I found an opportunity to break into PE from consulting through an analyst program. Wondering what the day to day is like in terms of role duties and responsibilities?
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I have friends who are analysts in 3 different PE Analyst Programs, across fund sizes of 500 M - 2 B in NY / BOS. Frankly, they all seem to hate it. They end up doing a bunch o menial tasks nd wish they did banking, even if they only needed 12 months of banking experience as they've said they don't see themselves getting promoted after their Analyst programs end, and one said he doesn't think he will be competitive in lateral processes due to lack of modeling experience. Would be wary as some funds see it as a cheap way to get decent labor, even if they talk up the ability to climb the ladder up.
Did they have banking offers and then choose to do the PE analyst program over IB?
They all had prior experience i.e. not straight from undergrad/ Their backgrounds were a mix of Strategy consulting, VC and Corp Dev, and were pretty pissed when they gave up their solid gigs for what seemed a great opportunity, ad ended up not getting the experience that an Associate role would have provided. I'm actually an associate now and my friends are either 3rd year analysts currently looking to lateral to other PE and having a very difficult time, so looking to B school or second years
Depends on the firm
Seeing how you have not gotten a straight answer to your question, it's spreadsheet modeling and presentation/memo/letter/report writing. For very long hours. If you "get it," ask good questions, and start thinking in terms of the big picture, you'll move up. That is, after a lot of long hours.
What kind of consulting are you coming from, and did you already accept the offer? I can get more information from my friends if you need
As a former PE analyst who lateraled to a PE associate role during COVID, first and foremost make sure the PE analyst program has a track record of promoting analysts to associates. From my experience, I always played second fiddle to the associate with 2+ years of banking experience. I got decent at Excel / Powerpoint and did a lot of decks / memos, but the associate was expected to handle the model, so I had to fight for modeling reps and technical experience.
I would also be mindful if they ask you to take a discount on compensation, or a lower title, especially when coming in from IB or consulting, as that experience is valuable and places that plan on promoting will see that. Make sure you think long term and not just take it as a way to make the move to PE
Does the same apply to PE analyst positions at places like Blackstone, Silver Lake, KKR and Warburg?
Also curious. What about BX NYC?
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