Private equity (PE) has always been a highly-sought post-MBA career path, but the trend accelerated over the past 10-15 years. This increased PE hiring is driven by the growth and public listings of the major PE firms, which need to show expansion in AUM. Consequently, major PE firms like Blackstone, KKR, Carlyle, etc. have significantly increased their hiring of MBA students and summer interns over the past decade or so, and top business schools like Wharton, Stanford, Harvard, and Columbia have seen a rise in the percentage of their MBA graduates accepting PE roles, both internships and full-time positions. For example, at Wharton, the percentage taking PE internships rose from 6.9% for the class of 2016 to 14% for the class of 2023.
While an MBA from a top program (H/S/W) is almost a prerequisite, especially for the most prestigious PE firms, it is important to note that the opportunities are still limited compared to roles like investment banking. For post-MBA associate roles, PE firms strongly favor candidates with 2-3 years of pre-MBA experience at a bulge bracket investment bank or a top management consulting firm like McKinsey or Bain. Prior PE experience is not strictly required but gives a significant advantage. Beyond the pedigree, PE firms value candidates with strong deal execution skills, financial modeling expertise, and the ability to source and evaluate investment opportunities. Prior entrepreneurial or operating experience in a relevant industry can also be appealing.Breaking directly into PE post-MBA without any prior relevant experience is extremely difficult, if not impossible.
Harvard Business School
Historically, Harvard Business School (HBS) is widely regarded as the premier MBA program for private equity. HBS' strong connections with legendary PE firms such as KKR, its prestigious brand name, and an extensive alumni network in private equity contribute to its exceptional placement rates in the industry. For the Class of 2023, 17% secured roles in PE, one of the highest rates among top MBA programs. HBS is a powerhouse in private equity, with its graduates prominently represented at leading firms like KKR, Carlyle, and Blackstone. The HBS PE/VC Club, one of the largest and most active student clubs, offers invaluable networking opportunities and industry exposure. Additionally, HBS' emphasis on case studies equips students with a practical understanding of evaluating investment opportunities, further enhancing their readiness for careers in private equity.
Stanford Graduate School of Business
Stanford Graduate School of Business (GSB) is widely recognized as one of the top MBA programs for breaking into private equity. In 2023, In 2023, it achieved the highest percentage of graduates entering private equity roles (18%) among top MBA programs. Stanford GSB rigorous curriculum with foundational topics like finance and leadership and electives like “Private Equity - An Overview of the Industry”, “Building a Money Management Business” or “Financial Restructuring” allow you to tailor their MBA towards a career in private equity. Importantly, you will have the opportunity to gain hands-on experience through the GSB Impact Fund to evaluate startup investments, a field of growing importance to PE funds. The school’s prestigious brand name, extensive alumni network in private equity, and its emphasis on interpersonal dynamics and its "touchy-feely" culture align well with the relationship-driven nature of private equity. These factors make Stanford GSB a premier choice for individuals aspiring to build successful careers in private equity.
Wharton School | University of Pennsylvania
As the historical Finance School, Wharton rightly deserves to be considered as one of the best MBA programs for a career in private equity. Wharton offers a comprehensive curriculum focused specifically on private equity, including courses like “Advanced Topics in Private Equity” and “The Finance of Buyouts and Acquisitions”. Wharton unrivaled curriculum provides you with in-depth training on evaluating investment opportunities, deal structuring, due diligence, and value creation strategies unique to the PE industry. The school has an active PE/VC club that facilitates networking, industry events (including the famous Wharton PE/VC Conference), and access to top PE firms for recruiting. Wharton’s specialized curriculum, extensive recruiting pipeline, practical case study training, and powerful alumni network make it one of the most sought-after destinations for aspiring private equity professionals.
Overall, there is a significant drop-off in placement rates for Upper Middle Market (UMM) and Mega Funds (MF) after the top-tier programs at Harvard, Stanford, and Wharton (HSW). However, other MBA programs, such as Booth and Kellogg, are highly regarded for their strong connections to Middle Market (MM) private equity firms, particularly in Chicago and other cities in the Midwest and South. Similarly, Columbia Business School remains a strong contender for aspiring PE professionals. These programs offer excellent opportunities for students aiming to build careers in the MM PE sector.
Booth School of Business | University of Chicago
Kellogg School of Management | Northwestern University
Columbia Business School
Other leading programs like MIT Sloan, Yale SOM, Tuck School of Business, and international programs like INSEAD or LBS are also well-regarded for careers in private equity, though they are not considered among the absolute top programs for such a career path. They typically place around 2-4% of their graduates in private equity firms, mostly with MM funds. All of those schools have an active Private Equity/Venture Capital Club facilitating networking and career prep. While any top MBA program provides a strong finance and investing curriculum, and extensive resources, students interested in private equity careers may face more competition compared to the handful of programs with the deepest PE ties and recruiting activity from top funds.
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