How many people do the mega funds usually hire each year at the associate level?
Also, is it possible to get into one of these funds before your 2 year analyst program is over?
Lastly, how much more competitive is it to land something at KKR verses getting something at Goldman M&A or Lazard?
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This question is more difficult to answer under current market conditions. Some shops offer only a handful of positions and PE shops by nature run a very lean business model (as the type of work is different from that of IB). I have friends who joined before the end of their 2 year analyst stint but it is my sense that this is generally frowned upon by your bank employer. Unless you are a superstar it makes more sense to grab a 2 or 3 year analyst with more deal experience than someone who hasnt finished the 2 year stint. Also in this environment analysts will have more experience pitching than actually doing deals so it makes it even less likely that a reputable PE shop would pick up a 1st year analyst. Not to mention that there is such an abundance of talent out there right now that there is no need to hire an inexperienced IB analyst.
Again deal flow is down and places like KKR can choose whomever they like...so it is extremely competitive relative to other shops
At the associate level it'll be different, but w/ the credit crunch strangling deal flow harder into big shops it'll be really hard. Not because associates aren't qualified but mainly they're older looking for higher pay rate & at a lot of IB don't handle any of the modeling. You can mold analysts but it's a little harder w/ associates. Even though PE isn't really a ladder climbing type job, PE professionals usually progress one title at their time at a shop (ie analyst to associate etc) so its a little better to come in as an analyst progress to associate and jump shops or to biz school to move up.
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