Comments (51)

  • Analyst 1 in PE - LBOs
Apr 3, 2020

is this for out of UDG or other?

  • Intern in IB-M&A
Apr 8, 2020

Bump

  • Analyst 1 in Other
Apr 8, 2020

this role is just a shiny research position. the analysts aren't even allowed to go near the models. in my opinion, you're in a better shape for PE at a bulge bracket or elite boutique.

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  • Intern in IB - Gen
Apr 8, 2020

Are the undergrad analysts not allowed to touch models?

  • Analyst 1 in Other
Apr 8, 2020

yes that is correct. the analyst position has no modellng. only associates (the post-banking or post-consulting position) involves modeling

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Controversial
  • Intern in IB-M&A
Apr 8, 2020

Did you really just say going to one of the few MF PE shops out of UG is not good preparation for PE? You do realize you are already in PE.... & to the main point the analysts are in fact deep in the models, though obviously when you are doing multi-billion take private transactions it is not a simple, couple tab model that is done by one person. This is the big leagues bud - its analysts/associates/their investment bankers (used Goldman for their most recent IPO) that are cranking these things out on any given deal. Back when I was going through recruiting these private equity analyst classes weren't really a thing but from what I've heard these are the coveted positions coming out of HYP now and will likely continue as PE firms look to develop in house talent as the industry matures

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  • Analyst 1 in Other
Apr 8, 2020

Not the Vista program. Their analysts are from schools like UT Austin, UVA, Amherst, University of Colorado, Boston College, and some from Penn (mostly not Wharton). Obviously a few kids from HYP, but never the top ones. I know from experience. Feel free to confirm on LinkedIn.

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Apr 8, 2020

Can confirm. Vista analysts work banking hours with no modeling experience and unclear path to associate position

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  • Intern in IB - Gen
Apr 8, 2020

Anyone know about Blackstone, KKR, Ares?

  • VP in Other
Apr 8, 2020

All three are top shops and you will definitely do hardcore modelling at all. From what I've seen, they take tippy top kids.

PE programs are starting to seriously recruit analysts/summer analysts with full intent to train them internally.

Blackstone and Ares both are doing pretty hardcore summer analyst programs right now, but KKR is only doing full time recruiting I believe, with their full time analyst program only starting to roll out en masse this year.

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  • Associate 1 in PE - Growth
Apr 8, 2020

vista head and shoulders over Ares imo

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  • Analyst 1 in AM - FI
Apr 9, 2020

Good returns doesn't always mean the best place for juniors in terms of culture and learning opportunities. Anyone else that can speak to that in specific terms here?

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  • VP in Other
Apr 9, 2020

Justification? I don't know much about vista but it seems like they recruit from lesser schools and give their juniors a rather lackluster training experience from what I am reading here.

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  • Associate 1 in PE - Growth
Apr 9, 2020

From what I've heard vista is as close to a meritocracy as you can get (outside of Bridgewater lol) & with that comes a certain degree of intensity from a culture/recruiting perspective. Everyone who recruits with them takes two IQ tests to level the playing field across backgrounds/schools. If they wanted to fill their analyst classes exclusively with HYP who interned at bulge brackets, no doubt they could. Lesser name schools sure, but look at each persons actual page, the ones that aren't HYP are mostly Valedictorians/36 ACT/ Phi Beta Kappa/goldman/jpm. They don't appear to be blinded by "conventional success" such as undergrad when hiring & clearly somethings working.

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  • Analyst 1 in Other
Apr 12, 2020

That's untrue. They pay well below market comp, which is why the only people willing to work there are from non-targets. They don't even ask technical questions in their interview lmao

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  • Associate 1 in PE - Growth
Apr 12, 2020

You clearly either got dinged in the interview process or work at a competitor, because you clearly have no idea what you are talking about "Analyst 1 in Other" lol

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  • Analyst 1 in Other
Apr 12, 2020

Incorrect. They don't ask anything about accounting. All you need to know is shockingly basic SaaS terms like recurring revenue and that's enough to get by. It's a job without modeling. Of course you don't have technical questions if you don't use technical knowledge...

Funniest
  • Associate 1 in PE - Growth
Apr 12, 2020

You are evidently trying to mislead people - just look at the WSO interview data and you will see. The most recent listed the interview process as extremely difficult and said "They had multiple first rounds then there was an in-person interview that started with an LBO analysis and ended with a presentation of your findings". But sure, maybe you did not know an LBO requires accounting?

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  • VP in Other
Apr 8, 2020

vista still I'm sure is pretty good tho

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Most Helpful
  • VP in VC
Apr 9, 2020

I interviewed with and received an offer for the VEP analyst role. There is a massive amount of misinformation is this thread. There are many other specifically about, or mentioning, VEP on this forum that have answers to questions in here. Your job in PE is to uncover something unique about a company for a competitive advantage. What better practice than to prepare for interviews.

1) Analyst pedigree - Vista has analyst intakes from two routes: experienced hires, and campus hires. Your campus hires are pretty typical. You will see guys who were super pedigreed. Some have gone A2A.

You will also see guys who had non-traditional backgrounds (e.g., private debt, consulting, institutional sales, etc.) and then went in at the analyst level. Vista has a very unique screening system heavily based on a test that screens for attributes that you use to filter people that would be a good fit at Vista.

2) Nature of the analyst work. Vista is a B2B SaaS shop. As an analyst, you learn B2B SaaS non-GAAP modeling. I have written about this ad infinitum on this forum, and over the past year and a half specifically, it has been covered extensively. You will be doing cohort retention analysis, customer roll forward/back size analyses, you will be doing market sizing, you will effectively be doing everything but model. You slowly get model responsibilities over time (just like in any apprenticeship style role...) as you show you are capable. This is in direct contrast to typically Associate hires, who are almost always bankers with experience similar to GS TMT (someone who knows their salt in software modeling).

3) The culture seems fine. I know some guys who like it. It's hard at times, because they are constantly doing bolt-ons (literally constantly, it clogs up my newsletters) so you are seeing LOTS of reps. You should probably know about the virtuous cycle software M&A of borrowing against more revenue post-acquisition, bolstered by the fact that, in the words of Robert Smith himself, B2B SaaS contracts are better than first lien debt (as a quick aside, I have been waiting for the first recession to see if this is true; turns out, it is - people are quicker to default on their loans than get rid of the software you need to keep the lights on at your business). There are plenty of bad apples at VEP (just like other places) and that has been covered in another thread.

4) There are questions in the WSO database that I got in my interview, so shell out some clams and study up. Lots of questions are around understanding the software market, different "hot" areas, maturity of different relevant industries, etc. I talked about NLP, for example, but a perfectly good answer would have been frontier AI, etc. I get the sense that people with true passion for software are the ones that get the offers. It's pretty hard to fake it if you don't get turned on by B2B SaaS.

5) You will be sufficiently coveted by other MF shops if you recruit on-cycle as a VEP Analyst

6) Comp is lower than street. It's a slap in the face. But you get to work for VEP, so, tradeoffs.

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Apr 9, 2020

your insights here are extremely helpful - thanks so much.

Would I be able to DM you for few other questions I was hoping to get your thoughts on?

  • Analyst 1 in Other
Apr 9, 2020

As someone who also received an offer, I think your answers are mostly correct but want to add some color:

  1. Pedigree of those direct from campus is not really that different from those who lateral from non-traditional backgrounds. There's the extra Yale kid here or there, but to say there's a meaningful difference is not correct.
  2. Yes, this sounds correct. The work is more research-style, and you don't touch financial modeling for your first two years.
  3. Agreed.
  4. Agreed. The interview process is shockingly unrigorous. You are asked no accounting or finance questions. If you spend literally 30 minutes learning basic terms on tech investing like SaaS and recurring revenue, you know enough for the knowledge or "technical" component.
  5. Somewhat true, but you are at a substantial disadvantage in the recruiting process, having never modeled. You'll be far behind your peers from BB/EB firms in this regard, and it's a huge piece to be missing in the interview process. Churn/cohort/etc analysis that you run non-stop as an analyst is fine, but it's easy enough to teach a high schooler and it's childish compared to the actual financial models built by those in IB.
  6. Agreed.
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Apr 23, 2020

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  • Analyst 2 in IB - Ind
Apr 12, 2020

I see in the database that analyst base comp at Vista is 85k. Isn't that street? Do analysts get burned badly on bonus or something?

  • Associate 1 in IB-M&A
Apr 12, 2020

85k base + 60-80k performance bonus. Source: I've seen an offer letter. That's for first year analyst, not sure how it progresses but i assume they pay on par with the other MFs. Offices are SF/Chicago/Austin so any differences are probably cost of living adjusted

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  • Analyst 1 in IB - Ind
Apr 13, 2020

Is the Chicago office for both Analysts out of undergrad and Associates after their banking stint?

  • VP in VC
Apr 12, 2020

85/85 analyst
<=250 all in associate

not information from this year

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  • Analyst 1 in AM - FI
Apr 13, 2020

Seems above street for analyst and below for associate - interesting combination. Anyone who can confirm?

  • Analyst 2 in IB-M&A
Apr 13, 2020

imagine living in Austin... fucking hell

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  • Associate 1 in PE - Growth
Apr 13, 2020

People do crazy things to do MF PE lol

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  • Works at Microsoft
Apr 22, 2020

Anyone hear back about the Experienced Hire Analyst Super Day from yesterday? Are offers out?

  • Analyst 2 in IB-M&A
Apr 22, 2020

What was the format?

Apr 24, 2020

Was it virtual?

  • Analyst 2 in Consulting
Apr 23, 2020

How many people get super days?

  • Analyst 2 in PE - Growth
May 1, 2020

Do they take analysts for the other Vista teams? I see from their website they have a pretty large consulting group, a hedge fund, a credit arm, and a capital markets team. Any insight would be helpful, thanks!

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  • Intern in PE - LBOs
May 9, 2020
Comment
  • Intern in IB-M&A
May 25, 2020