Thursday March 3rd 2011

MBA careers special

Student diary

Fardeen Nariman turned his back on a successful career to pursue an MBA at London Business School. But when the recruiters rolled in, little went to plan

May 25th 2010

IN THE general scheme of things my story is so ordinary it probably wouldn’t make the pages of a free newsletter. But when I decided to follow my heart and against all advice quit a reasonably successful career—and a looming promotion—in New York to pursue an MBA at London Business School, I didn’t know whether I would ride out the economic storm to tell my tale.

One of my primary objectives in coming to business school was to move into the much-coveted profession of private equity. From the moment I met my first classmate, I knew this wasn’t going to be easy. Being pitted against 319 of the smartest brains on the planet was invigorating, but also challenging. I could either learn, adapt and derive inspiration or wallow in self doubt, consumed by the enemy: ego. Furthermore, I was told the road to private equity was perilous, navigable only if one had banking or corporate-finance experience. I thus set about preparing myself for a job in investment banking. Still, I was cheerfully optimistic and quietly confident. Success would be mine for the taking.

I have never been more wrong in my life.

I have created financial models which predict the future better than I forecast my own life. First I came up against that much-maligned word: “networking”. I came to resent it. I looked on in awe as my fellow classmates set about their agenda. By the time I got to grips with it, recruitment week was over and the banks had come and gone. No matter how impressive the CV, if you didn’t network you were not in the game.

Panic set in and I started to apply for every job that came my way

Panic set in and I started to apply for every job that came my way—a big mistake as it caused me to lose focus. I was rejected for most of them, solely because my heart was not in it. Recruiters are smart people, they will see through your facade.

I got just two interviews with investment banks. To my astonishment, one rejected me on the grounds of being overly personable. The other kept me on a “waiting list” only to tell me later that it could find no space for me. I’m not sure how to describe the feeling of complete hopelessness and despair. Here I was, submerged in debt, trying to gain an education that was not really getting me anywhere. And then in a horrible irony, I spent the summer at a boutique strategy-consultancy, the very kind of work I had come to school to move away from.

I believe that this is where life’s lessons come in handy. Growing up in a boarding school has its advantages and I reckon it taught me that it’s never over until the final whistle. And even then there’s always extra time. In the autumn of 2009, my first term of the second year, I continued my search with passion and vigour. Only this time, I decided to hit private equity directly. After many a knock, at the very end of 2009 I was finally interviewed at a lower mid-market growth fund.

A new year brought with it a change in fortune. From among a vastly talented applicant pool, I was selected to help this fund through a critical growth phase. While the partners were honest and upfront that it would not lead to a full-time opportunity, they were amenable to introducing me to other funds in the market.

After knocking on many doors, meeting with many alumni and countless trips to the career services department at my school, I finally secured a 4-6 month internship at another mid-market fund upon graduation. While not the ideal job for an MBA graduate, it reinforces my belief that there is definitely hope (however dim at the moment) if you continue to persevere. Each such small victory is cause for optimism. My future is far from secure, but my now MBA feels like a risk it was worth taking. I have learned many lessons through the MBA—academic and social—but most importantly I have learned to stay true to a belief.