How possible is TS -> IB -> PE?
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I can't comment on the grades portion, but I would guess it doesn't matter given you have experience.
On the TS > IB > PE part, yes, I think that is a possible path, but at the same time I think it is also possible to go into PE right now/immediately. Heres why.
-In terms of work experience, it seems like you have more than an 2-yr IB analyst, which helps you position yourself as someone with more maturity, diversity of experience (relative to IB), and has given you time to explore and find your "true calling."
-Reason why most PE shops hire from IB is that they have proven their work ethic, financial foundation and modeling skills, and can follow direction/be mentored. What these kids learn when they get into PE is how to manage a business. For the consulting folks, they learn the financial part of it. Since you have experience in valuation and consulting (proxy for operating and modeling), its not too much of an uphill battle to get into PE directly.
-Your academics (including CFA L1) demonstrate that you have the discipline to learn outside of your role, which is always appreciated in finance.
-On top of valuation and consulting, you also have FDD and Rx experience, which just adds to your skillsets.
Adding all of this, while TS > PE was difficult in the past, in today's environment where PE firms are looking outside IB for Associaties, its not as difficult, so you should aim for a MM & BB IB along with PE (LMM, MM, MF), pretty much anything you can get your hands on.
If you play your cards right, I think you will be just as competitive (if not more) than IB analysts/associates. I would also mention that given the current economic situation, I am seeing more and more Rx PE roles, which I think you would be perfect for (relative to someone that has no Rx experience) and once you break into PE, even if Rx loses demand due to economic improvement, it will be easy to switch to traditional PE roles. Also, given you have few different types of experience, I would aim for a generalist shop where the Associate does deals and PM as you can stand out more in those recruiting processes.
Fee free to PM me if you have questions.
Couple of questions for you, see PM. Thanks!
your post seems a bit optimistic. I’m working in equity research, 6 months experience, and I haven’t been able to get any interviews in PE. I imagine it should be easier for me than someone from TS?
Idt its optimistic. Yes, normally ER would top TS in terms of generating interest, but you only have 6-months of experience while OP (based on the post) has few years. I also started recruiting 3-months into my role and didn't get any responses until around 1 year. After going through lot of interview processes I found out that its because I didn't have enough experience.
Employers want you to have at least a year of experience because that's when most people actually learn something useful about their day-to-day, themselves, etc. Also, it would be disrespectful to leave an employer before they can get some sort of ROI out of you. It also reflects badly on your character especially if someone gave you a chance when you came from a non-target, bad grades, etc. Hence my understanding is that employers low key dislike someone with little experience jumping ship.
I will echo pigsistupid comments regarding a direct transition from TAS to Private Equity. My path was public accounting --> TAS --> LMM PE ($500M AUM / $300M Fund). Few notes for you:
-I interviewed with a plethora of shops and believe there is a trend in the market (primarily amongst LMM/MM shops) in which they are diversifying away from strictly considering IB analysts/associates. There were a few late stage interviews in which I was not the only non-IB candidate, and a quick search on LinkedIn will reveal that not everyone has an IB background. With that being said, IB is the clearest path to PE, but I would recommend making a concerted effort to matriculate directly into PE as your IB years will be "wasted" if that's your final goal.
-The largest skill/knowledge gap with our background is modeling, understanding complex capital structures, and knowing the lingo. I spent a lot of nights/weekends filling these skill gaps on my own time and would recommend doing the same in order to be prepared for interviews, as these skills will absolutely be tested. Conversely, our background typically gives us a better mechanical understanding of accounting/finance than our IB counterparts; definitely play up that strength.
-Accept that you will likely be rejected a lot. At one stage in my process, I networked with a VP at a MM PE shop who had a fairly prestigious background: top university, BB bank, etc. He told me that if he were to try to find another shop, he'd probably apply to 20 firms, get interviews at 3, and receive 0-1 offers. Thus, don't take rejection personally or believe that it's strictly a function of your background...it's just part of the process.
Happy to answer specific questions via PM. Good luck.
I agree with the above comments about going directly into PE. Being in TAS, do you have access to any prospects based on the firm you currently work with? Or past clients? I am in a similar role as you are, and if I wanted to, I could set up at least a couple of coffee/lunch dates based solely on the network that comes from TAS.
Depending on the relationships, you might want to be careful about this. There could be an element of sh**ting where you eat if you seem too eager to jump ship. But using what you already have will be much easier than starting from scratch.
Donnie Azz I do have access to prior clients, however, it would be quite obvious as to what I was doing. This is why I want to avoid being too blatant about it.
I have made a couple connections with said clients from outside of work which might give me a way to slide into those DMs and setup some coffee or lunch sometime.
That would be the right way to start the process, in my opinion. If you're going to transition, it will become public knowledge at some point. You just never know what possibilities might exist at firms you already have have a connection with unless you start the conversation and ask.
I disagree with some of the comments below. TAS directly to PE is possible but it’s an extremely difficult path and there are only a small handful of firms that are open to it. As much as I hate to say it there’s a still a bit of a stigma coming from a big 4 background even if you have stellar experience.
The TAS skill set is pretty valuable as an analyst and I think a lot of banks would be receptive. If you can land at a reputable firm and essentially join a first year analyst class it will make the transition infinitely easier. Since you’ve only been out of school for a couple years that shouldn’t be a problem and you’ll likely be better than your peers coming in. There were a handful of guys coming from similar non traditional backgrounds in my analyst class and they all did really well.
What was the profile of those non-traditional guys in your analyst class? It's something I've struggled with as I think about it myself. The track seems to be so rigid that if you don't make it in right out of school, there is no place for you in the hierarchy.
On a related note, what would it take for someone coming from TAS as a senior consultant/associate at an accounting firm to join PE as a senior associate or VP? Where does that stigma against accounting firms come from?
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