Devastated - one says I am too junior, the other says I am overqualified
I was interviewing with two private equity placement agents that can be considered as competitors. The first one I was told in the final round with by the partner that I am too junior for the role and needs more seasoning, but would suit the no.2 role they will potentially look for later; the other firm in the first telephone interview the VP told me I am "overqualified" and will consider me in future roles. I was not able to see the job description of the second firm because contact was made through word of mouth.
PE placement agents shouldn't be that competitive and I consider myself having a good match and background (top school, BB). Even one interviewers said my previous experience matches what they are doing.
This drastic response is tearing me down. I am starting to doubt if I am applying to the wrong industry. I have just finished a masters at a top school and have been looking for jobs for 1.5 months. I don't know how long does job hunt typically takes.
What exactly is your background? You worked for 2 years at a BB then went to MBA? If so, this doesn't surprise me. As many others have noted, getting into PE without pre-mba PE experience is quite difficult.
That really isn't the decisive factor. I know dozens of guys that went into PE pre-MBA. There are many that actually recruit pre-MBAs specifically for associate roles.
Don't think you read my post correctly. I'm saying, if he went straight into MBA after only doing banking, securing a PE job post-MBA is not easy.
Just keep trying. It's not the end of the world, from what it sounds like you've only interviewed with two. Are you looking at groups within an IB like CS's group or a stand alone like Atlantic Pacific?
Sorry to hear that, OP. If you're really interested in the placement agent side of things, here's a pretty good list of placement agents from another thread posted by myself and another user:
Lazard, Moelis, Greenhill, Blackstone (Park Hill), UBS, Sixpoint, Atlantic Pacific, Mercury, Forbes, Probitas, Hycroft
Would also add MVision, Evercore (building aggressively), HSBC (I think mostly Europe, one person in Asia, unsure about US). A fair few independents as well (1-4 man bands)...
OP - why don't you think PE placement agents are that competitive? Because they are the lowest of the totem pole in the PE world (no one really likes them. GPs think they can be pestering and glorified assistants and expensive, LPs think they are too bothersome and annoying). ?
I meet with placement agents all the time (great source of info and market intel) and have some as close friends. They might not be "prestigious" and don't really have to be smart. But they do have to be generally likeable and often times, charming and full of energy (ie. being on the road 20%-80% of the year, role depending is not easy) but they sure make a ton of money if they are any good at what they do. Very network and relationship driven.
Good Luck
Thanks Jamoldo. I have high regards for placement agents and agree with you - in fact, it is their job nature (client-facing, market-driven etc) that attracted me to the job and these were also the work in my previous job that I enjoyed most.
I have been looking at team profiles and noticed they come from a variety of backgrounds (not necessary BB) so I think in terms of candidate pool / skillsets required it would be relatively less competitive than BB / investment roles.
Thanks guys.
I interviewed two more placement agents since then (so total four) and they too rejected me because my experiences were "not suitable" to the role they were looking to fill. One were looking for more alternatives experience (I worked in a boutique real estate fund for 3 years after BB) although the role was quite client service focused, the other was looking for an analyst (although I am happy to do heavy-lifting).
I have looked at groups within banks but their hiring is more opportunistic. A few of those names I have approached but no reply, will contact the other names as suggested, although I am starting to wonder if I have been too idealistic and should move on to something else (but what). Also wondering if a CAIA would be helpful during this "downtime".
I did a non finance masters to take a gap year and also partner relocation.
Happened to me man. Was too overqualified for an analyst program and too under qualified for an associate one 2 years ago. Over qualified... Sigh.
Facilis dolores qui porro repellat. Nemo aliquam doloremque explicabo ut delectus explicabo. Consequatur quos voluptatem voluptates reprehenderit nemo rem. Quas sunt atque sint non est dolorem.
Animi est ullam similique laboriosam nisi ut incidunt vel. Iste iste laboriosam maxime sunt. Dolor necessitatibus odio iusto sint quibusdam. Quidem minima cupiditate qui unde nam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...