How well did you know your deals for on-cycle?
For those who have participated in on-cycle, how well did you need to know your deals / portcos from the previous summer? Are you expected to accurately recall financials and quantitative data? Can you make up for those shortcomings with perfect model tests and behaviorals?
My start date is likely after on-cycle, so I won't have access to intimate details from the past summer and am considering opting out for that reason. At the same time, since I am not even starting training yet, I feel like the extra time and lack of job responsibilities is a massive advantage I am giving up.
Would appreciate any insight - thanks!
Based on the insights from Wall Street Oasis, knowing your deals and portcos is crucial for on-cycle PE recruiting. Here are some key points to consider:
Depth of Knowledge: You need to be very familiar with the major details of your deals, such as size, multiples, valuation, and key diligence findings. It's important to be able to discuss why a deal was good for the buyer, especially if you were on the sell-side.
Presentation Skills: How you present this information is as important as the information itself. You need to be able to spin your experience to sound more substantial than it might be, without exaggerating to the point of falsehood.
Technical and Behavioral Preparation: While knowing your deals is critical, excelling in model tests and behavioral interviews can also significantly bolster your candidacy. These elements can sometimes compensate for less detailed knowledge of past deals, especially if your actual deal experience is limited.
Timing and Preparation: If your start date is post on-cycle, it does put you at a disadvantage in terms of accessing detailed deal information. However, the extra time you have for preparation can be a significant advantage. It's recommended to use this time to sharpen your technical skills and prepare thoroughly for behavioral questions.
Decision to Participate: Opting out of on-cycle due to a lack of detailed deal knowledge is a strategic decision. If you feel unprepared to discuss your deals in depth, it might be prudent to wait until you have more experience. However, if you believe you can perform strongly in technical and behavioral aspects, participating could still be worthwhile.
In summary, while detailed deal knowledge is important, your overall readiness for on-cycle recruiting will also depend on your technical proficiency and behavioral interview skills. Use your judgment and available resources to make the best decision for your situation.
Sources: https://www.wallstreetoasis.com/forum/private-equity/a-guide-on-how-to-navigate-on-cycle-pe-recruiting?customgpt=1, 2023 On-cycle is a disaster, My (successful) experience with on-cycle this year, Random Things I Wished I Knew About PE, 2019 On-Cycle PE Recruiting: Headhunter Ranking
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Be able to talk about a business like an investor would. It doesn’t have to be in the context of a deal you worked on, particularly since interns don’t get good deal experience to begin with.
'How well did you know your deals for cycle' ...
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