PE Recruitment Timeline/Preparation as a 1st Year IB Analyst

IB710's picture
Rank: Senior Chimp | 24

Just graduated, and am starting as a first year at a BB in NYC in the middle of June. From what I understand, most MF and MM PE recruitment (to begin working at the firm in summer 2019) will be done by February 2018. Few questions:

How can I prepare for these interviews? Technical wise, I feel like I know what to expect, but what about behavioral? How in depth must my reasoning be about what firms I would like to be considered for such as buyout vs. growth, size, sector?

I really don't believe I'll have much deal experience, will anyone? Does that impact my chances?

If headhunters don't reach out to me, am I allowed to reach out to them?

If I strike out with recruiting, can I go through the process as a second year analyst? I assume I wouldn't be chosen to interview at the same firms. Would I be able to work with the same headhunters? Would lateraling to a "better" bank help so I can reset as a first year?

Thanks.

Comments (31)

May 18, 2017

Also interested

    • 1
May 19, 2017

I only wish there was a step-by-step guide to PE interviews...

https://www.wallstreetoasis.com/guide/private-equi...

Best Response
May 19, 2017

How can I prepare for these interviews? Technical wise, I feel like I know what to expect, but what about behavioral? How in depth must my reasoning be about what firms I would like to be considered for such as buyout vs. growth, size, sector?

Talk about why you want to be an investor/in PE.

I really don't believe I'll have much deal experience, will anyone? Does that impact my chances?

You'll be fine, and no

If headhunters don't reach out to me, am I allowed to reach out to them?

Yes

If I strike out with recruiting, can I go through the process as a second year analyst? I assume I wouldn't be chosen to interview at the same firms. Would I be able to work with the same headhunters? Would lateraling to a "better" bank help so I can reset as a first year?

Yes, yes, and not really

    • 2
May 19, 2017

Check out this thread on headhunters. Definitely some good info regarding targeting PE firms.

https://www.wallstreetoasis.com/forums/headhunters...

"The only thing I know is that I know nothing, and i am no quite sure that i know that." Socrates

May 19, 2017

Thanks. I had looked at this but not found answers to the queries I had. Thanks again.

May 19, 2017

unless you're at Centerview, no reason why you can't recruit during your first year.

    • 2
May 19, 2017

There are no "contracts" in the sense of compulsory employment in the U.S. Banks can (and do) clawback signing bonuses for a stated period, but typically hiring firms will cover the termination costs.

    • 1
May 19, 2017

Don't see a reason why you couldn't recruit - may be awkward / have tough consequences if calls are made for references and you haven't notified the appropriate people though. Would definitely read your signing bonus terms and anything else that may be contingent on completing year 3.

    • 1
May 19, 2017

Ok, thanks so much guys. Not too worried about losing the bonus (not at CVP).

May 19, 2017

good luck :-) in case you don't already have it: http://www.wallstreetoasis.com/guide/the-wso-priva...

May 19, 2017

They'll usually ask the analysts from the class above them

Array

    • 1
May 19, 2017

They use LinkedIn

May 19, 2017

Say I'm in a natural resources group down in houston for a BB after spending a summer in New York with the same group. Will I be included in the list that HHs get?

May 19, 2017

Yes

Array

May 19, 2017

Is it harder for people with their middle initial in the email?

May 19, 2017

If you're at a BB, elite boutique or reputable MM firm, you will get contacted by every major headhunter. They have established relationships with each analyst class and will usually find a way to get their hands on your analyst facebook for everyone's contact info.

If you're at a small or regional boutique, then it may be tougher to get traction - I'd have your linkedin profile mirror your email format (e.g. First M. Last name). Don't have any direct experience with that particular situation.

Array

May 19, 2017

Minimal if any difference. You're viewed as a first year analyst like everyone else. If anything you're at a bit of an advantage because you're older and more experienced, and so can come across as more mature in interviews.

Array

    • 1
May 19, 2017

I'm a first year analyst so take my opinion with a grain of salt but i wouldnt consider accounting unrelated experience. it amazes me how many other analysts don't know placement of some typical line items. don't sell yourself short.

anyways my friend lateraled from a small accounting firm to a bulge bracket and spent 3 years as an analyst before joining a megafund. some people seem to be in a rush to get places but it's not like they'd ding you because you spent sometime at an accounting firm.

What concert costs 45 cents? 50 Cent feat. Nickelback.

    • 1
May 19, 2017

Might make more sense to cram and take the GMAT, honestly, if you're pretty intent on going to business school. I think reading comprehension,etc skills diminish a bit when you get out of school and aren't reading textbooks regularly, etc; this makes all the more sense since scores are valid for 5 years (from what I remember).

    • 1
May 19, 2017

wait to study for pe interviews...studying now will not really be useful because a) you will forget stuff overtime, and b) you won't have the on-the-job context to tie everything together

pe interviews are not that hard, especially after working as an analyst...a weekend or two of brushing up on some stuff before you enter the recruiting cycle will be sufficient

i agree with FPM31, if you feel like studying something (and you want to go to b-school)...better to study for the gmat

May 19, 2017

I also vote for the GMAT to get it out of the way....

A lot of PE interviews are about fit...you shoudl be able to answer most of the technicals pretty easily after modeling so much as an analyst. If you really want to get a head start, try building a mini-LBO model from scratch and calculating some rough IRRs....

May 19, 2017

They're not as bad as people describe. No need to prep for that now.

May 19, 2017
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May 19, 2017