How to Prepare for Headhunter Intro Calls (PE Associate Recruiting)
Have heard of headhunters recently going to some colleges and kicking off coffee chats for incoming IB analysts (Associate 2027 roles), so figured this post would be helpful. I successfully went through the PE Associate recruiting process and dealing with the headhunters was the most stressful part.
First things first, what everyone says about headhunters being the “gatekeepers” is true. Even if headhunters tell you that your chat will be purely informational, that is likely not true. I took headhunters for their word here (because coffee chats were held during senior year way before I was set to hit the desk), but odds are you won’t have another chance to speak with each headhunter before on-cycle kicks off later, so you definitely need to be prepared. I was caught off guard in my recruiting process.
Headhunters decide who gets coffee chats, which firms see your resume, etc. which is honestly an absurd amount of power based off your resume and a 30 min conversation. You might just get asked “easy” behavioral questions, but I think there’s certain characteristics that headhunters look for, admittedly based on hearsay from friends who went through the past few years of PE recruiting processes.
In my view, there’s 3 main things that headhunters look for – personality, technical skills, and how “hardo” / dedicated you are to PE recruiting. I’ll unpack all 3 later, but the main point here is that they want polished, “safe” candidates who will dedicate themselves to landing a PE gig.
Personality is the easiest characteristic to prepare for. Just dress well, look polished, be friendly, smile, etc. This is mainly for headhunters to cover their own asses and not embarrass themselves by sending a candidate to interview who is socially awkward. Wouldn’t worry too much about this, but it is something that headhunters care about.
For technical skills – some headhunters ask simple technicals (can get more into this), while others don’t. During your headhunter intro chats, you need to emphasize that you have prepared for X number of weeks, X hours per week, and already have quantifiable modeling / technical skills. For example, make sure to toss in that you can do PF Level 5 from scratch, etc. You need to make sure that headhunters know that you can model, even if they don’t ask.
Lastly, the main differentiator is how dedicated to PE you come across. There’s a few things here. First, you need to come across as if you know exactly what you want. For example, you need to be confident that you are looking for MF / UMM Buyout Associate roles in X sector, because of X, Y, Z. If you don’t know yet, you still need to pretend like you know what you want. Just say buyout associate roles – don’t mention growth, secondaries, infrastructure, etc. People who say they want buyout still get looks from growth, etc. funds, but not necessarily the opposite. For each headhunter, ask about a few specific firms they cover, and mention you are reaching out to Associates at those firms to further your interest. Basically, headhunters need to believe that you won’t stop until you get the PE fund you want (in addition to the 2 other factors above).
I really wish I had these things spelled out for me when I went through the Associate recruiting process. It’s honestly unethical that headhunters market these calls as “purely informational” but let it be the only touchpoint you have with them before interviews kick off. Happy to elaborate on anything else that I might have missed.
Thanks, really helpful. Have also heard that headhunters are starting college visits but haven’t heard anything about them at my school (West Coast target). How do headhunters usually announce they’re here and we should sign up for coffee chats? Is it through Handshake or something else?
You would have gotten an email from the headhunter, similar to emails that might have went out regarding interest forms, etc. I wouldn't sweat it -- different schools are on different timelines. Honestly, I wish that I didn't have coffee chats so early because I would have had more time to prep. Wouldn't start worrying until closer to hitting the desk (maybe May or so)
I have calls with Carter Pierce and Ratio in coming weeks… what else should I expect from the calls? Should I brush up on my technicals?
To my knowledge (experience in the past and friends who went thru the most recent recruiting cycle), neither ask technicals. With that being said, you can't be too prepared because these calls matter a lot.
At the very minimum, I would know LBO levers, paper LBO, walking thru an LBO verbally and standard accounting / valuation questions.
did you get any technicals from ratio? have a call in a couple weeks and have been swamped lately - trying to figure out if i should really buckle down ahead of time
Helpful!!
great post
How important is declaring sector interest and how srsly do HHs take it. If you say you are interested in generalist large cap buyouts are you basically out of the running for the tech funds?
I think you should be fine. In my opinion, headhunters don't actually care about your sector interest as long as you come across as well researched, confident, and knowing what you want. If you are in the headhunter's "top bucket", you will likely get all of the opportunities out there regardless of interest. And, you can email them closer to on / off cycle and provide updated sector preferences if you are worried about it.
Secondly, to my knowledge there are very few (and I believe no MF buyout teams) large funds that have generalist programs -- something to keep in mind.
H&F/APO/BX are generalist MFPE
’m currently a senior and have some calls coming up. How specific should I be regarding fund size? I’m not too picky about that (though I know I should be), but I’m more focused on working at a Buyout Fund with a flexible mandate, ideally with a Healthcare or Industrials focus. Is that enough information for the headhunter? I just want to learn how to make money in different situations, and I can see how a UMM or larger fund size could help. I have a call with DSP, but I can’t find a client list.
I think that’s a good level of depth to bring up. To my knowledge, DSP doesn’t typically ask technicals during the intro chats, but let me know if otherwise. DSP covers Apax, MDP, THL, and some hedge funds. Not sure about any others
Love the post, super helpful! Had a quick couple of Qs:
1. I am going into a T2 for Private Equity and Value Creation consulting (interned there last summer and returning ft). And I just got an email from CPI a few days ago? Wondering if I should give on-cycle a shot?
2. Realistically my chances I would assume at an MF is slim to none, so on the call should I even indicate that I want an MF, or should I more realistically say I am aiming for UMM/MM?
3. Will they ask me different questions or grill me on technicals because I am consulting background (I plan to study technicals and practice my modeling around the clock since I already graduated in Dec)?
Thanks!
I would prepare for the basic banking technicals — I honestly think MF PE might be out of reach, but would still have a solid answer for why PE + why MM funds + how you are prepared to do well in interviews
If anyone wants prep before a headhunter call, dm your phone number and we'll set up a brief call to talk shop before you have your HH call. Happy to be a resource.
I am an incoming analyst doing MM IB and have received several emails from headhunters over the past few months. I would like to do UMM/MM healthcare PE but know little to nothing about the on-cycle process. I started doing the PF recruiting course and am ~50% of the way through.
Is on-cycle PE recruiting similar to IB in which outside networking/coffee chats with current PE associates are essentially a must? Should I just focus on nailing the coffee chats with headhunters? From a technical standpoint, when should I be ready to start scheduling coffee chats with headhunters? Any insight as to when on-cycle will officially start? Seems like based on the comments others are already having formal chats with firms, at what point am I too late?
Any advice would be appreciated, thanks and cheers!
Has anyone had CPI intro call? Did they ask technicals?
No technicals. Just asking about background, fund preferences, and some questions where they’re trying to get you to show you can think like an investor (tell me about an industry that PE isn’t heavily invested in that you think is attractive and why, etc)
any insight into whether ratio gives technicals in these intro calls?
They do not. Shit was cake, just like every other call I’ve had. I don’t know why people are acting like this is something you need to prep for. Just know what you’re interested in and don’t sound like you googled it 5 minutes before.
Ratio doesn't to my knowledge
bump
Similar to one of the above users that commented on my post, feel free to DM with specific questions and happy to get on a call as well to discuss specifics.
Handling headhunters was the one of the worst and needlessly stressful part of my PE recruiting experience and so I want to help
Are you familiar with technical prep sessions headhunter firms occasionally offer? I'm assuming they're at least somewhat evaluative but unsure to what extent. Should I feel confident in answering basic technical questions, or are these more like true on-cycle first round interviews?
Thank you so much for posting!
I wouldn't lose sleep over it - only curveball if any should be looking at a company and thinking about what questions you should be asking as an investor (e.g. examining industry landscape, business model, competitive advantages, etc.).
Anyone ever do a follow-up call with these HHs (GCSP/HSP/Ratio/CPI)? Are they technical?
Following
Following
Yes and yes when I did on-cycle. Be prepared
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