PE Analyst Programs
My younger brother is a sophomore at a target and has a strong internship lined up with hopes of an IB or PE SA program next year. When I went to school I didn’t really know people applying to private equity firms right out of undergrad and it’s made me wonder about what the best analyst programs are like and how they differ. Some research shows Blackstone seems to be the most coveted, Bain is up there, KKR as well (but newer?).
I’ve seen some threads about firms that have have analyst programs but wondered if people here have some insight:
- Are they all pretty similar (i.e., 2+2 a->a) or do they vary in structure?
- What is comp like? Same as BB? Better? Or is there a discount?
- What are the most attractive programs right now? Do the old guard places still attract the best talent?
- I’ve seen some say IB offers greater optionally than going straight to PE. Is this still true? My assumption would have been that there are few cases you’d rather take the IB role since you’re cutting out the career hurdle of trying to recruit for PE.
Appreciate your input.
Following
My PE Analyst comp is about 175-180 all in. My benefits package is great as well. I had an offer at a BB IB and took the PE analyst offer instead. TBH my comp in IB would have been a bit less or about the same depending on bonus and the market. Unless you are at an elite boutique. My program is intended to be a 2+2 - assuming you perform well. I would recommend it if you know you want to do PE and if you see upward mobility at the firm.
pm?
All largely similar experiences with slight differences (e.g. BX is generalist while KKR, WP, Vista are specialized). A lot of the job is doing the low level tasks / analysis to support the associates. The analyst position is not rlly needed, but serves more as a way to get the best talent early; the work - glorified banking w the chance to LARP as an investor - reflects as much. That being said, almost all PE analyst programs are just as sweaty (if not more sweaty) than ur top EB/BB experiences.
Comp is typically +/- $15k from your average EB (MOE/EVR/LAZ)
Obviously the old guard are the “most prestigious”, if you are looking for that. From a training standpoint, general advice is the older the program the better the learning experience. If you’re solving for a place where you can climb the ladder, you’ll probably have to find something down market with lower optionality (and lower pay) than the big MF PE analyst programs you hear about. Wrt getting the “best talent” the MF PE programs usually have their pick of those whose would end up in PE. However, since there are only a handful of seats and the programs have recently skewed more towards diversity candidates, a lot of “best talent” will inevitably be passed over.
You generally lose very little optionality choosing PE; all finance roles and most corp dev roles would value a PE skill set as much or more than a banking one. There is some merit to doing 2 years of banking (generally speaking, asoc coming from IB are historically “stronger” than the average analyst promote, but this could change given how early on cycle has become); but, if you know you want to do PE and are not dying to work at one of the MFs that do not have an analyst program (e.g. TB / APO / H&F / etc.) it makes sense to take any MF PE analyst program you can get. Once you start going down market, as mentioned above, you’ll start closing some doors (hedge funds, lateral opportunities in PE, etc.)
Wrt to exits, I will say on average a person that lands MFPE analyst seats is likely to be much more committed to finance which leads to less diverse exits. Any job that views IB as a positive will view PE as positive - they are the ostensibly the same job lmao
Seconding this.
I'm at a UMM / MF and I apply to any role and I get a call back + recruiters blow up my LinkedIn.
Am currently in a PE analyst program — can’t speak for long term career outcomes but am really enjoying it, am enjoying outsized exposure/responsibility with very interesting work and a strong WLB. Would say if you think the opportunity looks like it would be interesting and you have the risk tolerance (and I believe the real risk is quite lower than you imagine if you’re smart and hardworking) to go for it.
One thing I am curious about — seems that these threads are becoming increasingly common, wonder if PE analyst programs will become a standard feature 5 years down the line
if you don't mind me asking - what's the WLB actually like? hours worked per week / weekends off? and would be amazing if you could share what industry you focus on - i'm a current SA at a PE firm with an analyst program and debating recruiting FT for other firms
Bain analyst program is $210k (base + bonus) first year plus a $25k signing bonus. Believe this is consistent across all strategies.
Not sure why MS — these are accurate numbers. I was a MF analyst at a competing firm and have a close friend currently a second year analyst at Bain.
Animi voluptatum voluptatum facere aut quo numquam. Ad perspiciatis est voluptates praesentium aliquam recusandae. Enim repudiandae aliquid dolorum molestias pariatur sapiente. Facere aut voluptatem autem in. Quisquam quis non et ullam hic. Aspernatur sunt vel veniam optio non excepturi quia.
Dolorem ullam incidunt tempore voluptatem. Qui molestias rerum temporibus sit dolor ut et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...