9 final rounds in PE, no offer 🫠
Got to 9 final rounds in this past year for associate/senior associate roles and really feeling the burnout. Have 3 more model tests this weekend and just wish this would end. At what point should I give up or pivot to something else.
Pledging support! Good luck with the 3 upcoming modeling tests.
If you’re open to advice - I’d pitch the non-traditional background as a positive given the current foreseeable future that it’s an operating and improvement environment.
Thanks so much! I feel like in a normal market I would get the job but here they just want bankers. I also updated my background in the prompt if you have any advice for how to best pitch it??
Can you elaborate on your background? Consulting? Something else? Are you already in PE (per your senior associate comment)?
Yes I am! I just updated my prompt with my background.
I don’t think it’s your background. You have 3 years of investing experience. If it was a background issue you wouldn’t be getting first rounds. If you are failing at the final / model test stage that is your issue.
not failing at the model test because they usually fly me to the office post the test. Also I’ve had friends who are VPs look at my tests post completion and confirm they’re solid.
The only point of feedback I’ve gotten from headhunters and partners at the firms is there were 5 candidates in superday we chose the 3 with the banking background.
Are you looking specifically for consumer roles? And is the feedback about not doing banking what you're hearing from every place? I'd have thought a MF analyst role would wipe away those concerns from recruiters.
I think it’s cause I wasn’t on the private equity team but rather the coinvestment team at the MF.
Initially I was very picky and only interviewed for top consumer shops. Now I just want this done and would be happy w a middle market firm with good culture.
Banking feedback is what I heard majority of the times. “Background is unconventional”
I had a similar number of rejections before I got to a good fund. Fortunately I did not have a "get out at the end of your programme" situation. I'd just keep banging your head against the wall and get some backup plans in order just in case.
Thank you that’s motivation to keep going!
The issue is your why x firm answer. It’s not your background or you would have gotten cut earlier. PE firms care a lot about people “leaning in” to the work because so much can go wrong if an associate is checked out and not mentally engaged. They want to make sure you want to work there and will always hire in final rounds the candidate with the most genuine interest in their firm and strategy even if they’re less qualified.
Your why x firm answer should be grounded in the firm’s specific industry areas, strategy, and their track record. For example, you’re passionate about their focus on facility based health care services and are excited to be executing a roll up strategy because it means you’ll get more deal reps and you want to learn from a best in class team, as evidenced by their exits to strategics, demonstrating the quality of the businesses they build.
Make it specific, reiterate the talking points on the fund that you heard from people throughout the process.
Only other thing is to really have a good why PE answer and show that you are genuinely intellectually curious about the job and excited to do it. Ask questions about their strategy and show that you’re coachable and genuinely excited to learn.
Why didn't you stay at the MF? Possibly the fact that you quit after 1 year is also turning up as a red flag? Also, aren't you at the stage where an MBA might make sense?
I actually think your background is (unfortunately) the issue. On paper, your experience suggests sub-par training (no banking, didn't finish analyst program, family offices notoriously don't have the same resourcing and training as a traditional fund).
I suspect you may have more success with LMM and/or first time funds that are more open-minded on backgrounds. In any event, you should be over-indexing in your interviews on discussing your training and any self-studying that you've done to fill in gaps (to address the elephant in the room).
Which MF(s) has a dedicated co-invest team anyways?
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