What Blackstone Seeks In An MBA Hire

What are your expectations for entry level MBAs? What are your most successful new hires doing to hit the ground running and quickly add value?

You hit the nail on the head when you said we expect MBAs to hit the ground running. They have to come in and quickly master the technical aspects of the job; learn how to navigate the organization quickly; display competence to the junior team members that they manage; and develop relationships and gain the confidence of senior leaders. Our most successful MBAs have gravitas. They are go-getters who work hard. And they are really passionate about the business they are working in and intellectually curious.

They don’t come in and crank out the analytics. They understand and master the analytics, but they think about it more wholistically and strategically. They have that perfect blend of being able to demonstrate the technical expertise; they flawlessly execute; and know how to roll up their sleeves and get the work done. They’ve got to be able to step back and see the bigger picture and understand the business strategy and global nuances.

The best associates are going to know that work inside-and-out, yet they can step back and see the bigger picture. They can convincingly build a case to support the strategy. Ultimately, they inspire. They are striving for excellence and can inspire both the people working for them and the people around them.

[Even more], are they able to stand up to Steve (Schwarzman, CEO) and Tony (James, COO) in an investment committee meeting when either one of them challenges them on their conclusions? You need gravitas for that. They have to stand firm and defend their case.

Tell me more about what you mean by wanting your incoming MBAs to be inspirational?

As far as inspiration, you come in with strong technical ability…You’re inspiring the junior team members by rolling up your sleeves and you’re working alongside them and you know [your job] cold. You inspire because you have ideas – and you can translate the analytical and technical into the bigger picture to help them understand the strategy. You’re creative, you have innovative ideas and you’re not afraid to push back. You’re cutting edge, creative, and innovative – but not in a reckless way.

For example, at the senior level, you’re inspiring junior people because you’re down in the trenches with them. In the recession, you can comfort them – ‘I’ve been through six cycles and I know how this is going to come out.’ Not only do you inspire them with experience, but you inspire them with bright ideas. When Tony and Steve bought GSO (a credit business), it had $10 billion under management. Now, I think the number is $78 billion. It grew that much from 2008-2015. By making the right decisions, you inspire people.

You also inspire with passion and integrity – and doing the right thing. There are certain strategies that Steve refuses to do because he doesn’t like the smell of them – that’s inspiring! The fact the firm is doing well due to a myriad of factors is inspiring. In a recent New York Times, there was an article on the decline of the banking industry. It’s inspiring when [Blackstone] is growing at 26% a year when other firms are cutting back. It’s inspiring for the junior people when they get a major role. And it’s inspiring for a junior person when you come up with an idea and it’s listened to and even adopted.

Give me an example of a student who really impressed you in the process. (i.e. What is the most creative or memorable thing someone has done to stand out and impress you?)

I think this is commonly known, but students who are well-prepared, confident (but not arrogant), know the firm and can truly articulate what their value proposition is to the firm make an impression. They demonstrate passion and an interest in the business, but they also demonstrate passion and interest in other things outside [work], showing they are a well-rounded, thoughtful person. Again, what have they led? Are they creative and innovative? As Steve Schwarzman says, “I want to see a spark in their eyes.”  

What excites you personally about working for Blackstone?

I am relatively new to the firm. When this opportunity came across my line of sight, [I told myself], ‘That is the job I want. That is the firm I want to work for.’ The reputation and brand [of Blackstone] is extraordinary. I am energized every single day. I am working alongside the hardest working, most passionate people in the business. And it’s always interesting, new and exciting. It’s a great learning opportunity too.

I could see in my first days that I’m working in a firm that is growing and…is really a meritocracy and a fair organization. And its relentless commitment to excellence really speaks volumes to me.

I have a large amount of responsibility, but – and this is very unusual – I have the autonomy to get it done. A lot of people have responsibility, but they’re hemmed in by bureaucracy or a lack of authority. And they find it hard to accomplish their goals. If in the end I don’t succeed in what my job is, there’s really no one to blame but me. And that’s actually much less stressful than to be given the responsibility but not the tools to get it done.

What question(s) didn’t I ask that you’d love to answer?

What really stands out to me is we’re successful firm, yet we’re really committed to corporate citizenship through our firm’s charitable foundation, where we’ve made a tremendous impact on entrepreneurship and job creation. Here are a couple of examples.

We have partnered with the White House to hire veterans. We’ve helped 20,000 veterans (to date) get hired, and we’re committed to a total of 50,000 in the next five years.

In 2013, for example, we announced our innovation grants program, which targets non profit organizations that support entrepreneurship and strengthening entrepreneurial skill sets. This year, the foundation has selected 20 amazing organization and given $3 million dollars in funding, which is exciting and game changing for innovation.

Lastly, we had the launch of the Schwarzman Scholars program…It was inspired by the Rhodes Scholars program. The program will send 200 exception students annually Tsinghua University in Beijing for a year of study and cultural immersion. The first class will matriculate in 2016.

It’s important for students to know that there is such an incredible focus on social concerns and awareness around the globe at Blackstone.

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