London is a great choicefor carving a private equity career. It will give youlife experience that you perhaps won’t get anywhere else. There is a reason the city is called hotbed for private equity investments (think, City of London, Canary Wharf).
- You have access to top Bulge Brackets, Elite Boutiques and PE firms, and plentiful opportunities to network.
- Importantly, London is more open-minded toward candidates without prior Investment Banking Division or pre-MBA PE experience;something that is rareto find in the USPE industry.
That said, courting a job at a private equity shop in Londonis no walk in the park.Bare minimum for starting on an analyst or associate role at PE are good modelling skills and deals experience.
Take a look at one of
Source: efinancialcareers
M&A and deal experience along with a strong interest in PE are generally demanded. Before I get to when you should start applying and the steps you can take to break into the industry, check if youfulfill the basic requisites demanded in private equity career.
PE firms typicallyrecruit from these ‘backgrounds’.
Additionally, you will be tested on following‘skills’during the interview:
If you are a newcomer or don’t belong to traditionally sought backgrounds, you can better your odds at success by applying at the right time with the right approach. Follow these tips to stand out.
- Prepare for the interview. Demonstrate a winning streak and organizational fitness.
Do your homework on their investments and backgrounds of people. Before interviewing, network with alumni. They can give you a sense of what to expect. You should be able to walk in there with information on every important person and preferably your thoughts on potential areas of investment the firm can get in, and their recent deals.
- Your, ‘I’m dying to get into PE’ story.
Lots of candidates have high GPAs and good test scores, yet they fail to land a job. Reason is failing to differentiate.
Be ready with your clear and credible story on why you want to get into private equity career. Show your burning desire to work in the industry. Moreover, your resume experiences should be able to back up your story and reflect you are developing the required skills. Be it a mail or telephonic conversation or person to person, you can structure your story in all communications. It can be your networking superpower.
- Speak language of the industry.
You will spend first few years doing nothing but cold calling for possible deals. Professionals at PE firms don’t relish teaching so much. They are too busy for that. When you talkof their industry in their language in not only technical manner, but with analytical insights, it can score you a six.
- Multiple internships are an asset. Even better if it comes from PE.
This will give you an edge over your peer group. Along with familiarizing you with the industry, it goes to the heart of importance of networking. The more people you knowlower will be the barriers to your entry.
- Landing an interview. Don’t wait for the job to come to you. Hustle.
Give up the campus recruiting mindset of dropping the resume on a job portal and expect it to get through. PE firms are usually small in size and depend on headhunters to manage recruitment. You email your resume to PE firms, they forward it to their HRs, and in most cases, you receive a generic rejection email. However, if you contact the person at PE directly, the chances of success increase. Find a nontraditional way. Lean on your network. Cold Call or send letters in high-quality. Begin with smaller funds. Your aim is just to get an interview.If that doesn’t come through, offer to work for free for a few months.
- When you belong to not so traditionally sought backgrounds such as non-banking or HSW trinity, apply in the off-cycle hiring.
As someone with less traditional background, you will have to be more proactive and utilize everything at your disposal.Additionally, apply in off-cycle hiring process. In London, the PE firms start off-cycle process in January (may start earlier at some firms). Off-cycle hiring process begins once top analysts from leading banks have accepted the offers and are out of the market (in on-cycle recruitment), which is usually by summer end. At this point, firms that haven’t fulfilled their talent needs, go for candidates they didn’t initially consider. You can put wagers in this period.
If you are really looking for a PE job in UK, you will need to demonstrate 360-degree knowledge of different businesses and operations of private equity. Consider training and getting certified to enrich your knowledge. USPEC’s Chartered Private Equity Professional (CPEPTM) certification will give you access to vital aspects you will need to establish your forte – LBO modelling, industry insights, modeling tests. CISI in UKalso offers qualifications around PE associated fields – corporate finance, financial planning, capital market, and so on. CPD is another provider you can explore.
