Struggling PE Analyst
Hey guys - for background on me, I am a first year analyst at a MM PE fund. Since starting in January, I've found myself struggling with the responsibilities that are being given to me, and frankly feel that I am performing poorly.
When I signed on, the idea was for me to do the standard 2 years as an analyst, and assuming good performance, be given the opportunity to be promoted to associate. I am increasingly feeling that this is unattainable based on the massive skill gap between myself and the associates at my fund. I did not have an IB background before joining the fund, and unfortunately my group does not have a formal structured training program to address that shortcoming. This has led me to feel like I'm being staffed on workstreams that I'm incapable of completing without hand holding, and often results in one of the associates having to bail me out and complete the task for me (e.g. being told to complete granular data cuts / analyses that I don't fully understand, trying to pull together an LBO with minimal explanation, etc.).
I am trying to figure out how to a) bridge this skill gap through self study / proactively seeking some form of training from my fund or b) think about lateral opportunities that would provide a stronger foundation to make the jump to associate. I really want to avoid the lateral given that the fund is a great cultural fit and seems to offer a lot of upside if I can stick it out. I'd also ideally want to avoid lateraling to IB given that I have a direct shot at a PE associate position, but I understand that many might argue that it is a necessary hoop to jump through in order to be successful on the buy-side.
With all that in mind, I'm wondering if any former PE analysts from MM / less structured programs have advice for how to develop the skillsets necessary to succeed during the analyst years, as well as seamlessly make the transition to associate. I want to make the most of this opportunity and don't want to throw in the towel before exploring every alternative, but I also want to be realistic and make sure that I'm making the right career moves for a long term position in the industry.
Would really appreciate any suggestions or advice you guys might have - thanks!
When there's an analysis you don't know how to do where someone has to bail you out, redo the analysis from scratch without looking at the answer.
If you have to look at the completed analysis, start over. Repeat until you can do the analysis unprompted. Then, come back in a week and do it again. If you can't do it unaided in a week, repeat the process until you can.
The hardest thing to find will be having someone explain something to you. Only you know your firm so you will have to figure that out. If I were you I would find a sympathetic associate, explain your predicament, explain the above solution (if you like it and choose to do it - nobody will blame you if you choose to lateral for more structured training), and then ask for them to be a sounding board when needed.
Poor training programs are the worst so I sympathize. You are between a rock and a hard place. It sounds like you have the work ethic so I don't think it's your fault, but that doesn't really matter when the only thing that matters is performance. It's also very hard to learn during remote environments, so don't beat yourself up until you really try more approaches at getting better.
Good luck!