Striking out in last rounds
Posting for thoughts and keen to know other people’s experiences. Associate based in London at a BB if helpful (Citi/BofA/Barclays).
I’ve done multiple PE interviews over the last 3/4 years and did okay, e.g., made it past case study stage and second to last rounds, but didn’t have the benefit of having years of experience back then. Fast forward to now, I’ve recently been in 5 PE processes that lasted several months where I made it to the final round but never quite secured the offer. Feedback has been positive, but reason for not getting the offer centres around the other candidate having more experience and/or relevant languages, which is fair game to be honest.
This has left me wondering, at what point do I accept it might be time to look at other things that aren’t PE or accept staying on the sell-side? To reiterate, I’ve done more than these 5 processes over the years, but I’m reaching that senior associate level where convos around VP promotion are (slowly but surely) starting to crop up in conversation. I’ve also tried laterally to EBs in my industry coverage to get better deal experience, but instead of losing out to another candidate in the final round due to more experience/languages, it ends up being “you were great, but we can no longer hire as no one resigned yet and budget constraints, so we have to stop the process”. Anyone else experiencing this too?
I’m not desperate to leave my current role… but it’s starting to feel like it in some ways (as I post this with Sunday scaries) when these processes are months-long, require additional weekend work on on top of the usual weekend work, finding every excuse in the book to be off the desk for a couple of hours, and doing the typical interview prep. I’m keen to be in PE and done everything to ensure it’s the role I want to be in from where I’m currently sitting, and been intentional with all the processes I’ve been involved with in terms of strategy, fund size, and industry coverage. But running out of ideas or steam at this point, so keen to hear anyone else’s experience or advice. Cheers.
Based on the most helpful WSO content, your situation is not uncommon, and many professionals in your position have faced similar challenges. Here are some actionable insights and advice:
1. Reassess Your Strategy
2. Leverage Your Network
3. Address Feedback
4. Evaluate Your Current Role
5. Consider Alternative Paths
6. Mental and Physical Well-being
7. Stay Persistent
Your intentionality in targeting specific funds and roles is commendable. While the journey has been challenging, your persistence and strategic approach will pay off. Keep refining your narrative, leveraging your network, and staying open to adjacent opportunities. Good luck!
Sources: No VP Promote from Sr. Associate - Seeking Advice, No VP Promote from Sr. Associate - Seeking Advice, Should I leave PE after a month and go back to my MBB?
Bump
If it's any consolation, i'm in a very similar position to you. This year i've been in 6 processes and struck out on all of them at final round or second-last round. I've since learned that these roles never actually ended up hiring someone, which was pretty frustrating. The feedback i've heard is inconsistent and hard to draw any actionable points for improvement. Some examples include:
Recently, I was involved in another process where they pushed me through 7 rounds and an assessment within the span of 1 month, so it felt like there was momentum. However, it's been 2 weeks and I haven't heard back from them about the final round (with the partner). I followed up with HR (applied direct) and the response I got was "we'll check on the status and get back to you". In total its been 3 weeks.
My advice for what its worth is to take a short break from recruiting, as interview fatigue / burnout is real. If PE is what you want, then I think you should stay with it. Sometimes it's just a function of the market, timing, luck, opportunities, fit etc, rather than technical ability to pass an interview process. The readthrough I get from my feedback is that its a fit issue more than anything else. I'm not really sure if this post helps at all, but I just wanted to share my experience and say that i'm in a similar situation. Hang in there!
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