New Firm Analyst - How to Add-value
Was recently hired to a small start up firm that is a GP fund from a large institution. I believe there will be less mentoring from a modeling perspective and I am expected to be pretty up to speed on the general industry trends along with experience under my belt on the execution side.
My role is as an acquisitions analyst reporting to the CEO. The job description is pretty minimal, but I would imagine I was hired to carve out my own role.
If you were in this position what processes would you focus on creating, where would you look to add value, and what should I be thinking about going into the new year.
I know this is a broad question - but I am looking for feedback both from higher up people on what they would want an analyst to do who was hired like this and from analyst on where they think they added value during their careers and would bring with them if hired.
So speaking as someone senior enough have analysts assigned to me and have had to supervise/mentor/train/use analysts for awhile, let me tell you my thoughts from that perspective (hopefully some 1-2 year analyst can give their thoughts on their perspective, as this is a great question).
1. Get to know the timing/cadence of the business FAST. To do your work effectively and support your team (in this case the CEO), you need to be AHEAD of everything. You need to get your shit done days before deadlines (like ICOM, bids/offers due, closing dates, etc.) so your boss/team can review and give you direction on edits. Plus, you need to be the "clock watcher" to tell your boss when something is due/late/etc. It doesn't hurt to think of yourself as a quasi-exec assistant, managing the calendar and just making sure shit doesn't get lost/forget. HINT - keep a notebook/logbook of every task assigned to you OR your boss, and highlight deadlines (I used to run around with a yellow legal pad when I was an analyst, now I will tell them at meetings/zoom calls to be sure to write that down). If you have a form of transcript/notes of what happened on a given day, you will far more prepared/organized.
2. Check your work for errors! This goes back to being ahead of schedule, you can't let typos, bad formatting, or math/excel error go unchecked. Take the time to proof, review, audit formulas, etc. Also, do this for the stuff others in your firm give to you or you get copied on. I'd recommend you save multiple versions of files as things can get "reversed" often. Won't hurt if your files are a lockbox for everything you get sent or CC'd on, finding stuff fast is helpful.
3. Be analytical. Yeah, this sounds like, duh, but hear me out. You may get sent an OM or other property info from a broker via your CEO, you need to look with a critical eye and assess the deal. Point out the issues, where the broker is probably bullshitting (they all do), and what was omitted that you want to do. DO NOT just blindly copy numbers into excel or argus, you need to actually analyze the deal and be able to score/rate it (clearly your firm should train you on what's good/bad/etc.).
4. Be super flexible/say yes as much as you can. Since your role is new/undefined (these can really be the best roles!!), you need to just plan on doing everything asked and try to get to do as much as possible. This means being flexible and proactive, and DONT WAIT to be told by your CEO or anyone what to do. If you think something is needed/valuable, just do it. Of course, keep your boss informed as you go, it's not about trying to impress with some surprise work you did, it's about being ahead of the curve. Just the simple "do you think it would be valuable to do X" can be enough, the feedback you get is critical here to. Side note, senior people are busy (esp. a CEO) and the daily work load of an analyst can easily be forgotten. You may think this can lead you to be overworked (it can), but being "under assigned" is a much a risk (esp. with a CEO as boss), just give yourself the work and if you are without, ASK.
5. Stay on top the world/your market/industry/etc. Read whatever news sources are relevant to your niche industry as well as some general business stuff (WSJ/Bloomberg etc.), if you see an article or datapoint that could help/hurt your firm, copy and forward it to the CEO. Being able to prepare and provide "briefing" reports is a good skill, and something you can just do without asking. Being a really good researcher is an important skill of a good analyst. If you hear your boss say "I wonder what X is doing right now", don't wait or ask any questions, just go find the answer and report back.
That's what I've got, all basically is about doing good/fast work and being ahead of the asks and providing value before being asked to do so. Ideally, you will/can do this without looking "overworked" or "too busy" (if you work extra nights/weekends, try not to tell anyone or publicize it); this way, you will be viewed as being much more capable skilled than your pay/title/years of exp. indicate you should be. You will get rewarded with more work!!!! But that work should be higher grade, more interesting, and maybe even "special projects" (if you report to the CEO, this can be part of normal day). Do well on that work, and boom, you will be getting promoted and getting raises. The secret is working ahead of your title/pay grade, that's what really gets you moving "upward".
Good luck and remember to have fun!
Thank you so much for your sharing. The advice can help me a lot too!
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