The take-away point was this: Buyout pros want the background of their new hires to look like their own backgrounds. Firms populated with former consultants are more likely to hire a consultant; firms whose partners tout MBAs will probably require the same of their fresh meat. Finding common ground is especially important for those entering the field from a nontraditional background, Palmieri said. 

An MBA isn’t a must-have, she added. The degree opens some doors, and not having one closes others. But, she countered, “There’s a shoe for every foot.”

About 80 percent of private equity jobs are filled through personal connections—Palmieri stressed the importance of networking in one’s job hunt. Firms hire for two reasons: either they’ve raised more money, or an employee has left, and job hunters get access to info about those vacancies or fundraising sprees through their industry connections.