I'm a bulge bracket coverage analyst starting a middle market PE job this summer. We're supposed to be fully functioning upon start - and I've definitely prepared - though I figure that any new job will cause some growing pains.
Would anyone be willing to share advice on how best to "hit the ground running" as a new PE associate? Apologize if this has already been discussed - I didn't see anything.
Thanks all.
I did 2 years at a "top" BB IB group and was an associate at a large PE fund (think just smaller than KKR / BX / Carlyle. Here are some thoughts on how to prepare and general tips
Sector knowledge (if applicable): if you will be focusing on one / a couple sector, start getting smart. figure out who the best sell side brokers are, and keep up on the space. read 10-ks and investor presentations for the main companies in the space. read books about the industry
Think like an investor: always have a point of view. if you are asked to read a CIM and come up with a quick lbo model, don't just run the numbers. think about why you think it would be a good deal or a bad deal. what questions would you want to ask management if you had the chance.
Excel skills: now is the time to make sure you are an expert on all the excel stuff you will need when you are deep "in the weeds" working on a deal. Learn how to cut data, pivot tables, lookup functions, sumifs etc...
Model / technical skills. A big change is that people won't be checking your work most of the time. You will be held to a very high standard. Make sure you understand all the ways you can build "checks" into your lbo models. Self awareness is key - you aren't expected to know how to model every situation on your own and it is fine to ask questions. Also, is it ok to flag that you weren't 100% confident about a section and that your boss should take a closer look. What isn't ok is to act like your model is 100% perfect and then your VP finds an issue.
Get out of "banker" mindset. Now this can vary depending on the PE firm, but generally speaking, this will be the first time you will be treated like a junior "professional" and not an entry level clerk. Speak up in meetings. Try to start working "smart" instead of just hard. People aren't impressed by 4am emails and will tend to question your time management skills if you are routinely working that late (exception being live deals...). Respect the partnership, don't openly brag about excessive seamless orders etc
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