Summer Analyst Generalist

I applied online for the generalist position and also networked with someone in the Technology group in the NYC office at William Blair. After speaking with him, it became clear that they were viewing me primarily as a Technology NYC candidate, which was later confirmed in my first-round interview. Overall, networking was straightforward and very useful for crafting a strong “Why Blair.”

The first round was roughly 50% technical and 50% conversational. Almost all of the technical questions could be found in the basic sections of the M&I 400 guide. The most challenging portion was a “simple” paper LBO. You don’t need to build a full grid—just assume steady free cash flows throughout the holding period—but you should be very comfortable with LBO mechanics, as they do extensive work with PE firms. The remainder of the interview felt very conversational and could be treated similarly to a networking call.

I received the final-round invitation three days later and was given several interview time options (I chose the latest). The final round consisted of four 30-minute virtual interviews over Teams.

The first interview focused on walking through my resume and discussing the current state of the Technology sector, particularly software.

The second was a very open-ended case study. You should be prepared to think through business valuation and risks in a consulting-style framework.

The third interview was another paper LBO, this time slightly more complex. (Be prepared to know what debt amortization is, and that unlevered FCF to levered FCF is different)

The final interview was entirely behavioral and fairly standard.

Each interview included about 5–10 minutes for questions, so it’s important to have multiple backup questions prepared. I received a call with the offer roughly two hours after completing the final interview, and the offer letter was sent immediately afterward.