A conservative hirer will hire someone whose previous experience matches what the job requires:
i-banking --> PE
or, even better (?)
PE --> PE
Although this is more-or-less riskless, is it the best way to get the best people?
Are there some theater majors that would make great private equity analysts, and if so, could they be taught in a short enough period of time to make their hiring useful?
If so, how do you find these people?
On the other hand, one might ask whether it is in the hirer's best interest to hire the best -- the best person might make them look bad.
If a hirer hires someone incompetent they are in trouble
If they hire someone competent they aren't rewarded
If they hire someone extraordinary they aren't rewarded
In this case, in most cases, it pays to bunt rather than try for the home run