3 Traits Of The Top M7 Finance Applicants

“Working in finance” isn’t a coherent career goal by itself. Finance is a very large and diverse industry and, in many respects, the day-to-day of one job in finance may more closely resemble a role in another industry than it does another finance job. The skills and experience needed for a post-MBA role in finance are very particular to the area of finance you are most interested in, but too often we see applicants with unrealistic or unconsidered ambitions in this industry. To help you craft a compelling and plausible case for your application (or prepare for job interviews), let’s examine some of the most popular post-MBA finance careers below.

Private Equity Career Goals with an MBA

Professional Track Record

The first thing private equity (PE) firms will look for is prior private equity experience. Most private equity firms – especially mega/large cap and mid-market funds – require their candidates have pre-MBA experience, with two years usually the minimum. These firms value people who can effectively “plug ‘n’ play” into the post-MBA role.

It’s not impossible to break into private equity if you have no pre-MBA experience, but it is extremely difficult. After all, why would a private equity firm – a place that professionalizes the minimization of risk – take a chance on someone who has never experienced the job? Unlike in investment banking, there is no formal training program for post-MBA PE professionals, so you are expected to hit the ground running from day one. 

If you want to break in post-MBA, you need an x-factor in your favor. For example, if you bring some sort of deep industry expertise and are targeting a sector-focused fund, you can sell yourself on your industry contacts and knowledge. Or, perhaps you indicate a willingness to relocate to a smaller city in the South or in Europe as opposed to the more popular options such as New York, San Francisco, or Boston. By and large, however, PE firms can afford to be picky because the funnel tightens: there are fewer post-MBA PE roles than pre-MBA ones. 

Technical Capabilities

Beyond just experience, PE firms will ask if can you model and get you to prove how truly good at it you are. You should ask yourself: How easy is it for you to structure a leveraged buyout (LBO) and develop the terms of a deal? Are you adept at managing a pre-MBA analyst/associate to the point where you can spot-check their work without having to do it yourself? Can you communicate both upward and downward so the deal gets done? Private equity firms will require that these skills and responsibilities be practically second nature. In fact, it is a common practice for private equity firms to give their candidates a take-home or in-office test to show that they can perform quickly in a high-pressured environment. If you do not have previous LBO experience, you will need to study hard so you can pass this test to even make it to the later rounds in the process.

Communication Skills

One of the key aspects of being a private equity professional is working with multiple and often disparate parties to close a deal. That includes but is not limited to lawyers, investment banks, the target’s management team, other potential investors, and fellow deal team members. To succeed, you need to be crystal clear in how you communicate what needs to get done in closing the deal. When communicating upward to senior members of the firm, it is imperative that you are accurate in your requests and final product. When communicating downward to your subordinates, you must give sound direction. Private equity firms will test you to see how you speak about the intricacies of your past deals, ensuring you not only know what you are talking about, but also that you can articulate it in a way that instills confidence.

Venture Capital Career Goals with an MBA

Relevant Experience

To the surprise of many, there is no “perfect” or “ideal” experience to break into venture capital (VC). Even having pre-MBA venture capital experience is not a guarantee that you will land at a firm of your choosing. Venture capital firms are unique in their penchant for recruiting professionals from a diversity of backgrounds. That includes but is not limited to experience as a startup operator, previous/current founder, investment banker, private equity investor, venture capitalist, corporate development analyst, etc. The key to successfully landing a post-MBA VC job is to find a fund and a role within that fund that fits your unique set of experiences. Since these firms are lean and don’t hire often, you have to communicate what you bring to the table and sell how that can directly help the fund generate superior returns.

Analytical Skills

Many venture capital firms place a high emphasis on a candidate’s ability to handle the technical rigor associated with the sourcing, diligence, and execution of deals. While venture capital firms range in their focus (industry vs. function) and investment stage (early vs. late) they all expect candidates to have some understanding of how to approach a deal from an analytical perspective. For example, VC funds will want to understand how you decipher a new or burgeoning market; how you evaluate a given product, technology, or service; and how you would structure deal terms (cap table, term sheets, etc.). Since pre-MBA VC experience is not always requisite, you should show that you have the fundamental skills and working knowledge of the jargon to handle the daily responsibilities of a VC investment professional.

Intellectual Curiosity

Venture capital is all about funding new and growing companies. Many of these companies are trying to disrupt existing industries or create new ways of doing business. These entrepreneurs are, in a way, existing in the future. Therefore, having a curiosity about the evolution of business is critical to being a successful venture capitalist. How do you demonstrate that in the recruiting process? You have to be prepared to pitch ideas and businesses when asked by your interviewer. 

Frequently in applications and interviews, you will be prompted to talk about trends or companies that you are currently invested in or would invest in if given the opportunity. Even if there is no “right” answer, you have to back up your assertions with strong evidence and reasoning that gives you credibility in the eye of your interviewer. Many VC firms will also ask you to write an investment memo on a company the VC firm has evaluated or is actively considering for investment. This is one way in which the firms can see how you think about, analyze, and structure a prospective investment in an apples-to-apples comparison with their current team.

Investment Banking Career Goals with an MBA

Attention to Detail

At the associate level, the investment banking (IB) job is rooted in building financial models, designing presentations, and conducting market research. To succeed in these day-to-day tasks, an associate must be perfect the art of minimizing errors and developing a precise understanding of data. Winning business on Wall Street is competitive and the margin for error is slim when pitching to clients. Investment bankers, therefore, want to know that any work sent to them or a client is clean, clear and correct. During the recruiting process, you must demonstrate this attention to detail. It starts with making sure your resume is not only flawless but also well-organized, which extends to how you speak about your experience and answer technical questions in interviews.

Team Attitude

Investment banking is all about teamwork. You are constantly working in teams. Oftentimes this will be your “deal team,” which usually includes an analyst (pre-MBA), associate, vice president, and a director/managing director. You will also work with the investment professionals at buy side firms (e.g., private equity firms) looking to acquire assets and the management teams at corporations seeking to raise capital or execute M&A activity. Lastly, you will also work with accountants, lawyers, and other third parties to close a given deal. 

Investment banks want to see that you are a team-driven player – that is, that you know how to work with subordinates, equals, and superiors, alike. To demonstrate this during the recruiting process, you should introduce examples of your ability to both lead and be a team player. In your resume, you should highlight relevant project work and experiences. In interviews, you want to speak to these experiences showing the actions you took and the results you achieved.

Technical Knowledge

While there are no pre-MBA requisites to land an investment banking job, you must still have a foundational knowledge of finance and accounting. You have to develop a solid, preliminary understanding of how companies are valued and by what methods. Unlike private equity, incoming investment banking associates will go through rigorous training prior to “hitting the desk,” but the banks will still expect you to start with a baseline grasp of these two important disciplines. If these introductory courses are not required in the first year of your MBA curriculum, you should elect to take them and complement your knowledge with any appropriate self-study. 

Throughout the interview process, you will likely be asked about how a particular corporate “event” flows through the three financial statements or asked how you might value a hypothetical company in a random industry. These are often referred to as “technical questions” or more colloquially, “technicals.” Acing these questions is paramount to getting to the next round and ultimately landing the job.

All Other Financial Roles with an MBA

These three examples cover the most common paths for elite MBAs, but they just scratch the surface of the many post-MBA opportunities in finance. Some examples we haven’t touched on include hedge funds, equity research, wealth management, etc., and operating roles at any of the aforementioned opportunities.

It is crucial to understand that while MBA admissions officers are not finance experts, they do spend a lot of time evaluating the plausibility of candidates’ stated careers in finance. If you are considering finance as your post-MBA goal, and anything we summarized above came as a surprise, you may have more research to do before you begin writing your MBA application essays. 

Reach out to your mentors in your target industry, or engage an admissions consultant, to get an outside view of your career plan. A compelling, well-thought-out career arc will show the committee that you know exactly what you are getting into and, more generally, how to succeed.

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Seth is passionate about building and growing companies and is currently focused on investing in, improving and scaling the most promising enterprises. When not tirelessly helping his clients get into the MBA program of their dreams, Seth moonlights as a cultural sophisticate. Seth has dabbled in the art of haute cuisine, has performed classical piano on the stages of Carnegie Hall and Lincoln Center, and has traveled the four corners of the world to satisfy his long-held goal of visiting the Earth’s tallest buildings —he’s been to 12 out of 20 so far.

 

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