“It seems most job titles have specific educational requirements. From the survey results, a Bachelors degree is definitely a minimum educational requisite; however, having an advanced degree or MBA is not a requirement for many positions. A Masters Degree or MBA is more prevalent in the Analyst, Portfolio Manager and Trader roles (38% have an advanced degree). Some key administrative positions require professional certifications such as CPA.
“When it comes to compensation, the MBA does seem to pay off. MBA’s, on average, are earning 33% more in cash compensation – most of which is earned in bonus.
“When it comes to satisfaction with overall compensation, the MBA’s are actually less satisfied than all the respondents. This is likely due to expectations of additional compensation such as equity in the firm.”
From the 2007 Hedge Fund Search Digest Compensation Survey
A new study by University of Chicago suggests that tougher personality traits drive more success than traits like teamwork or flexibility.
The study detailed personal assessments of 313 CEO job candidates (225 were actually hired) whose performance drove the study’s conclusions. The data was collected by ghSmart, who does much of its work for private-equity investors, including Blackstone Group and Bain Capital. Then the professors at University of Chicago Business School compared the results to actual performance.
Here are top and bottom five traits that correlate most closely with business success at buyout companies:
Traits that matter…
- Persistence
- Attention to detail
- Efficiency
- Analytical skills
- Setting high standards
And those that matter least…
- Strong oral communication
- Teamwork
- Flexibility/adaptability
- Enthusiasm
- Listening skills
Find the full article here.
Warren Harvey heads the Asset Management group at WorldBridge Partners (www.worldbridgepartners.com), member of Management Recruiters International and a top 25 executive recruiting firm covering many industries.
Tell us how you got to be in recruiting, and why you’ve stayed in it.
I’ve been recruiting for about 20 years, 18 of that here. I was working with a great firm prior to this, Goldman Sachs, but the hours at the time were rather demanding, north of 90 hours per week.
Part of the thought was, if I’m going to work this hard at something, what can I do that would be as close as possible, if you will, to Warren Harvey, Inc. Ultimately I spoke to the recruiter that placed me at Goldman, learned a little bit more about the industry, and decided to give it a try. Turned out to be a good try — I enjoy what I do very much.
Building companies is one of the top rewards. Nothing for me feels better than to have a group, or department, or even a company, start up and bring in some key executives and support staff. It’s nice to hear the performance stories a year later, three years later. You see them written up in Institutional Investor, or the Journal, or something along those lines. It’s just great, and it affords you the opportunity to meet some extraordinarily bright people with great depth, great ideas. You get an education every day on the job.
And your firm?
WorldBridge Partners is a national search firm with 8 offices across the country…soon to be more. WorldBridge is unique in that we’re a client-centric firm that works on a retained basis, or a contingency basis, as well as custom crafted structures to best meet client objectives, and partner with them throughout the process. At the end of the day, most of our work is done on some type of retained arrangement. The real key is getting to know our clients very well. We take extraordinary measures to meet with key executives and the hiring team to fully understand the drivers for any search, the company culture, mission and goals. We’re all about partnering with our clients, and tend to serve as an extension of them.
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