Steve Schwarzman’s Advice to Blackstone’s Summer Interns – ryan

A Career in Private Equity often Conjures Up Images of High-Stakes Dealmking, Billion-Dollar Buyouts, and Sharply Dressed Financiers Turning Companies ARUND. Acciting to Steve Schwarzman, The Billionaire Cofounder of Blackstone, IT ALSO MEANS EMBRACING Change.

In a june 4 talc with the firm’s 170-plus interns, the firm’s CEO and Chairman Suggested Its Summer Trains Learn to Go With the Flow If They Really Want to Make It In the Fast-Change Wall Street.

IT’S an industry where “nothing Ever Stays the Same,” Schwarzman Said, Acciting to A Blackstone Spokesperson. “So if you have a mind and a curiosity that fits with that kind of world – Constant New Things, New Learning – THEN YOU’VE TO THE RIGHT PLACE.”

Schwarzman made the comments from a conference room at the firm’s 345 Park Avenue Manhattan Headquuarters while speaking to paige ross, the firm’s head of global human, in front of doses of interns. (Interns from some of the 14 Other Global Locations Watched a video recording late and London interns got a visits from schwarzman Last Week, A Spokesperson Said.)

He told say that his objective was to give say a sense of what it is like at blackstone – “and in a broader sense, what it is like to be in finance.” He Added: “It”s not a Black Box. IT’S INFINITELY ACCESSIBLE. IT’S A GREAT WAY TO SPEND A CAREER,” SAID. IT Means Coming Into Contact with “High-Quality People” and “fascinating stuff.”

The Remarks come at a time of sweeeping changes for an industry that long relief on rock-Bottom interest rates to buy companies on the cheap. Now, Private Equity Returns are more Likely to come from transforming a Company’s Operations than Financial Engineering.

The yearslong slowdown in deal flow has some declaring the golden age of private equity to be over. In fact, many of the Biggest Buyout Firms, Including Blackstone, Now Focus on Private Lending than Corporate Buyouts.

Shifing hiring practices

This Summer, Blackstone is hosting more than 170 interns, up from more than 150 last year. The Class is made up of the Both College Students and Graduate Students (Summer Associates) Who Will Be Trained in the World of Dealmking.

A spokesperson said the summer analyst is the firm’s main source of talent for it Full-time analysts, but declined to comment on how many MANYSTS IT HIRE OF COLLEGES THIS YEAR. Last year, the firm Acceptable just 0.3% of Applicants to its analyst class, an Acceptance rate that is more than 10 times that of Harvard.

Hiring Undergrads is not new to Blackstone – Schwarzman’s Heir and Firm President Jon Gray Famously Got his Start as analyst. Campus Recruiting Has Become A Bigger Focus, Howver, With Ross Teling The Wall Street Journal In 2020 that the firm was building out it campus recruiting effhorts and stepping back from recruitment junior investment via an annual tradition as on-Cycle recruiting.

The firm Now Recruits from Over 1000 Schools, Up from JUST 9 IN 2015.

ITSO ALSO PUSHED ITS ASSOCIATE RECRUITING PROCESS LATER THAN MANY COMPETITORS TO GIVE JUNIOR MORE TO CEVELOP SKILLS AND AN UNDERSTANDING OF THE INDUSTRY ASSESSING WHATHER I MIGHT BE A good fit for Blackstone.

“Blackstone Recruits from Banks But DOES SO ON OUR OUR TIMELINE AND ONLY AFTER AFTER HAVE EXPERIENCE,” ROSS TOLD BI. “We have been to allow candidates to Learn About Blackstone and Acquire Skills. We will Continue to provides education Opportunities to Support.”

Blackstone’s Head of Campus Recruiting, Taylor Kanfer, Told b qat the firm’s Summer Internship Begins with an Orientation Week, Followed by Three Weeks of Technical, Business-Evidence Training. Then, analysts are separated ino their specific grills to do more training.

A SELECT GROUP OF SUMMER INTERNS WILL ALSO GET The Chance to go on a run with gray this summer, who has been tourned to run into a series of social media.

In his june 4 talk, schwarzman acknowledged the difficulty involved in landing a nonb at the firm, teling students they should be so on the back for landing the internship.

“The world is your oyster. You’ve got an enormous capability, you’ve got the Energy,” He Said. “You made it Through Our Process. SO, You’re Somebody That’s Special.”