I'm interested in hearing some feedback regarding a personal situation:
I made it to the final round for an associate position with a new and growing PE firm. I had been working on getting myself into this firm for at least 4 months (following their growth, recent transactions, etc). After hearing there was at least 200 applicants, I found it extremely exciting once I was one of 2 people being selected for a final round interview (case study and meeting with the partners).
I was humbled when I received that call that I didn't get the position. The feedback throughout the process was extremely positive (my first round interview included 3.5 hours of "shooting the shit" with 2 MD... hard to do when you're a female). At the end, I was told I had the passion and personality however the other candidate was just more technically qualified.
I was laid-off about 3 months ago, I've been having good luck with obtaining interviews however; there was something about this firm that felt very right. B/c of the economy and benefits of unemployment compensation, I was thinking about making an unpaid internship proposal to the firm. They've grown from 4-20 people in a little over a year, and the MD encouraged me to stay in contact as they continue to grow. I'd love to take this time to build up that technical skillset with an intership with the firm to hopefully score myself a perm position in the future. I'm just looking for some feedback or thoughts. Anyone doing something simular?
Sounds like a tough situation you're in. Have you considered going for your MBA?
If you're really adamant about working for this firm, and your current finances will allow you to go through, say, a 3-6 month unpaid internship, then give it a shot. Perhaps you can get back in contact with the MD and see if they have any positions available; if they say no, maybe you can counter with the unpaid internship.
Most small PE firms will not have time to teach you technical skills. They want you to start on your own once you get in. In fact, as you mentioned above yourself, technical qualification is why they rejected you.
If you were previously in a banking role and you had substantial modeling exp etc, you may still have a shot at your proposed internship plan. Otherwise, you will have a tough time to sell yourself to them again within such a short period of time, especially that they know your strength (fit, passion, personality) and weakness (technicals) very well.
Also, you mentioned that you have been having good luck with obtaining interviews. Then you should probably move onto some of those opportunities. As long as it is a relatively decent FT position, I would take it over an unpaid PE internship.
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