Wharton MBA Buy-side Report

Wharton reports its acceptance on December 16th… They have a ton of buy-side employers that gave offers to Wharton students. I finally have had the time to spend hours classifying the firms. Apologies for the mistakes. 3.4% went to Hedge Funds, 6.7% to investment management, 8.5% private equity, 1.7% to venture capital. So 20% of the class went to the buy-side. I think more hedge funds recruited at Wharton versus other schools, and I believe it’s less of a surprise. These start-up hedge funds are mostly in New York.

Wharton Employers Type
Al Masah Capital Asset Management
Asia Consumer Assest Management Asset Management
BlackRock, Inc. Asset Management
Brandywine Global Investment Management Asset Management
ClearBridge Investments Asset Management
Cornerstone Investment Partners Asset Management
Matthews International Capital Management Asset Management
MFS Investment Management Asset Management
Pacific Alternative Asset Management Company Asset Management
Parnassus Investments Asset Management
PIMCO Asset Management
Schultze Asset Management, LLC Asset Management
Archer Capital Management Credit
Capitala Investment Group Credit
Newstone Capital Partners, LLC Credit
AlpInvest Partners Inc. Fund of Funds
Abraaj Capital Limited Hedge Fund
Andalusian Capital Partners Hedge Fund
Carlson Capital, L.P. Hedge Fund
Cartica Capital Hedge Fund
Citadel Investment Group, LLC Hedge Fund
Cleargate Capital Hedge Fund
Crestwood Capital Management, LP Hedge Fund
Davidson Kempner Capital Management LP Hedge Fund
Elliott Management Corporation Hedge Fund
Emerson Capital, LP Hedge Fund
Falcon Investment Advisors Hedge Fund
Fir Tree Partners Hedge Fund
Glade Brook Capital Partners Hedge Fund
Hahn Capital Hedge Fund
Hawkeye Capital Managment, LLC Hedge Fund
Hitchwood Capital Hedge Fund
Incline Global Management, LLC Hedge Fund
Ionic Capital Management Hedge Fund
JAT Capital Management LP Hedge Fund
JHL Capital Group LLC Hedge Fund
KAUST Investment Management Company Hedge Fund
King Street Capital Management, L.P. Hedge Fund
Knighthead Capital Management Hedge Fund
Luxor Capital Hedge Fund
LW Investment Management Hedge Fund
Marathon Asset Management Hedge Fund
Midwood Capital Management Hedge Fund
Mount Kellett Capital Management Hedge Fund
Owl Creek Asset Management Hedge Fund
Rivulet Capital Hedge Fund
SAC Capital Advisors, LLC Hedge Fund
Soros Fund Management LLC Hedge Fund
Sovarnum Capital Hedge Fund
Stelliam Investment Management Hedge Fund
Stone Lion Capital Partners Hedge Fund
Tamarack Capital Management Hedge Fund
Tiger Legatus Capital Management Hedge Fund
Tybourne Capital Management Hedge Fund
York Capital Management Hedge Fund
American Securities LLC Private Equity
Angelo, Gordon & Co. Private Equity
Aqua Capital Partners Private Equity
Argonaut Private Equity Private Equity
Artisan Partners Limited Partnership Private Equity
Avista Capital Partners Private Equity
Bain Capital, LLC Private Equity
Baring Private Equity Asia Limited Private Equity
Baron Capital, Inc. Private Equity
Battery Ventures Private Equity
Blackstone Group LP, The Private Equity
Bridge Growth Partners Private Equity
Canada Pension Plan Investment Board Private Equity
Carlyle Group, The Private Equity
CarVal Investors Private Equity
Centerbridge Partners, L.P. Private Equity
CenterSquare Investment Management Private Equity
CITIC PE Private Equity
Clarion Partners Private Equity
Cressey & Company LP Private Equity
Ecus Private Equity Private Equity
Emerging Capital Partners (ECP) Private Equity
Formation Capital Private Equity
GI Partners Private Equity
GP Investments Private Equity
Graham Partners Private Equity
GTCR Private Equity
H.I.G. Capital Private Equity
HarbourVest Partners Private Equity
Hermitage Capital Management Private Equity
Hony Capital Private Equity
Impact Investment Group Private Equity
Intervale Capital Private Equity
Kamylon Capital Private Equity
Kohlberg Kravis Roberts (KKR) & Company Private Equity
L Capital Private Equity
NaviMed Capital Private Equity
Permira Advisors L.L.C. Private Equity
Riverside Partners, LLC Private Equity
Signal Hill Equity Partners Private Equity
Snow Lake Capital Private Equity
Summit Park Partners Private Equity
Teton Capital Private Equity
Vector Capital Private Equity
Vestar Capital Partners Private Equity
Vista Equity Partners Private Equity
Warburg Pincus LLC Private Equity
Wellspring Capital Management Private Equity
WestBridge Capital Private Equity
Commerce Ventures Venture Capital
DreamIt Ventures Venture Capital
Earlybird Venture Capital Venture Capital
Edison Ventures Venture Capital
Education Pioneers and NewSchools Venture Fund Venture Capital
Evolution Media Capital Venture Capital
Genacast Ventures Venture Capital
Headland Capital Partners Venture Capital
HLM Venture Partners Venture Capital
ICICI Ventures Venture Capital
Kapor Capital Venture Capital
Kibo Ventures Venture Capital
Longitude Capital Venture Capital
Sadara Ventures Venture Capital
Sequoia Capital Venture Capital
Shineon Capital Management Venture Capital
Thrive Capital Venture Capital
Winklevoss Capital Venture Capital
Winona Capital Management Venture Capital

Sloan MBA Careers Breakdown

Sloan has one of the smallest MBA classes. ~30% go into consulting. Low single digits even go into investment management and private equity. I was curious to see what firms hired Sloan MBA students:

Sloan Employer Type
Advent International Corp. Private Equity
Black River Asset Management Asset Management
Fidelity Investments Asset Management
MassVentures Venture Capital
MFS Investment Management Asset Management
Norwest Equity Partners Venture Capital
PAR Capital Management Hedge Fund
Passport Capital Hedge Fund
PIMCO Asset Management
Redstar Ventures Venture Capital
Wellington Management Asset Management

Forgive me if I left off some names on accident. This list includes both 2014 full-time and 2015 internships. The list is ALOT smaller than Kellogg’s. One thing I was impressed with was Sloan’s faculty in Finance. However, if I did get accepted at Sloan, I will be taking a real hard look at pursuing entrepreneurship. Potentially having finance as a fall-back.

The buy-side presence is really small here at Sloan.

Kellogg Careers Breakdown

Even though I have not been accepted by Kellogg yet, I am continuing to do my due diligence since I have nothing better to do. I am shocked I have not seen this list anywhere else.

I am extremely impressed with the career survey of 2013. ~750 students with 13% in PE/VC. I took their career survey and tried to classify the majority of the buy-side firms (apologies if I left some out). I also have a worksheet with some notes for myself. I am specifically more interested in the hedge fund placements and saw over 5 hedge funds and most were multi-billion. This is amazing placement, considering how small the Asset Management Practicum is. I do believe the AMP program will be the primary reason I choose Kellogg over other schools if I do get accepted.

It should also be noted that Booth/Kellogg may have better buy-side placements compared to Wharton since there are so many firms in Chicago, and students can work there during the school-year. Philadelphia doesn’t have much…

Here is the list:

Kellogg Firms Industry
Dimensional Fund Advisors Asset Management
Martin Investment Management Asset Management
Oppenheimer Funds, Inc. Asset Management
PAAMCO Asset Management
Pacific Eagle Asset Management Asset Management
PIMCO Asset Management
First Capital Partners Credit/Mezz
McNally Capital Fund of Funds
Alyeska Investment Group Hedge Fund
Brave Warrior Advisors Hedge Fund
Bridger Capital LLC Hedge Fund
Citadel Hedge Fund
Goudy Park Capital Hedge Fund
Ares Management LLC Private Equity
Baring Private Equity Asia Private Equity
Bratus Capital Private Equity
Compass Group Management Private Equity
Creation Investments Capital Private Equity
Crescent Capital Group LP Private Equity
Great Hill Partners Private Equity
GTCR Golder Rauner LLC Private Equity
Gulf Capital Private Equity
OMERS Private Equity Private Equity
Pine Tree Equity Partners Private Equity
Providence Equity Partners Private Equity
QuinStreet, Inc. Private Equity
Riverwood Capital Private Equity
Sterling Partners Private Equity
The Riverside Company Private Equity
TPG Capital Private Equity
Waud Capital Partners Private Equity
Wind Point Partners Private Equity
AMD Ventures Venture Capital
Ardent Capital Venture Capital
C lassified Ventures, LLC — Venture Capital
Dreamit Ventures Venture Capital
Insight Equity Venture Capital
Northern Light Venture Capital Venture Capital
OMERS Ventures Venture Capital
Qualcomm Ventures Venture Capital
Shasta Ventures Venture Capital
Sterling Ventures Venture Capital
Tresalia Capital Venture Capital
VIVO Ventures Venture Capital

My Ranking of Schools and Details about Kellogg Interview

My three goals of business school: entrepreneurship, network, and professor mentor. I want to build something. I want to meet new people and create life-long friendships. I want to work closely with a professor on a finance research project and have him to fall-back on when I have theoretical questions while on-the-job (I am always intellectually curious and question every investment made).

I will be happy to get accepted to any of the business schools on my list. But right now at this moment, I would rank my choices: Sloan, Wharton, Booth, and Kellogg. In reality, these 4 schools interchange ranking everyday as I do more diligence. Sloan has the best entrepreneurship track and small class to get to know professors. Great alumni network. Wharton has the best finance program and has the Wharton West campus. Booth is strong in both finance and entrepreneurship with the New Venture Challenge. Kellogg has unique programs like the AMP (Asset Management Practicum) that caught my eye, and the culture at Kellogg I definitely identify with the most. Furthermore, I could finally have a team to truly root for in college sports.

Now the purpose of this post is to focus on my thoughts on Kellogg. I interviewed in November. Kellogg interviews everyone in the USA I believe, and they use a mix of first-year, second-year, alumni, and admission officer. So I flew in for the interview in the morning. I showed up actually 45 minutes early! However… I did not call the admissions office to ask about parking guidance, since this is Evanston, Illinois! It should have parking everywhere! Lo’ and behold, I parked at the wrong spot. Recommendation: call ahead of time to ask about parking.

I was not impressed with Kellogg’s building, but I do appreciate having a campus and living close to campus. My interviewer asked standard questions:

  1. Tell me about yourself.
  2. Why Kellogg?
  3. Why MBA?
  4. What kind of leader are you?
  5. Describe yourself in 2-3 words.
  6. What do your friends think about you?

There were a few other questions I may have left out. I did not prepare the “what kind of leader am I” question, since I really lead in various ways based on various circumstances. On a side note, Kellogg has the most impressive online presence. You can sign up in their portal to list your background, and they will automatically connect with you a student of a similar background. I learned a lot about the finance and AMP program. The AMP program could definitely be the kicker if I get accepted to multiple schools.

For those preparing for Kellogg, I recommend speaking to students and get a gist of the culture. I definitely see the culture at Kellogg more collaborative and less competitive compared to other schools.

Denied at Stanford

I am not surprised at all getting denied at Stanford. I did have time to apply so I wanted to just give it a shot. Here are the key reasons I believe I got denied:

  1. I did not work at a name-brand private equity firm with former Stanford alumni. Let’s think about the numbers: ~400 students x 10% from buy-side = ~40 students. Narrow it down to Asian-american males maybe 10 total students. Of those 10, most if not all always come from a name-brand private equity firm.
  2. What matters most to you essay? My story was about grit but had nothing to do with changing the world and others around me. I do recommend for those applying in a year from now to really dig deep and either become a founder of a non-profit or take a year to work internationally. Each week at GSB they have a story-telling session, and each person is unique in nature with these experiences.
  3. GMAT – 730. For an Asian-American male, I know this is not high enough at all. I think just based on my GMAT I did not want to apply.
  4. Stanford GSB was not my dream school. There are a group of candidates who can target just HBS / GSB, and I was not in that boat. For those that did target only those two schools, I know they went all out with campus visits and speaking with alumni. I never visited the campus.

Those same reasons above I believe I may have gotten rejected at HBS. However, I tailored my essay towards my background in investment management. Yet, not many come from IM background at HBS. My GPA/GMAT also were not up-to-par for both schools.

I would be much more heart-broken if I only targeted those two schools, which I was realistic with my background and expectations. Everything has played out as I expected, and that is why I applied to six schools in the first round. One thing I did not like about the Stanford GSB information session was that no one wanted to talk to us about their what matters most essay. It seemed like the majority that got in fabricated their essay or exaggerated it. There was only one person out of like 20 who told us about her passion for international development. The competition is fierce, but if I had to do it all over again, I would write my essay about equality and justice. Seriously. Focus on stereotypes and etc. I would check out Sandy the HBS Guru advice on poetsandquants, as he lays out how to write those “powerful” essays for GSB. Again, not everyone needs these type of essays. But if you look at this whole process as a call option, you have to take the risk and just gamble with the most powerful essay that you could stand up in a crowd and give a speech and everyone rises for an encore. And that is what happens at GSB each week when a student gives their story.

My story and why MBA?

It’s November 24, 2014, and I decided to take up blogging to describe my MBA application experience. The primary driver of starting this blog is to help other members of gmatclub.com, since I have used gmatclub pretty religiously during application season and preparing for the GMAT. You can find my name on gmatclub as JohnThunder.

Personal Background

I am an Asian-american male and part of the “over-represented minority.” I attended an ivy league for undergrad with an average GPA and worked in investment banking for a few years and currently at an investment management firm. I play basketball in my free-time and am involved with Chinatown community service. I also create stock pitches in my free time (yes this is nerdy) and analyze NBA game film (again pretty nerdy).

Why Business School?

Everyone wants to be their own boss and not want to work for the MAN. At my current firm, its structure is less of a meritocracy and more of an experience-based promotion model. When I was in investment banking, I was a maniac and got rewarded for it. At my current firm, it seems like it’s less about your work but more about how you look, what time you show up, how you present yourself with senior management, and etc. These “soft skills” I am really not the best at, and I barely have time to get through all my work and do not want to waste time schmoozing. Anyways, first goal of mine is to learn more about myself and receive real feedback to improve my leadership and management skills. Second, I want to do a startup. Third, I want to find a professor to be my mentor in the long-term.

So I knew about these goals a year before I applied to bschool. I think its important to start way ahead of time. I took Manhattan GMAT course, which costs ~$1,200, and thought it was a waste of money. Their offices suck, and the computer lab is from the 1990s. I did not see much score improvement from Manhattan, but when I started to do old GMAT problems from gmatclub.com, I saw an incredible increase in mainly verbal. I was specifically targeting 700+ questions which I would get wrong today. I probably could have scored higher the second time but in my first try I got a 730 in the winter 2013. Feel free to contact me for tips. I was a quant major so I didn’t work on the math section much and just focused on verbal.

Business Schools:

I applied to Harvard, Stanford, Wharton, MIT, Booth, and Kellogg. Yes, it’s pretty much all the top schools.

I was rejected at Harvard, and I have not heard back from Stanford. I assume Stanford is a DING!!!!! even though I spent the most amount of time on that application.

I interviewed at Wharton, Sloan, Booth, and Kellogg. I will describe the interview and how I applied in further detail in follow-up posts.

Please feel free to ask me any questions, and I will answer them all.