Currently wrapping up my associate stint at an UMM PE firm. I’m looking to transition into a HF doing L/S fundamental equity covering one of the subverticals my fund currently invests in.
Assuming I went to a pod shop, what does the usual timeline to an analyst seat with a sleeve is?
| +21 | 3x SWE FAANG Intern -> Fundamental Analyst @ HF | 13 | 21h |
| +19 | AI/job update | 4 | 6h |
| +12 | Fund 1 8%, fund 2 5%, when will fund implode? | 5 | 19h |
| +3 | Castle Hook Partners | 0 | 6d |
| +3 | Disclosed non public fund performance to a headhunter | 3 | 16h |
| +3 | Dragoneer | 1 | 2d |
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I love this question because it assumes PE monkey -> sleeve slinging analyst is a given
Clearly missing the point of the question. What I mean is if you’d great credit for the years you spent in PE or if you’d start as an associate coming right of banking.
I understand that the path to a risk taking seat is not set in stone but some rough estimates of what would be a median result for people that eventually get promoted would be useful.
You wouldn't really get credit for anything more than your modeling being a little more sharp.
Why should you get credit?
Ignore title. From my experience, it typically takes ~4 years at a pod. 2 years as an Associate and then another 2 years as a Senior Associate or equivalent. The PE experience will help with making sure your comp is higher than someone with only 1-2 years of banking experience.
You might get credit for your time in PE in the way of higher guaranteed Y1 comp, but not much terms of "experience" unless your PM has the same background and values the 2+2 skillset.
Put another way, PE is irrelevant for the skillset necessary to manage risk so timeline to sleeve is (roughly) the same. Anyone who thinks PE gives you a leg up here is mistaken. Getting a sleeve is about managing risk, not understanding businesses.
2+2 does give you two more years of working maturity, but you'll probably have to unlearn some bad habits you picked up in PE.
A reasonable timeline from start to sleeve is 2-4 years with good performance and a cooperative PM.
It's a meritocracy. You come in as an analyst and if you perform, you'll be given a sleeve. Normally, I'd say it takes about 1-2 years to build trust with your PM and another 1-3 years to show real talent.
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