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

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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)

 
Best Response
May 19, 2017 - 10:50am

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

 
May 19, 2017 - 10:51am

PE Headhunter Recruiting of IB Analysts (Originally Posted: 10/17/2017)

I inquired on the PE Board yesterday but got no response. Because the IB board is very active, I thought I should repost my query here.

I would appreciate if you could share your knowledge about how headhunters recruit IB analysts for PE jobs.

Do headhunters forward resumes to their clients on a rolling basis or is there a particular time, such as a few weeks before the first batch of PE interviews are expected to begin, when headhunters begin forwarding resumes to their clients?

What role does an analyst's transaction exposure play in the headhunter's decision to forward an analyst's resume to a client? With just a few months into their job some analysts have had limited transaction exposure but by the end of two years some of these analysts who have had limited transaction exposure in the initial months might end up with the most extensive exposure.

Is there a tradeoff between meeting headhunters early (September) with a resume that is weak on transaction exposure versus meeting them later on (mid-November) with a resume that is a little stronger on transaction exposure?

Most IB analysts do the work that is farmed out to them and often they are not driving the transaction or playing a significant role. Does this mean that analysts have to overstate their experience on their resumes for PE recruiting instead of describing their supporting role. Don't PE professionals expect that analysts with six months of experience probably have had a supporting role in the transactions they have worked on or do they expect otherwise.

 
May 19, 2017 - 10:54am

PE Recruiting - 3 Year IB Contract (Originally Posted: 06/09/2014)

Hey Guys,

I'm wondering if anyone has insight into how the PE recruiting cycle works for those of us with 3 Year IB contracts. Could I still recruit in the Winter of Y1 banking to start PE two years out, or would I need to wait until Y2?

I'm worried that there may be issues signing a contact that is set to start when I am still in another contract.

I appreciate any help!

 
May 19, 2017 - 10:56am

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.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."
 
May 19, 2017 - 11:06am

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 - 11:09am

PE Recruiting for analysts who join as experienced (Originally Posted: 01/25/2018)

If a person were to join an IB analyst program in their mid 20s after unrelated experience like accounting, how would that affect PE Recruiting for MF/MM? I am assuming the age (not on the track) plus non-prestigious experience would hurt the persons recruiting against the same candidate right out of undergrad in an IB analyst program.

 
May 19, 2017 - 11:11am

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.
 
May 19, 2017 - 11:12am

Prep for PE interviews before IB stint? (Originally Posted: 02/12/2013)

I'm currently a second semester senior with a IB job lined up at a BB/Elite Boutique. I know that it's really tough to find time to practice PE interview stuff while working 100 hour weeks in IB.

Is there anything I could self study before I start in IB that would prepare me for PE interviews?

I know this is incredibly early and might seem like I'm going overboard but I want to make sure I'm prepared. I want to enjoy my last semester of college but I'm willing to spend a bit of time on this a day for the next few months if it would make an appreciable difference in my interview game once PE recruiting starts up. Is this a worthless endeavor?

 
May 19, 2017 - 11:14am

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 - 11:15am

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 - 11:17am
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