When recruiting for PE after banking, what tends to matter more — being in one of the top groups on the street at a mid-tier bank, or being in a lower-tier or less well-known group at a top-tier/mid-tier bank (slightly better than mid-tier)? Curious how people have seen this play out in practice.
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When it comes to private equity (PE) recruiting after banking, the group you are in often matters more than the bank itself. Based on the most helpful WSO content, here’s how this typically plays out:
Group Reputation Over Bank Prestige: PE firms prioritize candidates from top-performing groups because these groups are known for providing strong technical training and deal experience. For example, being in a top group at a mid-tier bank can often outweigh being in a less well-known group at a top-tier bank.
Deal Experience and Skillset: PE firms value candidates who have worked on significant deals and developed strong analytical and modeling skills. A top group at a mid-tier bank is more likely to provide exposure to high-quality deals and better preparation for PE interviews.
Networking and Headhunters: Top groups often have stronger relationships with headhunters and PE firms, which can give you an edge in the recruiting process. Headhunters are more likely to reach out to analysts from well-regarded groups, regardless of the bank's overall prestige.
Exceptions: If the bank itself has a strong brand and a history of placing candidates into PE, being in a less well-known group at that bank might still provide opportunities. However, this is less common compared to the advantages of being in a top group.
In summary, the group you are in tends to carry more weight than the overall prestige of the bank when it comes to PE recruiting. Focus on joining a group with a strong track record of PE placements and robust deal flow to maximize your chances.
Sources: PE recruiting from coverage group at mid tier BB, Investment Banking to Private Equity - 6 Things You Should Know, From Private Equity Associate to VP in Private Equity, mid tier bb's and eb comparison, Q&A: Barclays IB to MM Private Equity
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