Day in the life of a PE intern

hoosierintern's picture
Rank: Chimp | banana points 10

How was your experience? Coffee runs or lbo models? How did your relationships with those your worked most with develop by the end? Advice?

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Comments (32)

Aug 27, 2017

Check out this AMA https://www.wallstreetoasis.com/forums/ama-private..., also you can find similar threads if you search around

Aug 27, 2017
  1. managing sourcing databases --> good data entry skills are key
  2. internal memoranda
Aug 27, 2017

That sounds terrible. I was being serious.

Aug 27, 2017

Doubt they are going to have a sophmore build an LBO model during a PT internship, but of course it is a good opportunity and a good line on your resume. You will gain relevant experience whether it's learning the basics of modeling, sourcing companies on CapIQ and building databases of possible investment opportunities, or researching different companies or industries. Modeling only takes a small percentage of your time in banking, more time is spent on menial tasks that need to be done. You can spin your experience into being as relevant as you make it sound.

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Aug 27, 2017

Hmm ok.. that's too bad..

Aug 27, 2017

sourcing -- working with big databases of companies and typing in names of CEOs, transcribing telephone numbers and addresses into salesforce databases to get some names for networking later on

working on administrative things like paperwork, copying and assembling paper, printing, binding to get an idea of how an office works

those are your best bets

Aug 27, 2017

Fuck you, dude. The only thing useful about your posts are that they bump this topic to the top.

Does anyone not retarded want to jump in? I would appreciate it.

Aug 27, 2017

Haha that sounds good for you, although I have no idea what it means either... good luck. Thanks for providing your experience; I find that interesting to read about.

I'm pretty new to finance so I know that I'll be doing grunt work like every intern does but I want to make sure that I get exposed to more substantive things like modeling and general deal experience (and other things that remain unknown to me).

Aug 27, 2017

while ricochet is a d-bag, the reality of the situation is that junior people in private equity do indeed do that type of work. junior people include those who have already done banking stints, succeeded, and chosen to join funds with a sourcing-intensive business model. guess what the harvard summa cum laude's at advent and summit are doing... data entry and cold calling.

Aug 27, 2017

I am currently interning at an REPE fund so it might be different from traditional PE.

Over the past month my duties include:
-built/updated dcf/irr models, though models are small with somewhat simplified assumptions, it's definitely good learning experience
-prepared investment committee presentations for live deals, including digging data from existing research reports/data sheets, which gives me a good grasp of the deal
-looked for comps, less fun and more tedious but everyone goes through this from time to time
-research on companies/countries

But as above mentioned, modeling is a fairly small part of the deal and will not be built by an intern who hasn't really gone through formal trainings (other than this you have sourcing, dd, deal structuring, i-comm, post-acquisition asset management...etc), but you could always build a model yourself and hand it in to your bosses just to impress them.

Aug 27, 2017

Thanks a lot for the comments, guys. I appreciate them.

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9 LBO Modeling Tests, 10+ hours of PE Cases and 2,447+ interview insights across 203 private equity funds. The WSO Private Equity Interview Prep Course has everything you'll ever need to break into the competitive PE industry. Learn more.

Aug 27, 2017

bump

Aug 27, 2017

I'm on the same boat with the sophomore year PE internship, expect to be asked about the deals you've worked on, walk me through an LBO, what you learned, why PE and not IB. Definitely questions along those lines.

Aug 27, 2017

@TheEmperor", I had a PE internship my sophomore year as well. The questions you are asked will depend entirely on your experience and what is listed on your resume. My experience was mostly managing the PE shop's CRM (read: typing in contact info from business owners that the partners met at various trade shows) and assisting with putting together financials for a portfolio company. That is all I had on my resume, and that is all I was asked about.

That being said, you still need to be able to answer LBO questions for ib interviews. These will be asked regardless of where you interned your sophomore year.

    • 1
Aug 27, 2017

What is your background educationally and prior jobs?

Aug 27, 2017

I currently work in an industry risk management group in a BB but am looking to transition to FO, buy-side preferably. I know this in itself is a stretch which is why I'm cold calling aggressively. I will attend a M7 business school this fall (admitted to a couple), so I'm playing up on that aspect.

Aug 27, 2017

You would probably do lots of research - on industries, companies, people. You could keep track of different deals that the fund comes across - keep a log of industry, financials, investment amount, etc. Maybe write ups of pros/cons of investment opportunities. Filing, scheduling, note taking.

Aug 27, 2017

Have you read all the BIWS stuff or have you actually done their modeling programs? It's very different reading about it and actually doing it yourself in terms of how well you will learn and master it.

Aug 27, 2017

I read the Valuation, Accounting (also read others), DCF and LBO guides of BIWS, but barely feel like an expert. It helps me fare well in interviews, but this one was 100% fit.
Do you advise me to purchase a program? Which one? Are there any other methods?

And should I only learn how to model?