New WSO Private Equity Prep Pack in the Works

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UPDATE 5/22/14: It's HERE!

So for years I've been trying to get this together and we FINALLY have the right guy to take our current private equity guide and turn it into a full Private Equity Prep package, complete with actual modeling tests from PE firms, actual interview questions received broken down by firm and type of firm and a bunch of other awesome ways to prep (thanks to the WSO Company Database and our own independent research).

Basically, this package will be the must have of anyone trying to break in to PE and prep for their interviews. It will be the best package out there of its kind.

The price for this package is going to be high since we're investing a lot of time and $ into it, so I wanted to see if people would be interested in purchasing a heavily discounted version before it is released. We expect it to be released by the end of February 2014 at the latest, end of January 2014 at the earliest.

This would help some people get the package at a discounted price and help us get some cash in over the next 2 months while it is being developed.

Thoughts?

-Patrick

Comments (90)

Nov 26, 2013

Kickstarter, WSO style?

I would be interested in the package.

Nov 27, 2013

yeah, stay tuned...may announce a 50% off deal for those that buy early.

Nov 26, 2013

I"d be interested as well

Nov 26, 2013

Hey Patrick,

I'd definitely be interested. However for people that are going to recruit this coming season, the end of Feb. may be a bit late if everything is released at once. Interviews start as early as March, and it would be more valuable to have more than a month with all the resources (which I'm assuming is very comprehensive).

Nov 26, 2013

You have teased this so many times and I've been waiting. Yes I am interested.

Learn More

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.

Nov 26, 2013

Also interested.

Nov 26, 2013

This sounds awesome. Would buy for sure.

Nov 26, 2013

Pretty soon no one is going to be able to get an IB/PE job without having mastered all the WSO guides. WSO is single-handedly raising the bar for finance candidates across the industry. Amazing how different the recruiting landscape was just a few years ago.

Nov 26, 2013

Also interested - I was shocked at how much less consolidated prep material seems to be for PE relative to IBD and Consulting.

Nov 26, 2013

I might be interested, but still depending on the price and how long the discounted price will last till

Float like a butterfly, sting like the bee.

Nov 26, 2013

I'd totally be interested if I could get it in early January.

Nov 26, 2013

Interested - but any way you can add some industry specific stuff? Personally would be interested in energy, but I AM sure there are plenty of people interested in healthcare/tech/etc

Nov 27, 2013
HEBanker:

Interested - but any way you can add some industry specific stuff? Personally would be interested in energy, but I AM sure there are plenty of people interested in healthcare/tech/etc

not sure we'll be able to incorporate industry specific advice in this version...

Nov 27, 2013

Me too

Nov 27, 2013

i'd be interested as well

Nov 28, 2013

Certainly interested, but I echo the concerns on timing relative to recruiting season.

@CompBanker I know you're a huge fan of this site and have been here forever, but in all frankness, I AM convinced the BIWS guides are better suited to be called the "standard."

Nov 28, 2013
APAE:

Certainly interested, but I echo the concerns on timing relative to recruiting season.

@CompBanker I know you're a huge fan of this site and have been here forever, but in all frankness, I AM convinced the BIWS guides are better suited to be called the "standard."

+1. Would agree about BIWS being the standard.

Interested in the guides, but if I were a first year analyst buying this stuff (presumably this is your target market?), I'd like some sort of guarantee that what I'm getting is legit. Like, I'd want these case studies to be actual old case studies from megafund and upper-MM PE funds. Stuff that was passed to you guys from people who'd been through the process or from the firms themselves.

All that being said, I think we'd all be willing to pay up for good materials.

Nov 29, 2013

yeah, well before we'd even put anything up for sale, even a pre-sale, we'd give a detailed outline and list as many of the materials we know we could put together...

Also, I think BIWS does a great job, but the reality is that they can't compete with the company specific data we have that we are now incorporating into all of the guides...we have thousands of interview insights across thousands of firms...and almost 200 for PE alone. I think having actual questions from actual recent interviews is a game changer -- and since we've released our updated guides, our visitors seem to agree.

So if you thought they were the standard before, I'd definitely give us another look. The customers who supported WSO before and have bought the technical, behavioral and/or networking guides have all had free updates / access to MAJOR improvements over the last 12-24 months (only the beginning)...

Even with all of these improvements, we are still a better deal than BIWS ($99 for IB Prep Pack = Tech, Fit and networking guide, they charge $97 for guide AND $97 for networknig). Also, with the discount you can get to financial modeling training through WSO and Wall Street Prep partnership, that is also a better deal with major improvements also coming to the WSP training in the next few months...

We are upping our game and our services / products while giving an even better value proposition, and I want to thank BIWS for pushing us to get better. We aren't stopping here and people who trust us to keep improving and getting in now will be rewarded. We are still hard at work incorporating better materials and updates as we are able to take the incredible amount of data from the Company Database and organize it in a way that makes the guides the ultimate resource for interview prep. (//www.wallstreetoasis.com/forums/big-change-new-wso-...)

-Patrick

Nov 29, 2013

please see my response to LBJ above :-)

Also, I'm not aware of any great resource to prep for PE interviews... we've seen a few, but most aren't excellent or fully comprehensive.

I am confident everyone here will be very impressed with what we publish.

Thanks,
Patrick

Nov 29, 2013

Looking forward to the details Patrick. I'm excited as I'm sure others are.

Question: Would you say that you had good success with the current PE guide, or not as you had hoped? In your honest assessment, what are the Pros/Cons of the current guide and what are you looking to improve upon it? Would you say the buyers were satisfied, or looking for perhaps more?

Float like a butterfly, sting like the bee.

Nov 30, 2013

Sure. I will say that you guys are clearly dedicated to continually improving your products and this site as a whole. You are accessible, transparent, communicative, and candid. That's more than I can say for just about any boss or manager anywhere.

I haven't seen your new WSO guides. I simply remember from years back, looking at the WSO guides (behavioral and technical) vs. the BIWS guide (behavioral and technical came together as "400 investment banking interview Questions You Need to Know" or something similar) ... I chose the BIWS guides and was happier. After getting offers and having friends ask for help, I looked for material to send them and glanced through the WSO one. It was not as in-depth technically, and that is what my comment was based off of.

What you are outlining with the PE resource seems like a tremendous idea, and as I said, pending timing, I am very interested.

Nov 29, 2013

I'd potentially be willing to buy early as well, depending on the price

Nov 29, 2013

I would be interested in this as well...Just out of curiousity, what kind of price are we looking at for this?

Nov 29, 2013

Preliminary indications on pricing? I would potentially be interested

Nov 29, 2013

Definitely interested in this

Nov 29, 2013

when can we order this?

Nov 29, 2013

the timing and pricing hasn't been set yet. If we do launch a discounted pre-sale, it would be after we have a very detailed outline so that you guys know what to expect...

Nov 29, 2013

Will you ever do a similar guide for hedgefunds as well?

Nov 29, 2013

I would definitely consider it, but would need to find the right author that could tackle it properly. hedge fund interviews are a bit harder to tame (at least in a guide) because there tends to be a wider variety of types of funds and a wider variety of interview experiences as a result.

If you have examples of other resources you think could be improved upon, then feel free to PM me more specifics on what you are thinking and I can put some time into a search for someone to take this on.

Thanks,
Patrick

Dec 1, 2013

definitely interested in the pre-sale, Good luck!

Dec 1, 2013

I'm definitely interested in purchasing the PE prep pack for a discounted price. Appreciate all the help!

Dec 1, 2013

To be honest, the "actual questions" is a marketing gimmick. The BIWS guide already covers almost everything you would be asked in an "actual interview."

The WSO guides are good, but BIWS is superior, though more expensive.

That said, I would be interested in a (discounted) PE guide.

Dec 1, 2013

how is it a marketing gimmick if they are actual questions from actual interviews?

if you're saying that's not valuable then I think you might be crazy, but you're entitled to your opinion...

I know I would have killed to know what Rothschild was more likely to ask me before going into my superdays. How could you call real questions a gimmick and not call the inflated "400 question" number a gimmick than BIWS throws out.

If you're a first year and went through the interview process, both you and I know that there are probably a core set of ~100-200 questions you need to know on the technical and fit side...value add is knowing the tendencies across firms, not including every possible esoteric question under the sun and throwing out a big #...THAT is a gimmick, not what we do :-)

Besides, if we haven't already, we will likely pass the "400" number anyways very soon with all the additional firm and position specific questions we're adding to the appendices every week.

Look, nothing against BIWS and his guide is great for prep (obviously it helped you). Not sure when you saw the latest versions of WSO, but

#1 our current version is structured better to actually learn
#2 We now have MORE questions than BIWS and
#3 we'll only continue to improve these resources with all the great information the community is able to share in the Company Database.

...just not going to sit back and let you call something a gimmick when it's a clear distinct advantage to the WSO interview guides.

Now that we have that out of the way, I'm happy to hear you'll be interested in the PE Prep as well...it should be very solid and will also include a lot of firm specific questions (again, if you were going to go interview at XYZ fund and could know what was recently asked to other candidates, this wouldnt be valuable info to you?!?)

Thanks,
Patrick

Dec 1, 2013

I hope you're screening the Company Database because it's largely lackluster. By forcing people to submit information into the database before they can use it, you have lots of people fabricating their stories, reviews, compensation, etc.

Dec 1, 2013

lol, work for BIWS much? intern? Interesting how such a new user has such a biased opinion against WSO and for BIWS...how odd.

Anyway, yes, we screen every single submission and auto-ban any users that are submitting fake information (this is probably 1-2 submissions every day out of 40-50 and it's very easy to spot since 99% of the time they are new users). We also have 3rd party sources (ie my network) verifying the authenticty of the submissions we are getting for sense-checks to make sure that the entries make sense.

Anything else? Tell Brian I say hi.

Dec 1, 2013

That said, there's still lots of good information in the database that was previously unavailable to the public.

Dec 1, 2013

interesting you have that opinion since you don't even have access to the database on your account...again, all very suspicious.

if it's on another username feel free to PM me and I'll check that one, Otherwise, you might want to refrain from commenting on products/services you've never used to mislead people.

Thanks,
Patrick

Dec 1, 2013

interested as well

Dec 1, 2013

definitely interested

Dec 2, 2013

I would purchase this in a heartbeat.

Dec 3, 2013

hey guys, so I had a call with the author last night and given the circumstances, we aren't going to be able to deliver this in the expected time frame that some of you requested in the comments above. That being said, we are still marching forward to produce the best PE interview Prep package on the market. It just might take us until April / May 2014 before we are ready to release the full version to the world.

I know this is too late for most of you in standard recruiting cycles, and for that I want to apologize. We want to make sure that the product is extremely thorough and is the absolute best resource possible. If we are able to release a part of it in say February or March that I think could be helpful to some of you as a stand-alone, then we'll try our best to do that and I'll personally reach out to any of you that posted in here if/when that becomes available.

I just wanted to update the thread and let you guys know that our new estimate for full final release is late April to early May.

Thanks,
Patrick

Dec 4, 2013

would be interested in for the standalone feb edition

Dec 5, 2013

would be interested in for the standalone feb edition as well

Dec 5, 2013

I would definitely support this and also purchase early.

Dec 10, 2013

Same for the February version

Feb 15, 2014

interested in discounted version

"Success means having the courage, the determination, and the will to become the person you believe you were meant to be"

Dec 10, 2013

Interested - would purchase early.

Jan 5, 2014

Would be interested in the pre-sale! Please send me some details.

Jan 6, 2014

Interested as we'll. thanks Patrick, you've helped us all more than you even know and appreciate this website more and more each step I take further into my career n recruiting

Jan 6, 2014

I am interested as well, thanks for your hard work

Jan 10, 2014

Very interested and would purchase! This may have been answered but if we purchase the discounted version containing less detail, what would be the deal in getting the full version?

Thanks!

Jan 10, 2014

Any chance you could create a mailing list that would be emailed once the full package becomes available?

Jan 10, 2014

Interested in this as well

Jan 24, 2014

Do you have specific date to release it ??
Also I Would be interested in the pre-sale! Please send me some details.

Jan 24, 2014

I'm interested in buying the package in whatever state it's currently in as well

Jan 24, 2014

hey guys, we are hard at work and we don't anticipate any presale at the earliest at the end of February...the full publication should be available by mid May

@"ahmedzezoon", @"leigh", @"PYRGK"

Jan 30, 2014

I might be interested, thanks

Feb 3, 2014

Hi Patrick,

I would definitely be interested to receive the Beta version as soon as possible. I have a PE interview coming up and I am trying to prepare my best. I will also let you know what questions they asked me in specific.

Thanks

    • 1
Feb 11, 2014

Hi Patrick, I was wondering if I could purchase the current version of the PE guide and then later received the completed version?

Feb 11, 2014

We are working hard to try and have a beta version by the end of this month...thanks for your patience

    • 1
Feb 12, 2014

@"WallStreetOasis.com"

Pat do you have an idea of a price on this package yet?

Feb 18, 2014

Ok guys, we have an update!

If you posted in this thread, you were potentially interested in the new Private Equity Prep package that is due to come out in late May 2014. Many of you have asked us to do a pre-release with anything we currently have to date...in other words, a "beta" version. In response, we've decided to make a discounted beta version available to a small subset of people (capped at 20) that are willing to give us some feedback and help us make it better.

With that in mind, if you're interested in getting this discounted version ($199 vs. $299 = saves you $100...plus, you'll get the full version when it comes out in May without paying any more), please send the answers to the following questions to [email protected] so we can select the 20 people for the beta version (which will be sent out on March 10, 2014):

1. Why do you want this guide (100 word max)?
2. When are you planning to interview?
3. Where are you currently (working in consulting / banking, college, bschool, etc.)?
4. Are you willing to provide us with feedback on any mistakes / additional content you would want covered by April 10, 2014?

Please title the subject of your e-mail to me "PE interview Prep Pack Beta Answers"....I will also shoot a PM to all of those that posted in this thread so you don't miss this.

Thanks!
Patrick

ps - here is the author bio: Daniel Sheyner has worked as a Private Equity investment professional for four years, the most recent three years at Bain Capital Partners in Boston, MA. Prior to Bain Capital he spent one year at Fidelity Equity Partners, a middle market growth-LBO fund. Prior to private equity, Daniel worked for three years as a management consultant with Oliver Wyman. He is a graduate of the Math Methods in Social Sciences (MMSS) program at Northwestern University and is currently an MBA student in Harvard Business School's (HBS) class of 2014.

Daniel's industry expertise stems from his years as a pre-MBA Associate, study of the industry at HBS, and over a hundred interviews with dozens of PE firms of various types and sizes.

ROUGH DRAFT Beta TOC:

DRAFT TABLE OF CONTENTS

ABOUT THE AUTHOR 2
TESTIMONIALS [TO COME] 3
TABLE OF CONTENTS 4
INTRODUCTION 7
CHAPTER 1: INDUSTRY OVERVIEW 8
INDUSTRY STRUCTURE 9
BRIEF INDUSTRY HISTORY 10
Origin (1946 - 1950s) 10
Early Growth Stage (1950s - 1981) 10
The first boom and bust (1982 - 1992) 11
The second boom and bust (1993 - 2002) 13
The third boom and bust (2003 - 2009) 14
Recovery and The Industry's Future (2010 - ) 16
FUNDRAISING & DEAL VOLUME 18
PE DEAL TYPES 19
PE FIRM TYPES 20
Dimension 1: Fund size 20
Dimension 2: Deal Stage 20
Dimension 3: Vertical Focus 22
Dimension 4: Geographic Focus 22
Dimension 5: Diligence Philosophy 22
FUND ECONOMICS 24
Illustrative Fund Economics Example 25
TITLES AND ROLES 26
Analyst 26
Associate 26
Senior Associate / Vice President (VP) 27
Vice President (VP) / Principal 27
Partner / Managing Director (MD) 28
Non-Investment Professionals 28
COMPENSATION 29
CHAPTER 2: INDUSTRY OPERATIONS 30
DEAL PROCESS 31
Source deal 31
Review teaser & Sign NDA to get full CIM 31
Review CIM and submit IOI 32
data room review and "triage" diligence 32
Deep diligence and proffer of an LOI 33
Closing 33
DEAL SELECTION 34
DEAL FUNNEL 36
DEAL LIFECYCLE 37
COMMON DILIGENCE TOPICS 38
Commercial Diligence 38
Valuation Diligence 39
Accounting Diligence 40
Legal Diligence 41
HOW PE MAKES MONEY 42
Strategy #1: Buy Cheap 42
Strategy #2: Financial Engineering 42
Strategy #3: Improve Operations 43
Strategy #4: Exit Right 43
CHAPTER 3: RECRUITING OVERVIEW 44
COMMON PE CAREER PATHS 45
HOW TO BUILD A PE BACKGROUND 46
High School Students 46
Undergraduate Students 48
Pre-MBA Investment Bankers 54
Pre-MBA Management Consultants 55
Other Pre-MBA Backgrounds 56
MBA Students with Prior PE Experience 57
MBA Students without Prior PE Experience 58
RECRUITING CYCLE 59
Pre-MBA 59
Post-MBA 61
HOW TO WORK WITH RECRUITERS 63
What do recruiters do? 63
How do recruiting firms differ? 63
Whose side are recruiters on? 64
Should I work with recruiters? 64
How do I contact recruiters? 64
How do I get the most out of recruiters? 66
HOW TO CHOOSE AN OFFER 68
Topic 1: Upward mobility 68
Topic 2: Job Security 69
Topic 3: Exit Opportunities 70
How do I evaluate these topics? 72
HOW TO WRITE YOUR RESUME 73
What your CV Must Say About You 73
CV Tips 74
Standard PE Resume Template 75
CHAPTER 4: INTERVIEW PREPARATION 76
INTERVIEW PROCESS 77
Phone Screen 77
Early Rounds 77
Modeling Test 78
Late / Decision Rounds 78
WHAT IS AN LBO79
INCOME STATEMENT OVERVIEW 80
BALANCE SHEET OVERVIEW 83
CASH FLOW STATEMENT OVERVIEW 84
FINANCIAL STATEMENT CONNECTIONS 87
Income Statement and Cash Flow Statement Links 88
Balance Sheet and Cash Flow Statement Links 89
CAPITAL STRUCTURE 90
Equity 90
Debt 91
LBO Capital Hierarchy 92
Covenants 93
COMMON VALUATION TECHNIQUES 94
Comparable Multiples 94
precedent transactions96
Market Value 97
lbo model97
Discounted Cash Flow (DCF) 98
Sum-of-the-Parts 99
COMMON CALCULATIONS 100
Total Enterprise Value (TEV) 100
Free Cash Flow (FCF) 100
Weighted Average Cost of Capital (WACC) 101
Cost of Equity (Via CAPM) 101
Net Working Capital (NWC) 102
Change in NWC 103
Calculating Returns (IRR & MoM) 103
Terminal Value (TV) 105
Debt Coverage and Leverage Ratios 106
TOP 30 TECHNICAL QUESTIONS & ANSWERS 107
FIT QUESTIONS & ANSWERS 121
Ten personal attributes PE firms covet 121
Top 15 Fit Questions & Answers 123
TOP 10 brainteaser QUESTIONS & ANSWERS 125
case questions & APPROACHES 130
MISCELLANEOUS TIPS 131
CHAPTER 5: LBO MODELING TBD
LBO Modeling Overview
- LBO Model Overview
o Incl. breakdown of all relevant modeling steps
- How to do a "paper LBO"
- How to project IS, BS, CFS, NWC, etc.
- Debt schedule breakdown
- Depreciation table breakdown
- Circular references
- Balance sheet adjustments
- Etc.

Sample Modeling Tests and Solutions
- 2-3 sample modeling tests with solutions

APPENDIX TBD
- 100 - 200 real-life interview questions from actual funds
- Various Industry Statistics
o # Funds
o Largest funds by location/AUM/focus
o Returns
o Etc.
- Top targets for IB/consulting & PE recruiting table
- Books and other resources for deeper dives into specific subjects
- Useful blogs
- Illustrative / famous deals
- Glossary
- Post 3-5 sample CVs from different backgrounds
- Modeling hot keys

Feb 18, 2014

I'd definitely be interested in buying

Feb 18, 2014

Looks great - definitely would be interested in buying.

Feb 19, 2014

Nice! Looking forward to the guide.

Feb 22, 2014

I am interested in the guide as well.

Feb 25, 2014

Mark me down as very interested

Feb 26, 2014

I would be interested in a beta version. Please send me the details.

Feb 26, 2014

please read my comment about ~4 comments up from yours if you want a beta version...a few spots left :-)

Feb 26, 2014

Definitely interested! Let me know!

Mar 2, 2014

Extremely interested :) Good luck everyone~

,

Mar 2, 2014

Mos def, bring it on. Very interested.

Mar 3, 2014

I am interested in the beta version. Let me know what I have to do.

Mar 3, 2014

please read my comments above...

Mar 7, 2014

I am under-qualified to give meaningful feedback on the content in the beta. However, I am interested in pre-purchasing the guide at a discount (like you mentioned in the original post) for whenever it comes out.

Mar 7, 2014

Same here

Float like a butterfly, sting like the bee.

Mar 10, 2014

Hey guys! Just wanted to give an update in this thread again...by 5:00pm EST today I will be sending a beta version of the private equity prep interview pack (that they got for a discounted price of $199 vs $299) to the members we selected.

They will be providing more feedback to us in the next month and we expect to have a close to final version for release in May 2014.

Thank you all to that have applied and thank you in advance to our beta users...we're very excited to get your feedback and improve it even more! I haven't decided when we may start selling a discounted version for those that pre-pay ($249 vs. $299 launch price), but if there is enough interest I will definitely consider getting that up and announced as well this week.

Stay Tuned!
Patrick

Apr 6, 2014

Lucky enough to have read this already. Not gonna spoil anything, but I guess it's gonna set a new standard. Patrick, any plan for sth similar for HFs?

Apr 18, 2014

Any feedback thus far on the beta version?

Float like a butterfly, sting like the bee.

Apr 18, 2014

amazing feedback...about to announce a pre-sale for $50 off.. @"powpow"

Apr 1, 2014

Definitely interested

Apr 6, 2014

Also interested. Have recently bought your LBO modelling package, which seems to be a bit dated. Comprehensive PE prep guide would be highly valued and I'd be willing to pay up.

Apr 7, 2014

Would be interested in a discounted pre-pay version.

Apr 8, 2014
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