How high is the conversion rate/sucess rate if you are in PE MF interviews?
So I am currently in a few MF processes and I wonder how good youre chances are of landing the spot by just being in the process/interviewing?
I heard numerous occasions when people did several rounds and then got cut from one round to the other. Is it as tough like this? So just doing first rounds doesnt mean like decent change of cracking it?
I don’t think they care how many interviews you’ve done … I did 9 for a firm and then just stopped hearing back lol
At my shop, we probably interview 50% of the resumes that the recruiters send. 50% make it through initial screening calls, 30-50% of those pass the model test and get a superday, probably ~1/3 of superday candidates get an offer (depending on # of slots to fill).
Just going by these numbers would suggest HHs are sending ~30 resumes per hire. Do they really send so many (e.g., 100+/- for groups that make 3-4 hires)?
Yes exactly right. We probably get 60-100 for every 3-4 slots.
Just think about the banking analyst class sizes at GS+MS+JPM+BAML and a few others, plus the top 5 boutiques. That’s a few hundred kids for sure. That cohort is downselected to the initial crop. There’s probably another 10-15% of candidates from other channels, like MBB and kids that are hustling into processes from “non-target” banks.
Most MFs have a few hundred kids to start with that they widdle down to a single digit # of seats. If there’s 10 MF/UMM funds hiring on average 6 people, that’s 60 people getting top PE jobs. Out of maybe 300-350 candidate pool. So at a population level, ~20% of the pool will convert to a top PE job. At an individual firm, it’s more like a low-single-digit conversion rate.
My firm takes 3-4 people for about 150 people doing the first stage. Note that doing the first stage is already quite a selective step.
At my fund it’s:
- 50% selected from initial CV’s presented
- o/w 50% pass the modelling test and initial case study
- o/w 20% make it to offer through the other various stages including case study and senior interviews
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