Incoming PE Associates - Start Dates?
@ Any incoming PE associates in the US, have you heard any updates on your start date? I know most of us are supposed to start late July, so curious if anyone has been pushed back.
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Our new associates are supposed to start mid-late July (pending their preference on time off after banking). At this point, we have not communicated any change on official start date for them.
How much time is usually taken between banking and PE?
Couple months
I'd say about a month from when me and my friends went through it. Maybe a little longer or shorter pending your situation.
Banking programs tend to end at end of June. Some people can leave early (mid June) by taking vacation days for their last 2 weeks. Start date varies by PE shop - could be late July or early August.
No change yet here.
Starting in August. Was told it would be remote if needed.
was looking to lateral to moelis, is the hours as bad as people make it seem? currently at a BB working 80-90 a week with a max of 120
No not bad.
the hours are pretty bad. similar to yours, slightly worse
Associates at my fund start in August
I'm going to a MM PE firm that is pushing off start date to September/October or when things go back to relative normalcy in the office. The message delivered to me is that it will be easier to get the associates started when things generally go back to normal, including deal-flow.
Location? NY?
Yes - NY
There's low risk of losing the offer right? Similar boat here. NYC MM pushing off start date
There is always that possibility, unfortunately, but I still think it's low risk. While to us an associate salary might seem like a decent amount of money, firms have so many other costs and priorities that associate pay is, as one PE Managing Partner once told me, "a drop in the bucket."
Have you spoken directly with someone from the firm about the start date? I was nervous at first when they pushed back my proposed start date, but they reemphasized that they are hiring me for the future and aren't thinking short-term. I was also very direct with them, asking them how their portfolio company is doing given COVID-19 and whether or not I should be nervous about losing my spot. I don't see the harm in being direct and upfront with them. They reassured me that most of the portfolio is doing fine (some investments in certain sectors are doing better than others in more recession-hit sectors, naturally), and again mentioned that I am being hired as a part of their long-term growth. Do you have a sense of how hard the portfolio companies at your future PE firm have been hit? As long as the firm has historically done well and their portfolio companies aren't fully drowning across the board, I hope that you should be fine.
I actually don't see it as such a negative that they are pushing off the start date -- it gives me the opportunity to start when things hopefully feel a bit normal and gives me a nice buffer period post-banking that most don't really get.
What are you going to do with your extra time off, assuming you're leaving your analyst stint?
Thanks for the response Wallstreetballer. I have had similar conversations and they basically said the same things you did, but I'm still nervous given that there's a period of time after we leave banking where we're unemployed. Latest fund was just raised last year so not that many investments - that's a good thing right? I may extend my banking stint. Very risk averse haha
I'm wondering the same thing about whether I should stay in consulting until my start date happens...
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