Junior VP Lateral Process
Hi everyone - can anyone provide a point of reference on how many interviews / what the general process is like for a post-MBA midlevel recruiting for a lateral role? For context, I've done 2-3 interviews with senior level professionals (Partner level), and recruiter gave me a sense that next steps may include meeting some other investors and / or a case study (but they said they were just guessing).
Context - 1-2 years post-MBA experience, currently at large fund recruiting for another large fund.
Hey there! Based on the most helpful WSO content, the lateral hiring process can vary quite a bit depending on the firm and the specific role. However, I can share some general insights from previous WSO threads.
For senior analyst positions, the process often involves several rounds of interviews. Here's a rough breakdown:
First round: This is typically a phone screen with a VP or director. They'll ask behavioral questions to understand your motivations for wanting to move, why you're interested in their firm, and why you're looking at the specific group you've applied to.
Second round: This could involve a 45-minute 'case study', followed by a two-on-one interview with technical questions.
Third round: This is often a series of interviews, potentially with various team members.
In your case, since you've already had 2-3 interviews with senior-level professionals, it sounds like you're well into the process. If the recruiter mentioned meeting other investors and possibly doing a case study, those could very well be the next steps.
Remember, each firm has its own unique process, and the timeline can vary. Some processes are tightly run and can be completed in about 3 weeks from start to offer, while others might take longer.
Keep in mind that the key to success in these interviews is to know your deals inside out, be prepared to work hard, and demonstrate your intelligence and motivation. Good luck!
Sources: Took an Associate job at a tiny firm, how screwed am I?, Q&A: Big 4 Consulting to Lower MM IB to MM IB (No MBA)., Lateral Hires - What were your interviews like?, How long was your lateral process ?
PM me
Went through this process a few years ago. Generally quite conversational at this level, walking through deals, motivation for the move, etc. You’ll occasionally get drilled about specific nuances of your deals (think unit economics, legal stuff, etc.) so have that ready and I was often asked about my transition to the midlevel role and how I interacted with the rest of the deal team both above and below. I would say less than half of processes had a case study component but still came up often enough that I would prep. Case studies were the standard “read this CIM and come back with 5-10 pages and a model and let’s talk about what you think.” The difference vs. the associate level is that your presentation skills matter a lot more and you can be expected to be grilled about nuances, assumptions, etc. vs being solely focused on your technical abilities.
This is awesome, thanks for the color. Sort of what I was imagining - sounds like it's similar to the post-MBA VP process but more of a focus on the "why" and maybe a bit less technical. Thanks again.
How's it different at the director/principal level?
Sorry, one more for you. How long do these sorts of processes take? For example, if you finish a case study or an interview and are waiting to hear back on next steps, how long do you think it is appropriate to wait before bumping the headhunter? E.g. HH said interview went well and the counterparty is figuring out next steps.
About a week if it’s off-cycle; but “figuring out next steps” appears to be a good sign.
Otherwise, the HH would’ve indicated you were dinged.
Hard to read into it bc there’s so much randomness tbh.
Did you get this?
Hey Op - i am in a similar spot to you and would love to bounce some thoughts off on prep with you. Mind if I PM?
The process itself, from first interview to offer, usually takes 2-3 months unless the firm is ultra efficient. You’ll do an initial few rounds of interviews with professionals who are more senior than you are. Once they’ve determined you are a potential fit, they’ll hit you with a case study. This can take one of a few different forms. It could be a CIM is emailed to you and you have a day or two to read it and discuss. It could be you’re given a public company name and you have to make an investment recommendation (short pitch deck with high level model likely). It could be you’re asked to do the case study live over 3-5 hours in the firm’s offices. Lastly they might say: “We are going to email you materials Thursday at 9am… we want you to send back a model and recommendation at 12 and then jump on a zoom to discuss.” After the case study, you’ll need to go through a series of additional interviews. Depending on the size of the firm, you might eventually make it to the final interview with the founder or members of IC. Infrequently you’ll be asked to do a personality assessment.
At some point during the process, usually right before or after the case study, the firm / HH may ask you for compensation expectations to ensure there is alignment before moving you forward. Towards the end you’ll be asked to provide references. Some firms will give you the offer contingent upon references checking out — some firms will require that they speak with your current employer … which you can sometimes talk your way out of.
The whole job search process can take 3-6 months in a normal recruiting environment if you put in the effort. If you are just dabbling and trying to find the perfect fund, it could take up to a year, particularly given how soft the market is right now.
Finally, a lot of it depends on your story and your interviewing capabilities. Pedigree and technicals won’t take you nearly as far in VP interviews as they did for banking / associate interviews. You’re a VP lateral so you need to demonstrate that you won’t get away with just being really smart anymore — you need to be able to sell yourself and how your experience aligns with the firm you’re recruiting with.
Source: The majority of the people I work with are mid-level PE professionals and often times they are navigating a mid-level job search process, both voluntarily and involuntarily.
Interesting write up. I personally found mid level VP, and principal candidates (10 ish years) to think a case study is offensive to ask of them
If a recruiter (say CPI) placed you to your current midlevel role, are you allowed to reach back out to them to help find a new role? Or should you roll with all the other recruiters and keep them at a distance?
~1.5-2 years since the original placement for context.
Work with whoever has the best roles…they don’t work for you so no need to feel bound
Often times a head-hunter especially if they placed you with your current firm contractually cannot work with you as an employee of your current firm.
How long is normal between rounds? E.g. if you meet a couple partners and thought it went well but haven't heard back in 1-2 weeks, what should you do?
Bump - any idea how long to hear back after an interview (late stages) for either a next round or an offer/rejection? I've heard at this level HHs are pretty good at not ghosting.
Went through this process last year and interviewed with a few different firms. In my case, all the firms were responsive enough with next steps a few days after each touch point. Any firm that took longer than a few days ended up being a pass. Took about 9.5 weeks to get the job offer I took from the first day I sent an email to HH. Hope this is helpful
Bump - how's the market looking for everyone? Seen a couple roles $1B in fund size. Couple more large cap roles, but not in my sector coverage unfortunately. On the bright side, seems better than Q3/4 2023 (aka 0 roles whatsoever).
Heard from a headhunter friend that mid-level roles are quiet right now. More demand for first-year and lateral associates and senior folks
For NYC? Market seems bleak right now, only really seeing opps in other locations
If you're moving on from your current fund, is it better to take an offer you're not as excited about, or is it better to be on the bench for a couple months while trying to find the right role? Coming from a megafund VP background in a Tier 1 city (SF/NYC), planning to stay in the same city.
In the same dilemma. Would love to see what people say. Some signs hiring should be getting better but feels too early to really tell
Yes, curious to see what people have said. Everyone I've spoken with has said to take it easy and focus on getting the right job, but am curious what 3-6 months between jobs would signal to employers with a traditional MF buyout background, esp post-MBA.
Absolutely no problem to have a 3-6 month job gap. In fact, some firms even have a 3-6 month non compete or garden leave period as you get more senior. A lot of these traditional rules such as “it’s bad to have an employment gap” don’t necessary apply to private equity. Sure, if you’re applying for a minimum wage job you don’t want anything that might differentiate you in a negative way on your resume, but PE is different where each candidate is a bit differentiated come the VP level.
Del
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