Candid PE Advice / Help Needed

One advantage that the M&A/Lev.Fin. group analysts have over you is that they have actually used the models and, more importantly, they have sees how to customize them, what assumptions to use, and how to catch mistakes. Modeling itself is a commodity to a large extent -- there are templates -- and the important thing is knowing how to use it. Having experience with templates counts a lot.

I would suggest that you take any classes offered at your bank (usually over weekends), look at a few templates, learn the dynamics, build a couple of models from scratch, and talk to analysts in the M&A/Lev.Fin. groups to get some of the insights, e.g., what are the ballpark numbers, how much can you lever a company in an industry, what does it depend on, etc. This will help you answer some of the standard interview questions, appear knowledgeable, and will demonstrate a more genuine interest in the field.

The "average school" is a hindrance insofar as you don't have the benefit of an existing alumni network in the industry, so you may have to work a little extra hard. You should get in touch even with people outside of your school, because the helpful types will offer to help you regardless. Be prepared to get a low response rate to your contact efforts, e.g., 10%, but don't get discouraged.

Switching from public finance may be a problem. I would suggest getting your foot in the door of a smaller shop to get the PE on your resume and then you can jump to your end destination. Smaller shops tend to use contacts for recruiting, so work them by sending emails to senior people for information and if they have an opening they will sure let you know.

...as you mentioned in your post "I have plenty of the same reasons as everyone else" means that there are a lot of kids chasing the PE / HF jobs at approximately an equal "level."

i'm a strong believer that you have to learn how to sell yourself to be successful. that means it is all about the interview. with a decent resume and some networking, you should at least be able to get an "informational" interview at some of these shops. and that shoudl be really all it takes. once you walk in the door, are confident, knowledgeable and express a strong desire to work in PE, even if the fund is not hiring, you can leave them your contact information and let them know you would appreciate an interview once a position does open up. then checking back in every few months to see how they are doing, etc is a good way to show them you understand what they do (strategy) and you want to help.

so in your interviews you would NOT SAY "Obviously I have no LBO/M&A modeling skills to speak of" but you would say "i have extensive experience modeling debt and looking at complex capital structures which I think would help me make a natural transition into private equity". if they still express some reservations on your modeling ability i would let them know that you in fact "have been working through some LBOs and M&A models from friends in the industry to get yourself up to speed..." and you should actually do this if you are serious...and that "you would be happy to take a modeling test" to show that you are capable. just some suggestions...let me know how the process goes and good luck.