What job responsibilities are considered "good" for an Associate in Private Equity? I know it is pretty easy to recognize what a sweat shop looks like, but how will I know when I've found a gem that will yield a great experience?
For those of you currently working at Private Equity firms, what job responsibilities do you enjoy and which do you find offer the best learning experiences???
Also, anyone have any insight on Great Hill Partners?
I apologize for the multitude of questions.*
| +175 | I should have been a marketing girly (a rant) | 66 | 55m | |
| +59 | Starting own PE fund as a student | 19 | 6h | |
| +33 | Prep On Cycle or Travel | 36 | 23h | |
| +31 | Sourced company -- now what? | 20 | 17h | |
| +30 | Late sending case study | 7 | 3d | |
| +28 | Burnt Out 2nd Year Analyst Dreading Move to PE | 1 | 20h | |
| +27 | The Morality of PE | 6 | 19h | |
| +25 | Me bitching... A Rant. | 3 | 5d | |
| +25 | Leaving PE Firm | 8 | 1d | |
| +19 | Leaving PE to work in Family Business | 2 | 3h |
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Following up on that, anyone have any ideas about the operational side of PE firms? I know the travel is as bad as consulting, but how about pay compared to the spreadsheet monkeys?
When you get butterflies in your stomach and you hear the beach boys.
I work at a large PE firm. Here's my feedback for what to look for:
Good training program Associates should get training on all aspects of the deal, not just modeling, but also process training for target company due diligence, market and competitive diligence, accounting and tax diligence, working on deal documents, the financing process, etc. Don't expect to learn everything in detail, but a good firm will want even their associates to be conversant and familiar with the whole process. Some firms, like mine, will have official mentorship programs for all junior deal pros.
A voice Good firms will be relatively flat and allow associates to contribute to the investment thesis, voice their concerns and suggestions, and generally have a culture of inclusion.
Investment review participation A TON is learned by eavesdropping on how investment review committees operate and make decisions. Many top firms will allow all their deal pros to listen in. These sessions range from initial target evaluation and discussion to final go/no-go decision. The firm's founders, investment review committee members, and senior advisors will usually participate and observing the critical thinking that goes on is invaluable to your career as an investor.
Support for B school Many top firms have a great relationship with the top B schools and will significantly increase the chances of admission for their associates.
Typical job responsibilities for associates at my firm -- Financial modeling -- Research -- Process coordination -- Preparation of deal discussion documents (1-pager analysis, powerpoints, memos, updates, etc.) -- Support for VPs and Principals on deal docs -- Participation in due diligence, with the more senior associates often leading specific parts of the diligence process (interviews, etc.)
Once you are an associate at a top PE firm, why would you head back to bschool? I thought this is the position that guys coming out of bschool are trying to get.
There are pre-mba and post-mba (sometimes called Senior) associate roles.
Senior associate is also the title commonly given to third-year pre-MBAs.
toro -- My apologies in being late for a compliment -- I appreciate the feedback you've given.
To emphasize on the position question:
Unlike the lower tiers of i-banking, there are less defined positions in private equity. Some groups have a no work experience position titled analyst, others don't. I like to think of this tier as the equivalent of 2 years doing IB. After that you get associates, the position that bankers move into after their 2 years are up. This is considered a pre-mba position. Some PE shops have the title "Senior Associate," whose skills may vary. This could be someone who has been an associate in the shop for a couple years, or it could be someone who recently completed their MBA. It really is hard to tell. After that, VP / Principal / Whatever -- again it depends on the PE shop. Some have partners which are different from managing partners, others just have general partners.
Hope this helps.
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