Elfman-Wareham Private Equity and Venture Capital Lab (PE/VC Lab)

Application and Eligibility

This program is open to Chicago Booth MBA students only.

Students must confirm that they meet eligibility requirements and then apply to take part in the PE/VC Lab. Participants are selected through a competitive application and interview process.

You can watch a recording of the PE/VC Lab info session to familiarize yourself with the program as you begin the application process. Career switchers are also encouraged to watch the recording of professor Chris McGowan’s Private Equity Landscape and Skills for Career Changers presentation and PE Interview Prep for Career Changers presentation. 

ELIGIBILITY 

• The PE/VC Lab is open to Full-Time, Evening, and Weekend MBA Program students at Chicago Booth. EMBA students, Master in Management students, and Master in Finance students are not eligible to participate. The PE/VC Lab is not currently open to undergraduate or graduate students outside of Chicago Booth.
• International students (first year and second year) are eligible to participate in the PE/VC Lab through Curricular Practical Training (CPT) or Academic Training (AT) authorization. International students will be required to complete an attestation form to confirm they’ve met with OIA and will take the necessary steps to complete their CPT. International students may consult this document for further information regarding eligibility requirements.
• Prior professional experience in private equity or venture capital is not needed to be considered for the PE/VC Lab. Additionally, there is no specific background or resume that will guarantee entry to the Lab. 
• The PE/VC Lab requires a significant time commitment. In addition to weekly three-hour class sessions, participants are expected to work 15-20 hours at their internship for at least 10 weeks and it is recommended that students only register for a total of three courses (including the Lab) during the quarter in which they are interning. Applicants must be willing and able to make this time commitment.

MATCHING AND SELECTION PROCESS 

Resume Distribution

Following the application deadline, the Polsky Center team shares student resumes with participating firms based on the students’ firms of preference as indicated on the student application. Students will be able to review a list of host firms participating in the program, then select up to 25 firms to which they’d like their resume to be sent.

Interview Process

Once host firms receive resume sets, they will screen candidates, arrange interviews, and select an intern. The interview and selection process is conducted entirely by the firm—the firm determines how many students to interview and what the interview process looks like. As a result, students should recognize that the Polsky Center may not be in a position to know about their status. The firm also sets its own timeline for interviews and selection. Some firms interview and select interns as early as October, while others may take until February to hire an intern. You could be invited to interview with a firm at any point between late October and mid-February. Please note that not all applicants will receive an interview request. All selections must be completed by the Registrar’s deadline for enrollment in spring quarter or before the course reaches capacity.

Course Enrollment 

After accepting an internship offer, in order to be enrolled in the Lab course, students must notify the Polsky Center of their selection by a firm. The Polsky Center will ask the student to complete an intake form to capture necessary information for course registration, and share their name with the Registrar’s Office, who will enroll the student in the winter or spring-term PE/VC Lab course. 

International students will be required to complete an attestation form to confirm they’ve met with OIA and will take the necessary steps to complete their CPT or AT authorization. More information can be found on this document. 

PE/VC Lab FAQs

Can I bring a new firm into the program (BYOF)? 

Yes, you can learn more about sourcing your own internship and register for the PE/VC Lab in the Bring-Your-Own-Firm (BYOF) section of the website.

How many firms will my resume go to, and how can I find out where it went? 

Students can expect that their resume will be distributed to up to 25 firms based on the host firms selected by the student in their application submission.  

What is the acceptance rate to the PE/VC Lab? 

In a typical year, approximately 450 students apply to the PE/VC Lab. Approximately 44% of applicants (~200) will secure internships. 

Do I need to have prior PE or VC experience to be accepted? 

No, prior experience in PE/VC is not required. In a typical year, 65% of accepted students will not have prior industry experience. 

What do PE/VC Lab firms look for in candidates? 

There are a variety of firms that participate in the Lab, and each looks for a specific background based on their investment stage, industry focus and current projects. There is no one background that will guarantee entry into the Lab.