force you out after two years, and unless you get into HSW, it’s unlikely you end up back at these firms.

I’m a pretty poor test taker, and doubt I could score high enough on the GMAT get into HSW business schools. Assuming I can’t break 700 (or even 650), and wouldn’t end up getting into these top business schools, would you recommend I just stay in banking (assuming I enjoy the work)?

I’m not dead-set on PE as my long term career, and also understand it is nearly impossible to make partner level at these firms since no one is leaving. I’m still open to other investing roles that don’t require an MBA and also pay as much as banking (private credit, real estate??)

Thanks for your help!

I haven’t looked at them in detail lately, so can’t really say. But I think it’s probably a “pick your poison” scenario – yes, yields are higher, but so is default risk. So… do you lose money holding a bond to maturity, or do you lose it when the government or company defaults? This is why I’m staying away from anything bond-related outside the U.S.