Q&A: Private Equity Associate, started after my undergraduate

Question

Bit of a slow Friday, but have to wait in the office for a bit. Happy to answer any questions about my job - currently an associate after a recent promotion from analyst. Created this throwaway account, happy to answer anything.

peassoc · Accepted Answer

No worries. Was caught up in something for a bit but fre now.

Megafund. 40 billion+
Analyst level, at least where I am, is pretty chill in terms of what they expect. They really didn't expect us to model too much, but we were more there to learn and build a skillset, especially in our first year. Now, as an associate, I'm supposed to evaluate deals and do a lot more of the technical skills. Also some level of sourcing, but it isn't too bad
Comp range for the first two years is comparable to a top independent advisory firm analyst. Basically the same as a top-bucket analyst at an EB.

peassoc · Answer

Won't say too much about my background beyond - top target undergrad, graduated with honors. Summer at a mid-tier BB in a solid, but probably not one of the most well-known, group. So PE out of undergrad is not a very structured recruiting process at most places, except at a couple firms (BX comes to mind, as does Silver Lake and Vista). Additionally, few places even take undergrads. I was lucky enough to have a couple people I know at firms that recruit from undergrad, and they put me in touch.

peassoc · Answer

Some people can be "required to leave" for business school. They don't really push you out in the sense that they explicitly tell you to leave, but they do say that further advancement isn't possible. You have some flexibility; the firm is open to giving you some extra time to figure out your next step. There is some possibility you can stay if you are a top associate - they are definitely open to promoting from within.

I have received positive feedback and I believe that when the time comes, I will be in a good position for staying for a post-MBA role without one.

peassoc · Answer

Hours are not that different, but less weekend work and more variable hours. If we are finishing up a big investment then the hours are equal to, if not worse than, the worst banking days. But the average day is definitely a bit better and I normally don't work Sundays. 
Depends on the deal. For the biggest deals, we have a full team - analyst, associate, principal etc. Sometimes more than 1 of each for a couple. Smaller deals can have just a single associate on it, and a senior guy who is more of the relationship manager.

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Q&A: Private Equity Associate, started after my undergraduate

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Q&A: Private Equity Associate, started after my undergraduate

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