Interviewed with Summit Partners, they said their base was 65k with no sign on with a year end bonus of up to 65k plus 15k for each deal that you source.
Is this normal? Also, is Summit as awesome as they say they are? Its a lot of cold calling, which sounds miserable but the lifestyle is a lot better than banking.
Any thoughts opinions on Summit would be helpful too? All the older threads about Summit are pretty old.
Sourcing at the analyst level is mad ghetto
To be honest I would much rather take any BB offer over Summit
ha.. id love to work at summit
I've met a lot of non-target and semi-target kids going to Summit who couldn't get BB offers ...
Take that as you will
what does career advancement at a place like summit look like?
there isn't any career advancement
you start out on top
You start out on top as in you're at a good spot to start or as in its all downhill from there?
i mean promo to vp etc
Don't know what hte analyst role is like, but pre-MBA associate at Summit is a pretty competitive job to get.
Respectfully disagree, Solidarity. Most of the guys I know there that start after graduation were BB summers in fairly strong groups that decided they wanted to do something a little more entrepreneurial than banking. It's definitely eat what you can kill, which is appealing to those that are more risk seeking. Building a rolodex of successful company founders is also pretty cool, in my opinion.
don't go there if you can't take the idea of talking to 100 entrepreneurs and 99 of them think you are a dumbass for having a biz/finance degree or can't take rejections
wouldn't be surprised if I met you, there were several BC kids I knew who ended up at Summit haha
I was a summer at a BB this past summer and got an offer at Summit. Do you guys think I should take Summit since its PE right out of undergrad, which is relatively uncommon, despite all the cold calling I'll be doing? My other offers that I'm considering are William Blair in investment banking or Macquarie (which I'm hesitant to take cuz of shit bonuses).
Thanks
don't take summit out of undergrad unless you are really good at talking/sourcing. It's a talent most people don't have.
It's "PE" but not in the analytical sense, you will probably be given a book and they will ask you to start calling.
take wb if you want to actually learn more about the finance industry
In regards to being "good at talking / sourcing", does anyone have any examples (preferably videos, but anything is helpful really) of people that do this well. I'm not necessarily in a role that requires this but just looking to improve. TIA
Summit Partners - Views on this firm? (Originally Posted: 01/13/2009)
What's your view on this firm? There were a couple of forum posts but I wanted to ask nevertheless what people think about Summit in terms of culture, reputation, pay, deal flow, etc.
definitely a reputable firm. competitive comp but different compensation/profit sharing model since everybody has to source their own deals.
i interviewed with them. the associate that interviewed me said that the rough number of cold calls made are 100/month.
We're about to enter a Great Depression. Don't you want a president who's already dressed for it?
I just sent you a PM.
i have a buddy who works there. seems to like it. he is an absolute animal on the phone so you def need that type of personality.
100 a month? thats like 4 a day, seems low id think. obviously a diff bus model but when i summered in PWM i did ~10,000 cold calls a month.
Any idea how they pay their undergrad associates? I always get skeptical when I hear kids straight out of undergrad go straight, although I'm sure Blackstone pays their undergrads well.
I interviewed with TA Associates for a post-banking associate role, which is arguably a mirror image to the one at Summit in terms of lifestyle and responsibilities. My understanding is that you aren't making thousands of thousands of calls. However, you need to have done your homework and sound intelligent when placing calls, so you will spend considerable time researching an industry before calling all of the players in it. Also, you're expected to build relationships with senior management, which can take years. The process is very slow and definitely not something that I would recommend if you can secure a more traditional PE role.
In terms of compensation, it is highly based on commission. Commission is not just closing deals, but also on your ability to get "in" with management. For example, if you get yourself invited to take a plant tour, that will improve your pay. Sourcing a completed transaction is obviously what gets you the big pay-day, but don't expect to be sourcing deals left and right. The one guy I know that has been with TA for multiple years has yet to close a single transaction...
Also, in terms of hours, I was told that associates work 70 - 80 hours, which is a lot more than your typical PE firm. Not quite sweatshop level, but still very substantial.
~~~~~~~~~~~ CompBanker
So who's in charge of killing stupid deals?
Thanks for the insight, CompBanker.
Any idea what base salaries look like?
The junior folks don't do 100% of the work. I can't tell you with certainty, but I imagine the senior guys are there to price, structure, and manage the transaction.
~~~~~~~~~~~ CompBanker
Summit Partners out of undergrad? (Originally Posted: 09/20/2008)
Knowing that they hire out of undergrad, anyone have thoughts on their program. Heard from many posts that they have an 100% sourcing model, it's up to you to make cold-calls and find business. Seems like it's a glorified telemarketing position, but then again it's a PE firm. Wouldn't this look good for top b-schools?
Oh, and cold-calling is the bane of my existence...
If you dont like cold calling, then Summit Partners is not for you. I've met a couple of their more senior guys that we worked with and they have an army of young guys cold calling everyone.
I should have realized there was a catch to joining a PE firm that offered an undergraduate position.
An army of young guys cold calling? shivers
There really is no free lunch...
This was how they explained it in their associate interviews - "We cold call nine to five, and model nights and weekends."
No thanks.
i have an interview with them, is it wishful thinking that they changed their model to less sourcing? Crosses my finger
there are a lot of people you can learn from but it is completely 100% sourcing. Cold calling is one way to source deals. going to industry conferences, meeting with placement agents and bankers is another way to go.
I am curious how Summit is able to transform undergrads into successful investment professionals.
i interviewed with them after banking and the sourcing model was not for me and it showed in the interview. one of the guys that interviewed me came straight out of undergrad and had been working there for three years (he was only a year older than i was).
im also curious what the retention/burn out rate is. the guy told me that each individual cold calls 100 companies a month.
i wonder if anyone that ever worked in the sourcing model where they recruit right out of undergrad knows how many people are actually able to excel.
I had an interview, they emailed a few of my friends back saying no, I haven't gotten that email in over a week...or any communication from Summit at all.
talked to somebody who worked at Summit. It is indeed lots of cold-calling. He said he wanted to bang his head on a wall everyday at work lol
does Summit post undergrad opportunities on their website?
why do they cold call so much as opposed to other pe shops? They seem to be pretty legit, given that they have over 11 billion under management.
It's a different business model. They have a ton of AUM however they sometimes do very small growth equity deals. Also, if you negotiate a private deal you can typically get a much better price than you can with a company that hires an investment bank. This encourages a lot of PE firms to do private deals and not participate in auctions.
~~~~~~~~~~~ CompBanker
I knew someone who worked at Summit and liked his experience but he was a summer...and didn't get hired back.
Summit Partners - Better to start straight out of undergrad? (Originally Posted: 10/22/2006)
wahts the deal with them? good to start with them staright out of ugrad? or better to do 2 yrs at BB first?
definitely better to do 2 years at a BB. Summit sux
JT Marlin
Summit Partners - Reputation? (Originally Posted: 01/24/2007)
Anybody know anything about them? What's their rep?
They're a glorified call center for undergraduates, they offered me a position, I refused after doing some research on them.
It depends somewhat if it is for the associate or analyst position. However the general game is the same -- you will spend a bunch of time on the phone. But some people like the eat what you kill mentality.
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