Tuesday June 10th 2008
A post for those of you studying economics.
For just a minute, stop your Macro revision and consider the possible career paths which lie ahead of you.
Here’s some help. David Rubenstein co-founded the Carlyle Group, one of the world’s largest private equity firms – it has more then $80 billion under management.
According to him, there are ten (very American) reasons why you should head for a career in private equity. Hat-tip to the FT’s John Gapper for passing this list on:
1. There is no educational requirement – anyone can get into the business, no barrier to entry.
2. You don’t have to keep time sheets or fill out insurance reimbursement forms.
3. Lack of clear skills or a high IQ is not a handicap – it may be a plus.
4. You get to hire lawyers and economists, the people who were smarter than you in college.
5. Your ability to make charitable contributions will get you invited to much higher class parties
(and get your children into higher class colleges).
6. Someone pays you 20 per cent (if not 25 per cent or more) of the profits on their money.
7. You will have every reason not to forget to negotiate a pre-nuptual agreement.
8. Private equity and hedge fund professionals live to 90 – no reported heart attacks.
9. There is no random steroid testing.
10. You can afford better grade assisted living arrangements.
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