Late to the PE Recruiting Where Do I Even Start
Hey guys, coming out of college, I wanted to give IB a fair shot. I wasn’t one of those sold on PE from day 1 type, but rather was actually interested in a long-term career in banking. I’m coming up on the end of my second year (will A2A in the summer) and I’ve been at two banks so far - MM Boutique and now at a top EB (EVR/CVP/MOE/PJT). Over the last two years, I’ve worked A LOT with PE clients and got a better understand of the role and career path. I’m starting to consider PE more seriously (partially because I find it interesting and partially because I’m starting to hate the “at the mercy of the client” nature of banking).
Given I was interested in a long-term banking career, I didn’t really engage with headhunters in my first two years (also switched banks and now have access to a higher caliber of HHs and ops). Also didn’t really do any PE prep. I guess my question is, is it too late? I know everyone says getting into PE as an Associate is a lot harder. That said, I don’t really care for MF PE (KKR/BX/Apollo). I’m fine with UMM or even MM as long as the work is interesting, they’re active, and the pay is decent (I understand it will be a pay cut from EB Associate pay). Also I’m specifically interested in infra PE (currently in energy, renewables, and infrastructure team) so maybe that helps. My second question is around where do I even start. I’ve read all the guides and stuff around like need a good story, need to do modelling tests, need to meet with HH etc. A bit overwhelmed and seems like I need to do it all at once (also while maintaining IB hours lol). Anyone else in a or have been in a similar position? Late to PE recruiting, felt super behind the curve etc. Would love to hear some experiences.
I’m have some time as I’m probably looking for a summer 2025 start since I just lateraled and it would look weird if I jumped ship in 6 months (assuming summer 2024 start). At the same time, feels like the deeper you go into banking the further you get from getting into PE. Part of my gripe with banking is the people I’m working with right now, but even if I lateral again, you can’t get away from the client driven nature of the job.
Based on the most helpful WSO content, it's definitely not too late to start preparing for a transition into PE, even if you're considering it later than some of your peers. Here’s a structured plan to help you navigate this transition effectively:
Engage with Headhunters: Since you now have access to higher caliber headhunters due to your experience at a top EB, start building relationships with them. They can provide insights into available opportunities and what specific funds are looking for in candidates.
PE Prep: Start preparing for the technical aspects of PE interviews, especially LBO modeling. You mentioned not having done much PE prep, so focusing on this will be crucial. Utilize resources like guides and possibly consider formal training sessions or workshops that can accelerate your learning.
Leverage Your Current Role: Your experience in energy, renewables, and infrastructure is valuable, especially since you're interested in infra PE. Highlight this experience when talking to headhunters and during interviews to align it with your target PE sector.
Networking: Continue to network not just with headhunters but also with PE professionals. Attend industry events, reach out to alumni, and use LinkedIn to connect with people in your desired field. Networking can often lead to opportunities that are not advertised.
Plan Timing Wisely: Since you’re aiming for a summer 2025 start, use the time to prepare thoroughly. This timeline also helps in not appearing too eager to jump ship soon after your lateral move, which can be a red flag for some employers.
Personal Story and Fit: Prepare a compelling story that explains your transition from wanting a long-term career in banking to moving into PE. This should highlight your evolving understanding of the industry and how your skills and interests align with PE.
Maintain Performance at Current Job: While preparing for your move, it’s crucial to continue performing well in your current role. Success in your current job will be a key selling point during your PE interviews.
By following these steps, you can make a more informed and prepared transition into the PE industry, even if you feel like you're starting a bit late. Remember, many have successfully made this transition by focusing on their unique strengths and diligently preparing for the change.
Sources: Basic Questions About PE Recruiting Answered, 8 years old with no finance experience, too late to get into PE?, PE Lateral Recruiting Advice/Stories/Help?, PE Recruiting Failure, My PE Recruiting Process
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