Double Break-In: Thanks WSO!
All,
Once again, I would like to express my gratitude to the admins, users and interview guide authors for their commitment and consistent assistance to the WSO community. In 2011, I was thanking the community for the help breaking into investment banking (Thank You - BROKE IN!). Now, I am back to thank everyone once again for their support and assistance that facilitated my entry into private equity!
I am coming from a top MM bank and just received (and happily accepted) my offer with a strong, $1B+ fund with a great culture and proven track record. Over the past two years, I have had a great experience in banking, but am truly looking forward to the transition into PE next summer. The WSO site, forums and new WSO PE Guide were extremely valuable resources in my recruiting season. The new guide is very comprehensive and helped me fully prepare for the behavioral and technical questions throughout my interviews – also a very efficient way to prepare given such long work hours.
Thanks again to everyone, and good luck in your own pursuits. I would be happy to answer any questions you may have, if helpful.
Kind regards,
PsYcHoLogy
congratulations dude
Awesome! Thanks for the kind words...we're working hard to keep improving them each year :-)
Could you talk about why you made the move to a PE fund as opposed to moving to corp dev or staying in banking? Also, what are the PE opportunities like for an analyst at a top MM?
Well, I have had a great experience in banking, but it just felt like the time to transition on to something else after the completion of my third year. I was attracted to business for the opportunity to work with companies' management teams on strategy (including M&A) to drive value / improve operations. In banking, you get to work with management teams on developing and marketing strategy and investment themes, but at the end of the day, it's all on paper. As a banker, working with client companies is very transactional and focused on the short-term - I want to focus on the long-term and have a more "hands on" role (eventually).
I'm not particularly interested in corporate development, because I also enjoy the investment viewpoint of looking at a portfolio of businesses to generate return. (making money)
I think the PE opportunities for an analyst from a top MM bank are quite good. Many of the analysts from my class have landed great PE gigs, mostly in the MM. The experience you gain as a top MM IB analyst typically resonates best with MM PE funds as they (PE guys) are familiar with the deals you have worked on. Also, the process dynamics, company size, etc. would tend to be more applicable.
congrats and thanks for sharing your story!
Congrats
Congrats man. Could you talk a little bit more about the recruiting timeline and process based on your experience? And what advice would you have for a first year analyst at a MM bank looking to break into PE someday?
The process for the firm I will be working for was very well managed. From start to finish, it lasted 4-6 weeks. There was an initial phone screening (which ended up being a full first round), a second round Skype interview, a third round short case and a final round with 5 - 7 interviews with associates, directors and partners. The final round also included an hour case review (full valuation model and investment recommendation).
As far as advice goes, be disciplined in your preparation and networking. I started initial networking months ago, blasting out emails to dozens of shops that I thought the fit would be best based on my experience and interests. This led to a dozen or so information interviews / first rounds and offers to join processes (which I postponed as I was late stage with my new firm). Start preparing for interviews early (WSO guide is great), know all of the details of your deals and figure out what you bring to the table that is differentiated from your competition. When choosing firms, be sure you have a good reason and can speak to why you chose that firm.
Congrats. I am very happy for you.
Congrats on the offer! If you don't mind sharing was your MM NYC based and are you going to a NYC PE shop? Also what IBD group are you coming from?
Thanks!
No, I am not NYC based, and my PE shop is not NYC based. I'm not personally interested in living there haha
I'm coming from my firm's industrials group.
Were you contacted by headhunters, or did you get interviews by networking?
I've landed interviews through both, but I personally prefer the networking path. I've had more success through that channel.
Have you found networking with PE associates and higher similar to networking with IB professionals? In my experience, I've had around the same hit rate but I'm curious to hear from someone else who has been through the experience.
Well done.
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