What do Post-MBA Private Equity Associates Do?

I'm trying to get a handle on what exactly the expectations are for Associates following their MBA's. Are they expected to come in and hit the ground running with sourcing and executing deals? Are they assigned companies to be on the board of? Or are they primarily the ones doing the modeling and due diligence? How much responsibility would they have, and what would their relation be to superiors? What kind of network are they expected to have?

Obviously this can change drastically from firm to firm, but just looking for a general idea. Asking because we don't have anyone at this level in my firm and the other firms around here don't really have this kind of structure.

 

At my old (MM LA-based) shop, they were primarily responsible for managing the associates. Essentially they led a single deal at a time while the people at levels above them typically juggled multiple deals at once.

 
Best Response

From this thread: http://www.wallstreetoasis.com/forums/exit-options-for-post-mba-investm… ; @"mergersandacquisitions78" might be able to provide more color. This is what he said initially:

mergersandacquisitions78:

@youayou - the correct answer is all of the above. A good associate is the quarterback of the transaction process.

You are expected to ensure the modeling / analytics is thoughtful and flawless.

You are expected to create high quality presentation work that addresses the specifics of the transaction or highly insightful strategic analysis, as the case may be.

You are expected to coordinate all elements of deals to ensure that deadlines are met.

You are expected to liaise with clients and ensure that, at a working level, everything is running smoothly.

You are expected to manage your analysts well so they are working efficiently towards the overall team objectives and manage upwards so there are "no surprises".

You are expected to know your industry / product inside out, and be the "technical" expert on the team on relevant industry / product matters

Its a tall order, and there is a reason many smart and talented people simply can't hack it. But doing all of these things is a prerequisite to being an effective senior banker, so there is no choice. We have high expectations of our associates and really value those individuals that can deliver.

 

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