Jumping into PE after BB analyst experience

Hi guys,

I just entering my second year analyst level at a BB Investment bank in London and looking to jump into PE either after my second year or in my third year. I would like to know the recruiting procedures at both London and New York for big PE shops like Blackstone, KKR etc etc.

I know in the U.S, things are really structured, it is usually two year as an analyst at an IB then PE. However, I am not sure how does PE recruitment works in Europe, esp in London, my feeling is that it is less structured and I can jump to big PE shops any time between my second year and third year and maybe even when I am an associated, correct me if I am wrong.

Would really love to know the recruitment procedures at big PE shops in both London and New York. I come from a top target school in the UK with a masters and I will have worked at a top tier BB investment bank's IBD for two years next year. What are my chances? Thanks alot people

Comments (4)

 
Jun 27, 2010 - 10:33am

Did you just fist pump this thread? Just kidding.

It's hard to say what your chances are because everyone you will be competing against will be top analyst from BBs that most likely went to top schools and had top grades.

So, it would probably depend on your GPA (more as a dis-qualifier than a qualifier), the number of deals you work on over the previous 2 years, the size/quality/type of deals they were, your networking abilities and assuming you at least get an interview, how well you do on that.

Things become so subjective when you get to this level because there isn't a standardized test and their are recruiting requirements for the firm. If you know someone, you can probably get an interview. If you do well in the interview and "fit in" with the people and culture you are more likely to get the position than someone who has even better grades, went to a better school but lacks the personality people would like to see in their future coworker.

I just got a small buyside gig and was really worried because ever senior person I met with at the firm stressed the number 1 most important thing was that I knew how to model so I could hit the ground running and pick up the slack. Well, I understand a good amount of the concept of modeling from reading interview guides, etc., but the extent of my modeling has been all academic and falls far short of the stuff that gets created in IB and PE. I told them that up front so they could make an informed decision.

I met with the last guy for an interview and basically chatted with him for 5 minutes, he asked how my modeling skills were and I told him what I said above and his response was, "well I think you are a awesome fit for this position given your background and the modeling is easy, I can teach you that in a couple weeks." He said they would get in touch with me shortly. Fast forward, I got the job. Although they stressed the importance of the modeling, they realized that I am intelligent and driven and that it is something I could easily pick up after executing one, with their assistance, a couple of times. What they wouldn't be able to do is teach me to be social and not awkward and being in a small office that is exacerbated a thousand times over when you sit 6 feet away from one of the principals and 12 feet away from one of the partners (kinda like a bullpen style set up, so everyone can get immediate feedback on deals we are working through, etc).

Obviously your focus is on much larger firms, but the theory still holds true. While your desks may be further apart, the interaction with the senior members of the deal team will still be there and they don't want to have to deal with some pompous ass who comes from a connected family and went to the best schools and was handed everything (intelligence included) because they can find a guy that is equally as capable and who has the ability to drop a joke or funny story every once and a while and who they will get along with.

Your job is to be THAT guy that can do the things listed above. Good luck.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 
Jun 27, 2010 - 8:35pm

hi, thanks for this awsome reply, really appreciate...

one quick question, do you think the CFA is useful at all in PE recruiting? I know people tend to say get CFA regardless and it wont hurt, but given how much effort I need to put into studying for it, I really dont want to do it if it only give me a marginal benefit...

thanks again and yes, I did pump my thread, this is the only way that I can get excellent repsonses that you just give....

 
Jun 27, 2010 - 11:21pm
"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
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