Working in PE is hell on earth

The insane stress of missing one small detail and causing a deal to fall apart, the dread of defending another deal to the IC, the politics, preparing agendas, taking notes, getting that intralinks notification that the data room just opened at 7pm on a saturday, staying up until 4am creating models 10x more complex than could be possibly necessary, working 100 hours a week for weeks on end with no acknowledgement, competing with a bunch of type A sycophantic humorless freaks for brownie points, completely thankless, soulless work, wasting the best years of your life enriching people wealthier than you ever will be given the glory days of this industry are a decade plus behind us.  oh the prestige of being a private equity financier

Comments (129)

Dec 6, 2021 - 11:22pm
EatClenTrenHard, what's your opinion? Comment below:

do you have adequate savings to quit and live a comfortable and normal life without needing to get a job within the next 3-6 months?

Dec 8, 2021 - 12:02pm
XFD1048576, what's your opinion? Comment below:

Thank you for saying what we're all thinking being in similar situations.

Contra omnes dissident
Dec 10, 2021 - 1:37pm
Action Jackson III, what's your opinion? Comment below:

Brother if I were you, I'd keep banking those checks until you have a nut big enough to travel the world for a year. I suggest Mexico, it's not as dangerous as the media makes it seem (except for some rural areas, which you shouldn't be in anyways) and the USD goes a looooooong way to cover living expenses.

Dec 21, 2021 - 10:31am
CiaronSmith, what's your opinion? Comment below:

This is depressing. 

I want to go into the medical field one day but also have time to pursue hobbies. Stuck in the buy-side like you and have the exact same thoughts.

Depressing. I hope the system fails.

  • Associate 3 in PE - LBOs
Dec 5, 2021 - 7:49pm

one of the worst parts is the realization that you're working for partners who never went through what you're going through.  there were no cell phones, barely any email, and excel hardly existed when they were your age.  now they email you from their hamptons home "would be interesting to see a scenario where..."

  • Associate 2 in RE - Other
Dec 5, 2021 - 10:34pm

I've been thinking about this a lot, and you hit the nail on the head. The MDs have no sympathy for the analysts/associates because they never had it this bad. The VPs have no sympathy because they want us to suffer like they did. Everyone thinks every task takes a quarter of the time it actually does, and all they can muster is a half-assed "Thanks for all the hard work, etc. etc." IF THAT.

I'm in REPE, so I know our experiences may differ, but I've been burning the candle on both ends and running out of runway, too. My firm pays above market, yet I'm realizing that the sacrifices I've had to make are not worth it. I'm taking steps to leave before my body forces me to leave.

  • Intern in IB - Restr
Dec 6, 2021 - 11:02pm

They prolly all in the Hamptons bragging bout what they made! Fuck you and your Hampton house! I'll fuck your Hampton spouse! Come on her Hampton blouse and in her Hampton mouth!

Feb 5, 2022 - 9:13pm
Malta, what's your opinion? Comment below:

Y'all 'bout to turn shit up

I'm 'bout to tear shit down

I'm 'bout to air shit out

Now what the fuck they gon' say now?

“The three most harmful addictions are heroin, carbohydrates, and a monthly salary.” - Nassim Taleb
  • Associate 2 in PE - LBOs
Dec 5, 2021 - 7:51pm

x2 pretty sure everyone in this industry has a screw loose. You know how every firm has that one really cool down to earth MD everyone likes. Know what I'm talking about? It's because the rest are actual psychos. But I'm addicted to spending money so hear I am in a self loathing Catch 22.

  • Analyst 2 in IB-M&A
Dec 5, 2021 - 9:16pm

Question I have is whether this is an industry norm or fund dependent, as Ive heard some MMs have insane, toxic cultures and heard some bigger funds have a better cultures (albeit with still long hours ). 

Dec 6, 2021 - 10:34am
DevGru23, what's your opinion? Comment below:

A MF is going to be banking 2.0; more stressful than banking and as many hours. MM is all over the place. It's impossible to make a correlation. Some funds are chill while others are not. In general though, chill funds are much fewer than stressful ones.

Array
  • Analyst 1 in AM - FI
Dec 6, 2021 - 5:40am

Exactly why I stay in my "boring IG credit" job. This job is easy, low stress, and pays for what I want.

Dec 6, 2021 - 4:34pm
cheesecakefactory, what's your opinion? Comment below:

That's what I'm saying lol. I'm gonna be making industry standard base (95) and a significantly lower bonus but that is only because I'm gonna be working 50-60 hours a week on avg lol

Dec 7, 2021 - 7:39am
Pine1pple, what's your opinion? Comment below:

How is the salary compared to other top tier banks though ?

Dec 29, 2021 - 2:22pm
Pbmagik, what's your opinion? Comment below:

THIS. Completely agree. Still in banking. But I have no worries about "Exits" and I keep my sanity

  • Works at Other
Jan 8, 2022 - 4:55am

It can work both ways in a shit dealflow team. You can get that. Or you can get one where:

1. They keep "pitching" to the point it's probably client harassment and by pitches I mean, make you scramble 50 to 60+ pages and massage the league table data - if anything making it more obvious that we haven't closed a deal in years

2. Very heavy top + one senior freaking out every week about being (rightfully) fired and making you run "urgent" screens on companies he's never met before to put in his pipeline. Just strip profiles of these 200-300 tiny ass private companies, thanks. Oh and I know they don't speak english and probably don't even have a website, but can you get revenue numbers and breakdown and maybe EBITDA and NPAT margin as well? Don't stay up late, thx.

3. VP throwing fits that you can't get private transaction information that he can't get anyone in his network to tell him either, completely ignoring the fact that if you could, he would be working for you.

Welcome to Southeast Asia sh*t IB!

  • 6
  • Analyst 1 in IB - Cov
Dec 5, 2021 - 9:33pm

Your point on sycophantic humorless two-faced bitches just hit me in the right spot. Oh baby, yeah, right there. 

I sincerely believe everyone in this industry, except those who just somehow love bitch work at least for your first 6 years, will someday come to a crossroad: do you have the gut to actually pursue something you are passionate about, even if it's definitely less money at the beginning, or continue to be locked in golden handcuffs? I'm not saying this from a holier-than-thou PoV, as I'm in banking because I think it's a good way to make some $, and do some shit. Well well, movies are movies after all. There are not many wolfs on the street.

Dec 6, 2021 - 1:00pm
SafariJoe, what's your opinion? Comment below:

Anonymous Monkey

Your point on sycophantic humorless two-faced bitches just hit me in the right spot. Oh baby, yeah, right there. 

I sincerely believe everyone in this industry, except those who just somehow love bitch work at least for your first 6 years, will someday come to a crossroad: do you have the gut to actually pursue something you are passionate about, even if it's definitely less money at the beginning, or continue to be locked in golden handcuffs? I'm not saying this from a holier-than-thou PoV, as I'm in banking because I think it's a good way to make some $, and do some shit. Well well, movies are movies after all. There are not many wolfs on the street.

Well said! He who dares has an higher chance of winning the game.

SafariJoe, wins again!
Jan 1, 2022 - 6:12pm
BillionairesPartner, what's your opinion? Comment below:

Love this. 🙌👏👏

How many Desk Monkeys will walk into the fire of uncertainty to claim what is thiers??

Entrepreneurship isn't for the faint hearted. To many people want to be liked.

Sadly the heavy hitters can give a fuck about being liked. Including myself.

It takes big brass balls to go make shit happen. Just do it.

I have.

Appreciate your response and authenticity.💯

  • Intern in ER
Dec 5, 2021 - 10:03pm

As an associate at a small LMM firm in a LCOL city I find my experience has been night and day compared to your comment. Really cool seniors who value WLB/family (which that culture trickles down to me), reasonable hours at 50-60 hour a week outside of deals sprints. Downside of that is I'm probably not working at a firm that is known at all in the industry and the compensation track gets a discount compared to MM/MF counterparts, also deal flow is probably not as intense to getting slightly less reps overall than I would at a busy shop.

Overall a sacrifice I'm willing to make as I learned pretty early on in banking that I don't give a shit about pulling in 70-80+ hours consistently for the money/prestige if that means sacrificing so many aspects of my personal life. Also when the lifestyle at your firm is so much better you can actually consider the long-term possibility of this career instead of just looking at it as another means to an end. I'd highly recommend looking down-market if you're willing to make those sacrifices for yourself for what is a much more sustainable lifestyle. 

  • Associate 3 in PE - Growth
Dec 7, 2021 - 10:14am

I'm in LMM in a higher COL city and started at $225K and have scaled up meaningfully from there. I enjoy my job and will last longer in this industry than 95% of people at MF, so in some ways my long term earning potential is just as high since I won't burn out. It exists, just have to find it

  • Analyst 1 in IB-M&A
Dec 6, 2021 - 5:48am

Good luck I am sure you will be fine 

  • Analyst 2 in IB-M&A
Dec 6, 2021 - 11:06am

Most people joining PE will never get close to making $1m+ at their firm

  • Intern in IB - Gen
Dec 6, 2021 - 12:53pm

FUCK this shit, I don't give a shit anymore. Fuck IB. Going back to enjoying my life. Not going to continue sacrificing the rest of my college just to join all the struck up finance bros.

  • 2
  • 1
  • Intern in IB - Gen
Dec 7, 2021 - 9:25am

I'm a shell of the person I was before this semester. I have gained 10-15 pounds, destroyed my sleep schedule, destroyed my mental and physical health, destroyed multiple personal friendships because I was so busy, hung around the finance bros for so long it made me into an stuck-up finance ass-hat that looks down on some many people, been watching way too much porn, and failed my first ever examI have a superday today but honestly, I barely prepared. I instead spent The Weeknd not giving a fuck, drinking with the boys and had a girl sleepover (first time in forever) . I already have a big 4 offer. Done sacrificing for this IB position that is just gonna have me work even longer hours and make me hate my life more. I spent so much time trying to get a IB offer to please my "finance bros" friends. But all they ever talk about is finance BS and have me feel like complete shut because I haven't gotten an IB offer. Made me into an arrogant asshat and started to look down on my roommates that have been there since day one, since they do not work as hard as me. I don't care anymore.

Dec 6, 2021 - 1:08pm
FinancialModelzNbottlez, what's your opinion? Comment below:

I would just find a good paying firm that doesn't treat you poorly.

I work endless hours at times and some weeks it's 50-60. I stopped going to prestige firms due to this and could careless at this point in my life. Many firms will pay a good 6 figure comp and the intense "prestigious" firms will still be there if you choose to leave for a year or two.

I left PE to work a PE portco ironically and it's been wayyyy better.

  • Associate 1 in PE - LBOs
Dec 6, 2021 - 1:31pm

Interesting. What sort of responsability do do you have there? What sort of portco and what is your comp like?

Dec 6, 2021 - 5:19pm
SunTzu, what's your opinion? Comment below:

CORRECTION: working in PE as an associate is Hell on Earth

Life is more than dollars
  • 2
  • VP in PE - LBOs
Dec 6, 2021 - 8:20pm

If we don't own up to our own decisions, good or bad, then what are we good for?

Dec 7, 2021 - 3:04am
brian-b-hardman, what's your opinion? Comment below:

No idea what you mean by its hell, I'm a 42 year old MD at Apollo working 90 hour weeks with 3 kids and a divorced wife, but its all worth it when I get to tell you unprestigious shitbirds on this forum how prestigious my job is.

  • Analyst 1 in IB - Gen
Dec 7, 2021 - 4:21am

Convinced everyone in high finance are over dramatic pansies. Jesus Christ. 

If you hate the job so much, leave and do something else. It's just a job. If you don't hate enough to quit then stay and continue milking more money out of the economy than most working people can. Don't just complain and do nothing.

Dec 7, 2021 - 8:12pm
ConfusedGuru, what's your opinion? Comment below:

There's some good advice on here once in a while, and it's entertaining content. Also I might try to eventually move into a quant dev role, and there are a lot of helpful resources for that on WSO.

Jan 13, 2022 - 1:34pm
ConfusedGuru, what's your opinion? Comment below:

Better believe it. Both Google and Facebook are paying over 200k total compensation for new grads, and Amazon/Microsoft pretty close to that. HFT's pay even more, think 300-500k. No one wants to admit it because well, why would you want to dilute the market and increase competition for yourself? 
 

So your welcome for admitting the truth. SWE is in the golden age right now. Btw I'm not even factoring possible stock appreciation. 

Dec 7, 2021 - 11:13pm
Goodwill Commodities, what's your opinion? Comment below:

because I, like everyone else in this industry, have no clue.....

Goodwill
Dec 10, 2021 - 12:34pm
Mantis Toboggan MD, what's your opinion? Comment below:

Somewhere in Africa right as you're reading this a 6 year old kid is mining lithium to profit the Chinese government under the watchful eye of a 12 year old with an AK from the next village over, which happens to be the same village the government official who signed the contract with the Chinese is from. 

Dec 10, 2021 - 1:32pm
CHItizen, what's your opinion? Comment below:

Plenty of other opportunities out there. Have you seen the crazy rounds that VC-backed startups are raising? Guess where they are spending a lot of that $$$... Yes it will be a pay cut but the gap is closing + equity upside (also downside). FWIW, engineers and product folks really aren't that far behind PE associate comp (if they're even behind, check out the stupid comp figures being posted on Blind) and I promise you hours are much better. Really, we all should have gotten CS degrees and gone into tech.

If you do want to stay in finance, maybe think about family office/allocators/secondaries. Pay cut, more boring work, but I don't think any LPs are working 100 hour weeks.

  • 3
Dec 15, 2021 - 10:33am
NewIndustryHorizon, what's your opinion? Comment below:

It's a fair point but having solid technical coding/CS skills is not for everyone. I tried it and was a below average student in a few classes I took to experiment if I liked coding in college. Hated it and I was terrible at it. Very different type of thinking to be good at it. A shit ton of tech/engineering talent to compete against for those top paying jobs. It's more about raw talent than the prestige of their previous jobs/schools.

Dec 16, 2021 - 1:05am
CHItizen, what's your opinion? Comment below:

IDK who threw MS at you, it's a fair point. But product roles are not that far behind SWE in comp and don't require the technical skillset. 

Feb 6, 2022 - 3:08am
G Baron, what's your opinion? Comment below:

Tiktok is paying $300k for a PM2 which my friend who's 23 was just offered (class of 2020). He got his current firm to match and works 30 hours a week stress free

Dec 11, 2021 - 10:29pm
Analyst 1 in IBD, what's your opinion? Comment below:

Hey man - Really sorry to hear about your experience. Luckily, this is still a really attractive job market for finance, so lateraling so definitely an option. If helpful, my friends/colleagues have used a platform called officehours, and they've all had great success with it. Best of luck!

Dec 14, 2021 - 10:47pm
technocrat, what's your opinion? Comment below:

sheesh bro you sound super unhappy

this is no way to go through life

why not just get a job in corp dev, or strategic finance, take the salary/bonus pay cut (but also... if it's a younger high growth tech company, get some of dat equity upside), and work half the hours on far more interesting work in a much chiller environment? girls / normies will still see you as a high finance guy (if that's something you care about) and you'll actually get to have a life. seems like a no brainer for you. finding a job won't be hard - there are a shit ton of tech companies, corporate vcs, corp dev teams, strategic finance teams, etc, that would love to hire a buyout PE guy. 

life's too short to be unhappy. 

Dec 16, 2021 - 3:47pm
chihayafull, what's your opinion? Comment below:

Totally agree man but it's a tough pill to swallow for a lot of people who have worked their ass off just to get to that PE seat - it almost feels like you're "throwing something away" right? Also, pay cut is tough to swallow on a mental level - obviously nobody actually churns through their TC as a PE Associate but it's the concept of the high pay that sticks in our minds.

I'm saying this as a burnt Associate who's staying for now due to the highly flawed reasons above, but really want to leave. Would guess that most of us have never taken the time, even from a young age, to explore our passions and instead have had a gunner mentality for as long as we remember, distorting the perception of what happiness actually is.

Dec 23, 2021 - 3:16am
BillionairesPartner, what's your opinion? Comment below:

Sounds like someone should make a career change. If you don't feel like your adding to the mission or simply want to be there l? Or maybe your not leading your team as a productive happy Kick Ass as a Team Member? Leave.Being miserable is not healthy. I promise tying yourself to a Job that makes you feel imprisoned is a great way to sabotage your future. Don't take my word for it, I'm just a Entrepreneur who is a Investment (GP) Partner that is not making any excuses. Plus I've been a Self Employed business owner for 20years.

  • Prospect in HF - Other
Dec 25, 2021 - 2:39am

I'm just semi-drunk post Christmas Eve dinner but honestly stfu. Seriously. You're what I hate about this industry. Do you think everyone is just like you and does this job despite having no passion for it? This is the only sector I know of with so many people who absolutely hate their job but would rather keep doing it and bitching about it rather than being a man/woman and actually doing what you want in life.

This is capitalism, you're free to decide what you do in life. There's plenty of people like me who actually mostly enjoy what they do in PE. Go find something that you care about rather than trashing the careers that aren't for you.

Dec 25, 2021 - 12:49pm
PFSynergies, what's your opinion? Comment below:

Spot on.

Folks stay in it because they view themselves to be the "lucky ones" who are somehow "awarded" the opportunity to one day become MDs / Partners pulling in the "big bucks". Ultimately, like anything, this is a job… that pays extremely well. Either you buy into the value prop or you don't. It's that simple.

Jan 1, 2022 - 5:52pm
BillionairesPartner, what's your opinion? Comment below:

Dolorum dolorem nulla praesentium sunt et. Ad laudantium et dolore consequuntur voluptas. Delectus dignissimos illum magni iure ipsa et. Est inventore enim ab dolor. Provident eveniet quibusdam quae nam architecto.

Tenetur magnam alias qui repellat. Sit nemo dolorum fuga tenetur voluptatem. Quis odio repellat porro quos quia atque explicabo in. Sapiente autem enim sit aperiam. Molestias asperiores perspiciatis officia. Quibusdam quia provident deserunt. Sequi aut deleniti minima sapiente.

Dolorem recusandae deserunt magnam nihil hic sint. Illum non fugit similique voluptas fugiat.

Feb 4, 2022 - 8:53am
Vænnen, what's your opinion? Comment below:

Maiores et ea cupiditate reiciendis aspernatur nihil. Repellat asperiores non provident commodi. Voluptas molestiae assumenda ut corporis ab. Error consequatur officiis est.

Excepturi aliquid accusantium illum quasi. Animi consequuntur nostrum nostrum tenetur eaque necessitatibus. Veniam suscipit dolores harum harum et dolor culpa. Sed aperiam reiciendis rerum quibusdam aspernatur. Dolorem iure qui consequatur a id.

  • Principal in PE - LBOs
Sep 12, 2022 - 3:15pm

Enim non quod eum accusantium explicabo vel necessitatibus id. Dolorem voluptatibus veritatis quia sequi natus maiores. Quae voluptatem aut ab natus qui. Optio et corrupti aut vitae totam. Dignissimos quasi modi eligendi accusamus fuga beatae.

Omnis eaque aspernatur in ad. In molestias dolore autem autem.

Est consequatur vero sequi quia repellat. Culpa omnis nemo ut ut numquam. Labore placeat ea provident ut velit. Suscipit aut eaque quas quia adipisci nulla. Blanditiis dicta pariatur inventore non quo et. Dignissimos aliquam accusamus est impedit iusto recusandae.

Repellendus recusandae beatae consequatur neque incidunt similique sed. Sunt et magnam repellendus qui consectetur. Quae molestiae dolorum voluptatem tempore id modi. Ipsum eum nam repudiandae eos illum doloremque. Debitis enim sit molestias voluptatibus. Adipisci odio recusandae nobis quibusdam in nihil.

Feb 5, 2022 - 6:10am
TheBuellerBanker, what's your opinion? Comment below:

Eos praesentium unde odio. Velit debitis ipsam repellendus qui possimus recusandae commodi. Autem ducimus illum quidem rerum quasi omnis. Autem eum nihil non sint et ut. Voluptatem amet aut quaerat ut. Animi sit quia adipisci et. Aut recusandae iure eos suscipit.

Sed voluptas et a et sed est rem. Dolorum quam ut blanditiis doloribus libero. Ut eius architecto voluptas et facere vel velit.

Fugit quidem distinctio soluta iste mollitia totam. Esse laboriosam aspernatur ullam atque et quia. Sed nemo excepturi unde quos voluptates.

Enim rerum necessitatibus quibusdam dolor qui quibusdam. Corporis aut sint in occaecati sit ut excepturi. Quam officiis assumenda et vel. Aut non eum dolore eaque vel.

Feb 6, 2022 - 11:18am
Mezz_Star, what's your opinion? Comment below:

Sint et omnis dolorum quia. Quis a illum officia voluptatem consequatur.

Sunt necessitatibus quos nam praesentium. Beatae esse id voluptatum pariatur. Quia nesciunt ut dicta earum. Nemo placeat optio dignissimos.

Ratione natus minima cumque aut quia. Placeat officiis aliquam consequatur odio aut. Occaecati itaque molestiae minus illo voluptatem corrupti.

  • Associate 1 in PE - LBOs
Sep 11, 2022 - 9:37pm

Ut ratione commodi ipsa aut est. Est et iste rerum.

Earum exercitationem dolor atque illo sint quisquam. Eos maiores fuga veniam voluptates voluptatum aut impedit. Quae voluptatem dolores pariatur occaecati nobis voluptatum sed.

Ducimus voluptas inventore sint voluptates ut praesentium et. Sint itaque pariatur qui laboriosam nulla sit. Ab dolorem laborum ut. Est dignissimos sunt quod et neque aspernatur necessitatibus in. Enim cum libero harum ea.

Start Discussion

Career Advancement Opportunities

September 2022 Private Equity

  • The Riverside Company 99.5%
  • Warburg Pincus 98.9%
  • Blackstone Group 98.4%
  • KKR (Kohlberg Kravis Roberts) 97.8%
  • Apollo Global Management 97.3%

Overall Employee Satisfaction

September 2022 Private Equity

  • Blackstone Group 99.4%
  • The Riverside Company 98.9%
  • Ardian 98.3%
  • KKR (Kohlberg Kravis Roberts) 97.8%
  • Bain Capital 97.2%

Professional Growth Opportunities

September 2022 Private Equity

  • The Riverside Company 99.5%
  • Bain Capital 98.9%
  • Warburg Pincus 98.4%
  • Blackstone Group 97.8%
  • Ardian 97.3%

Total Avg Compensation

September 2022 Private Equity

  • Principal (8) $676
  • Director/MD (22) $599
  • Vice President (83) $363
  • 3rd+ Year Associate (83) $276
  • 2nd Year Associate (189) $265
  • 1st Year Associate (359) $225
  • 3rd+ Year Analyst (28) $157
  • 2nd Year Analyst (75) $133
  • 1st Year Analyst (221) $122
  • Intern/Summer Associate (25) $68
  • Intern/Summer Analyst (268) $58