A large rolodex is crucial factor in expanding for any buyout pro’s career, and business school is one way to start filling it. But as a panel of young buyout pros showed today at Buyouts Madness, it’s not essential.

Joel Osnoss, director at Silver Lake, said business school is great a way to build your networking base. But he opted against it because he was already doing what he loved, planned to be there for the long-term and didn’t want to jeopardize his position by leaving for a year or two for an MBA. 

That clear vision of your career is essential if you do decide against it, said Phil Carpenter, senior managing director and partner at Bear Stearns Merchant Banking Partners, who also did not go to business school. If your station in the firm is not clear, you could lose out on a promotion to someone with that MBA, he said. “Do you see a clear runway?” for your career, he asked.