Private Equity Jobs In 500 Words
You have to learn how to deal with both headhunters and the private equity firms themselves if you hope to work in private equity one day
. Since these firms are significantly smaller than investment banks, they outsource more of their recruiting and rely on the judgments of 3rd parties.
The best way to contact headhunters is via a referral from someone else at your bank or company; failing that, you could also cold-call or cold-email them.
Who gets into private equity? It's open to university and MBA students, investment banking and private equity analysts, consultants, strategy, business development, and finance people, as well as mid-level and top-level executives.
If you're a student, you need previous PE or investment banking experience to have a good shot; as an investment banking analyst, you need very solid deal and client experience and a thorough knowledge of financial modeling.
If you're in another industry, focus on PE firms that have a complementary fit. For example, if you've worked in technology consulting, find private equity firms that invest in technology companies.
For those already in private equity, it's a matter of contacting headhunters and going through friends at other firms and then performing well in your case studies and interviews.
Private equity recruiting usually begins over a year in advance of when you actually start - at the largest PE firms, they might finish recruiting in April or May for incoming analysts and associates who are starting in the summer the next year. At smaller firms and in emerging markets, the process is less standardized and can finish at a much later date.
In the recruiting process, the first thing you need is a solid resume. Your resume should focus on the best deal and client experience you have, and for current investment bankers should include any M&A, Leveraged Finance, or Restructuring deals you've done.
Outside of finance, you won't be able to write about deals as much - but you can and should focus on work that led to significant profit for your firm.
In the next step, you'll meet with the recruiters that represent private equity firms. Show that you're qualified and can bring in profits for firms, but that you're also an interesting person who could pass the "airport test."
Should you pass this test, you'll be introduced to private equity firms who are looking for candidates with your background.
In the interviews themselves, you'll have to explain your motivation for wanting to be an investor, and you'll have to complete a case study or modeling test that answers whether or not the firm should make a potential investment.
As with all other interviews, practice makes perfect: practice talking about your background and actually creating models yourself so that you get faster.
Although private equity interviews are even more competitive than banking interviews, they're not impossible - if you succeed, you'll receive your offer quickly and have a few days to decide on it.
Often, interviews can extend over many months and involve talking to dozens of people at the firm. So you can't give up if you don't hear back right away - keep at it until the end.
by: Riyan Richter
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