Entrepreneurs typically look down their noses at MBA grads, believing great business leaders are born and not made. Or at least forged in the crucible of actually starting a company.
But today’s MBA programs are adapting and offering training that is much more suited to those who wish to build and grow businesses, including those looking for jobs in private equity.
So says Chad Troutwine in a guest article for the Wall Street Journal online. Full disclosure, however: Troutwine is founder and CEO of Veritas Prep, a GMAT prep and MBA admissions consulting firm.
Nevertheless, Troutwine says an MBA is a gamble worth taking. Graduate business school curricula have evolved. Many of the top-ranked schools now offer multiple classes geared for budding entrepreneurs.
At the Yale School of Management, for example, David Cromwell, the former CEO of JPMorgan’s private-equity investment group, teaches a year-long course on writing successful business plans and launching sustainable ventures. Other schools boast well-funded entrepreneurial programs such as the Price Center for Entrepreneurial Studies at UCLA’s Anderson School of Management and the Johnson Center for Entrepreneurship & Innovation at Indiana University’s Kelley School of Business.
Graduating from a business school can give you a leg up on networking for life, as well. Top MBA programs admit hundreds of students each year. Members of each cohort develop strong bonds that can last an entire career. And since MBA grads will typically disperse into different parts of the financial world – from investment banking to hedge funds to private equity – your alumni contacts can become a source of financing, marketing and more.
Troutwine admits that it is not absolutely necessary to obtain an MBA to get a job in private equity, for instance. But it remains a valuable “stamp of approval” and credibility builder for any prospective employer.
What’s your take? Do you think an MBA is necessary, or valuable, for a career in private equity? Add your comments below.
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