Mark Suster (a former entrepreneur who is now a VC at GRP Partners) writes this post describing the background of his ideal candidate for his VC positon:
computer science undergrad from MIT (or any other great school), 2-years at McKinsey but no more than that (I love the analytical framework that the top strategy consulting firms provide. BCG, Bain, LEK – they’re all great), a few years at a start-up or a few years somewhere like Microsoft, Google, Amazon or Apple. MBA fine, but not required.
Compare that profile to my background: Computer science at Princeton, 3 years at Oliver Wyman (top strategy consultancy to the financial services), Fulcrum Analytics/E-thePeople.org (e.g., start ups), Ph.D. at Stanford. Looks pretty good, at least on paper, right? Right?!? :)