What does it mean to be good enough? You start recruiting so early into the analyst stint, I would think it's hard to break through from a non top tier bank.

 
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First of all, there is no need to recruit as a 1st year analyst, you should only do that if you think you have a good investor mindset and feel prepared for it.

When I mean being good enough I would emphasize in the following

  • Understand the main drivers of where the value comes in the different business models (PORTER should be a good start)
  • Understand how a company can differentiate from the rest (in terms of product offering or positioning)
  • Be decent at modelling, no need to be a star, just dont fuck up the easy things
  • Prove that you are good in your team (it doesnt matter if its not related, they may ask any associate that went through recruiting to know how you work, and how you behave)

What I have seen from PEs and HH is that they are looking for well-rounded candidates that know how to screen companies and deep diver if needed.

 

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