Here is a list of 10 tongue-in-cheek reasons given by David Rubenstein, a co-founder of the Carlyle Group, for why private equity is still a great career.
Mr Rubenstein included his list in a recent presentation on the industry. The public controversy surrounding private equity has clearly not made him lose his sense of humour.
His reasons are:
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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