Do previous rounds of interviews matter (e.g., how you performed last round)?
I know it might depend on the PE firm, but how do rounds of interview work?
Is it pass / fail (e.g., if you pass round 1, then you have an equal chance in round 2)?
Or do you have a comprehensive notes system on applicants, where you sort applicants 1-50 in round 1, take the top 10 for round 2, re-sort after round 2, take the top 5 for superday, re-sort after superday, take the top 3... debate internally... and choose 1 or 2?
"According to the notes from the previous interviewer, this applicant was mediocre in technicals in round 1, so we'll grill him round 2." Does that happen?
Generally, at least at my firm, there is some element of “rounds” as you mention but folks will caucus in totality as well.
So for example , the first round could be just straight technicals, then second round could be talking to a group of 2-3 VPs, then round 3 could be talking to partners.
I just simplified the process a bit, but between round 1 and 2 there will be attrition. However the attrition might be only cursory to calibrate (ie you might let a couple folks go to round 2 even if they weren’t that great because you haven’t calibrated yet on candidates). People who did round 1 and 2 interviews will definitely caucus to come to a collective view on if you should speak to the partners. Between these different rounds people will caucus and collect fulsome views across everyone who has spoken to you because it is a collaborative process in many PE firms on who gets hired into the associate class.
This can obviously depend on how each firm runs but you should try to do well in each “round” because people definitely talk. It can come down to splitting hairs on who gets hired.
Interesting... this is very helpful. The reason I ask is, I passed the 1st round at 1 firm. Tbh I stumbled on a technical question, so I am a bit surprised I even made it to the 2nd round. Not fall flat, but minor errors. It leads me to wonder if I need to perform extra well to compensate. Like idk if it'll come up in caucus, as you described it, "Oh yeah, that guy. Seemed technically weak in round 1, but I passed him because his background is perfect. How'd he do in Round 2?"
In a previous process that I got all the way to superday (but did not get an offer), I also stumbled on the 1st round. My fault tbh - I wasn't really interested in that firm in the beginning, so didn't do much prep
Makes sense. All you can really do is just try your best at every stage. I think you will be reviewed in totality so don’t let messing up 1 thing get you frazzled. You can definitely “make up” mistakes. Your goal should just be to approach each interview as best you can.
Good luck!
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