by Brian DeChesare Comments (174)

Private Equity Interviews 101: How to Win Offers

Private Equity Interviews

Ah, private equity.

The promised land.

The only reason most bankers want to go into investment banking.

Too bad the exceptionally difficult interviews keep them out!

Or do they?

Private equity interviews can be challenging, but for most candidates, winning interviews is much tougher than succeeding in those interviews.

You do not need to be a math genius or a gifted speaker; you just need to understand the recruiting process and basic arithmetic.

Still, there is more to PE interviews than “2 + 2 = 4,” so let’s take a detailed look at the process:

How to Network and Win Private Equity Interviews

The PE recruiting process differs dramatically depending on your current job and location.

Here are the two extremes:

  • Investment Banking Analyst at a Bulge Bracket or Elite Boutique in New York: The process will be highly structured, and interviews will finish at warp speed. In some ways, your bank, group, and academic background matter more than your skill set or deal experience. This one is known as the “on-cycle” process.
  • Non-Banker in Another Part of the U.S. or World: The process will be far less structured, it may extend over many months, and your skill set and deal/client experience will matter a lot more. This one is known as the “off-cycle” process.

If you’re in between these categories, the process will also be in between these extremes.

For example, if you’re at a smaller bank in NY, you may complete some on-cycle interviews, but you will almost certainly also go through the off-cycle process at smaller firms.

If you’re in London, there will also be a mix of on-cycle and off-cycle processes, but they tend to start later and move more slowly than the ones in NY.

We have covered PE recruiting previously (overall process and what to expect in the on-cycle process), so I am not going to repeat everything here.

Interviews in both on-cycle and off-cycle processes test similar topics, but the importance of each topic varies.

The timing of interviews and start dates, assuming you win offers, also differs.

The Overall Interview Process

Regardless of whether you recruit in on-cycle or off-cycle processes, or a combination of both, almost all PE interviews have the following characteristics in common:

  • Multiple Rounds: You’ll almost always go through at least 2-3 rounds of interviews (and sometimes many more!) where you speak with junior to senior professionals at the firm.
  • Topics Tested: You’ll have to answer fit/background questions, technical questions, deal/client experience questions, questions about the firm’s strategies and portfolio, market/industry questions, and complete case studies and modeling tests.

The differences are as follows:

  • Timing and Time Frame: If you’re at a BB/EB bank in NY, and you interview with mega-funds, the process starts and finishes within several months of your start date at the bank (!), and it moves up earlier each year. Interviews at the largest firms start and finish in 24-48 hours, with upper-middle-market and middle-market firms beginning after that.

By contrast, interviews start later at smaller PE firms, and the entire process may last for several weeks up to several months.

  • Importance of Topics Tested: At large funds and in the on-cycle process, you need to complete modeling tests quickly and accurately and spin your pitches and early-stage deals into sounding like real deals; at smaller funds and in off-cycle interviews, the reasoning behind your case studies/modeling tests and your real experience with clients and deals matter more.

Firm-specific knowledge and fitting your investment recommendations to the firm’s strategies are also more important.

  • Start Date: You interview far in advance if you complete the on-cycle process, and if you win an offer, you might start 1.5 – 2.0 years later. With the off-cycle process, you start right away or soon after you win the offer.

The Main Topics Tested in Interviews

There is not necessarily a correlation between the stage of interviews and the topics that will come up.

You could easily get technical questions early on, and you’ll receive fit/background and deal experience questions throughout the process.

Case studies and modeling tests tend to come up later in the process because PE firms don’t want to spend time administering them until you’ve proven yourself in previous rounds.

However, there are exceptions even to that rule: For example, many funds in London start the process with modeling tests because there’s no point interviewing if you can’t model.

Here’s what to expect on each major topic:


The usual questions about “Why private equity,” your story, your strengths/weaknesses, and ability to work in a team will come up, and you need answers for them.

We have covered these in previous articles, so I’ve linked to them above rather than repeating the tips here.

Since on-cycle recruiting takes place at warp speed, you’ll have to draw on your internship experience to come up with stories for these questions, and you’ll have to act as if PE was your goal all along.

By contrast, if you’re interviewing for off-cycle roles, you can use more of your current work experience to answer these questions.

While these questions will always come up, they tend to be less important than in IB interviews because:

  • In on-cycle processes, it’s tough to differentiate yourself – everyone else also did multiple finance internships and just started their IB roles.
  • They care more about your deal experience, whether real or exaggerated, in both types of interviews.

Technical Questions

The topics here are similar to the ones in IB interviews: Accounting, equity value/enterprise value, valuation/DCF, merger models, and LBO models.

If you’re in banking, you should know these topics like the back of your hand.

And if you’re not in banking, you need to learn these topics ASAP because firms will not be forgiving.

There are a few differences compared with banking interviews:

  • Technical questions tend to be framed in the context of your deal experience – instead of asking generic questions about WACC, they might ask how you calculated it in one specific deal.
  • More critical thinking is required. Instead of asking you to walk through the financial statements when Depreciation changes, they might describe companies with different business models and ask how the financial statements and valuation would differ.
  • They focus more on LBO models, quick IRR math, and your ability to judge deals quickly.

Most interviewers use technical questions to weed people out, so poor technical knowledge will hurt your chances, but exceptional knowledge won’t necessarily get you an offer.


IB Interview Guide

Land investment banking offers with 578+ pages of detailed tutorials, templates and sample answers, quizzes, and 17 Excel-based case studies.

learn more

Deal/Client Experience

This category is huge, and it presents different challenges depending on your background.

If you’re an Analyst at a large bank in New York, and you’re going through on-cycle recruiting, the key challenge will be spinning your pitches and early-stage deals into sounding like actual deals.

If you’re at a smaller bank, and you’re going through off-cycle recruiting, the key challenge will be demonstrating your ability to lead, manage, and close deals.

And if you’re not in investment banking, the key challenge will be spinning your experience into sounding like IB-style deals.

Regardless of your category, you’ll need to know the numbers for each deal or project you present, and you’ll need a strong “investor’s view” of each one.

That’s quite a bit to memorize, so you should plan to present, at most, 2-3 deals or projects.

You can create an outline for each one with these points:

  1. The company’s industry, approximate revenue/EBITDA, and multiples (or, for non-deals, estimated costs and benefits).
  2. Whether or not you would invest in the company’s equity/debt or acquire it (or, for non-deals, whether or not you’d pursue the project).
  3. The qualitative and quantitative factors that support your view.
  4. The key risk factors and how you might mitigate them.

If you just started working, pick 1-2 of your pitches and pretend that they have progressed beyond pitches into early-stage deals.

Use Capital IQ or Internet research to generate potential buyers or investors, and use the company-provided pitch materials to come up with your projections for the potential stumbling blocks in the transaction.

For your investment recommendation, imagine that each deal is a potential LBO, and build a quick, simple model to determine the rough numbers, such as the IRR in the baseline and downside cases.

For the risk factors, reverse each model assumption (such as the company’s revenue growth and margins) and explain why your numbers might be wrong.

If you’re in the second or third categories above – you need to show evidence of managing/closing deals or evidence of working on IB-style deals – you should still follow these steps.

But you need to highlight your unique contributions to each deal, such as a mistake you found, a suggestion you made that helped move the financing forward, or a buyer you thought of that ended up making an offer for the seller.

If you’re coming in with non-IB experience, such as internal consulting, still use the same framework but point out how each project you worked on was like a deal.

You had to win buy-in from different parties, get information from groups at the company, and justify your proposals by pointing to the numbers and qualitative factors and addressing the risk factors.

Firm Knowledge

Understanding the firm’s investment strategies, portfolio, and exits is very important at smaller firms and in off-cycle processes, and less important in on-cycle interviews at mega-funds.

If you have Capital IQ access, use it to look up the firm.

If not, go to the firm’s website and do extensive Google searches to find the information.

Finding this information should not be difficult, but the tricky point is that firms won’t necessarily evaluate your knowledge by directly asking about it.

Instead, if they give you a take-home case study, they might judge your responses based on how well your investment thesis lines up with theirs.

For example, if the firm makes offline retailers more efficient via cost cuts and store divestitures, you should not present an investment thesis based on overseas expansion or roll-ups of smaller stores.

If they ask for an investor’s view of one of your deals, they might judge your answer based on your ability to frame the deal from their point of view.

For example, if the firm completes roll-ups in fragmented industries, you should not look at a standard M&A deal you worked on and say that you’d acquire the company because the IRR is between XX% and YY% in all scenarios.

Instead, you should point out that with several roll-ups, the IRR would be between XX% and YY%, and even in a downside case without these roll-ups, the IRR would still be at least ZZ%, so you’d pursue the deal.


In theory, private equity firms should care about your ability to find promising markets or industries.

In practice, open-ended questions such as “Which industry would you invest in?” are unlikely to come up in traditional PE interviews.

If they do come up, they’ll be in response to your deal discussions, and the interviewer will ask you to explain the upsides and downsides of your company’s industry.

These questions are more likely in growth equity and venture capital interviews, so you shouldn’t spend too much time on them if your goal is traditional PE.

And even if you are interviewing for growth equity or VC roles, you can save time by linking your industry recommendations to your deal experience.

Case Studies and Modeling Tests

You will almost always have to complete a case study or modeling test in PE interviews, but the types of tests span a wide range.

Here are the six most common ones, ranked by rough frequency:

Type #1: “Mental” Paper LBO

This one is closer to an extended technical question than a traditional case study.

To answer these questions, you need to know how to approximate IRR, and you need practice doing the mental math.

The interviewer might ask something like, “A PE firm acquires a $150 EBITDA company for a 10x multiple using 60% Debt. The company’s EBITDA increases to $200 by Year 3, $225 by Year 4, and $250 by Year 5, and it pays off all its Debt by Year 3.

The PE firm sells its stake evenly over Years 3 – 5 at a 10x EBITDA multiple. What’s the approximate IRR?”

Here, the Purchase Enterprise Value is $1.5 billion, and the PE firm contributes 40% * $1.5 billion = $600 million of Investor Equity.

The “average” amount of proceeds is $225 * 10 = $2,250, and the “average” Exit Year is Year 4 (no need to do the full math – think about the numbers – and all the Debt is gone).

So, the PE firm earns $2,250 / $600 = 3.75x over 4 years. Earning 3x in 3 years is a ~45% IRR, so we’d expect the IRR of a 3.75x multiple in 4 years to be a bit less than that.

To approximate a 4x scenario, we could take 300%, divide by 4 years, and multiply by ~55% to account for compounding.

That’s ~41%, and the actual IRR should be a bit lower because it’s a 3.75x multiple rather than a 4.00x multiple.

In Excel, the IRR is just under 40%.

Type #2: Written Paper LBO

The idea is similar, but the numbers are more involved because you can write them down, and you might have 30 minutes to come up with an answer.

I’ve previously shared a worked-out example of a 30-minute paper LBO, so I’ll link to it once again here.

With these case studies, you need to start with the end in mind (i.e., what multiple do you need for an IRR of XX%) and round heavily so you can do the math.

Type #3: 1-3-Hour On-Site or Emailed LBO Model

These case studies are the most common in on-cycle interviews because PE firms want to finish quickly.

And the best way to do that is to give all the candidates the same partially-completed template and ask them to finish it.

You may have to build the model from scratch, but it’s not that likely because doing so defeats the purpose of this test: efficiency.

You’ll almost always receive several pages of instructions and an Excel file, and you’ll have to answer a few questions at the end.

The complexity varies; if it’s a 1-hour test, you probably won’t even build a full 3-statement model.

But if it’s a 3-hour test, a 3-statement model is more likely. If you do build all three statements, the other parts of the model will be simple.

Here’s an example of a 90-minute LBO modeling test for a European company (blank Excel file here).

There are no 3-statement projections, but there is some complexity in the returns calculations. The full solutions and several other examples are in our Interview Guide:


IB Interview Guide

Land investment banking offers with 578+ pages of detailed tutorials, templates and sample answers, quizzes, and 17 Excel-based case studies.

learn more

Type #4: Take-Home LBO Model and Presentation

These case studies are open-ended, and in most cases, you will not get a template to complete.

The most common prompts are:

  • Build a model and make an investment recommendation for Portfolio Company X, Former Portfolio Company Y, or Potential Portfolio Company Z.
  • Pick any company you’re interested in, build a model, and make an investment recommendation.

With these case studies, you must fit your recommendation to the firm’s strategy rather than building a needlessly complex model.

You might have 3-7 days to complete this type of case study and present your findings.

You might be tempted to use that time to build a complex LBO model, but that’s a mistake for three reasons:

  1. The smaller firms that give open-ended case studies tend not to use that much financial engineering.
  2. No one will have time to review or appreciate your work.
  3. Your time would be better spent on industry research and coming up with a sold investment thesis, risk factors, and mitigants.

I don’t have a great example of an open-ended case study, but the Dell LBO presentation is a good example of the type of recommendation you’d make.

Your model can be far simpler, and the presentation itself can be 3-5 pages instead.

Type #5: 3-Statement/Growth Equity Model

At operationally-focused PE firms, growth equity firms, and PE firms in emerging markets such as Brazil, 3-statement projection modeling tests are more common.

The Atlassian case study is a good example of this one, but I would change a few parts of it (we ignored Equity Value vs. Enterprise Value for simplicity, but that was a poor decision).

Also, you’ll never have to answer as many detailed questions as we did in that example.

If you think about it, a 3-statement model is just an LBO model without debt repayment – and the returns are based on multiple expansion, EBITDA growth, and cash generation rather than debt paydown.

You can easily practice these case studies by picking companies you’re interested in, downloading their statements, projecting them, and calculating the IRR and multiples.

Type #6: Consulting-Style Case Study

Finally, at some operationally-focused PE firms, you could also get management consulting-style case studies, where the goal is to advise a company on an expansion strategy, a cost-cutting initiative, or pricing for a new product.

We do not teach this type of case study, so check out consulting-related sites for examples and exercises.

And keep in mind that this one is only relevant at certain types of firms; you’re highly unlikely to receive a consulting-style case study in standard PE interviews.

Whither Case Studies?

I’ve devoted a lot of space to case studies, but they are not as important as you might think.

In on-cycle processes, they tend to be a “check the checkbox” item: Interviewers use them to verify that you can model, but you won’t stand out by using fancy Excel tricks.

Arguably, they matter more in off-cycle interviews since you can present unique ideas more easily and demonstrate your communication skills in the process.

PE Interviews: What NOT to Worry About

The topics above may seem overwhelming, so it’s worth pointing out what you do not need to know for interviews.

First, skip super-complex models.

As a specific example, the LBO models on Macabacus are overkill; they’re way too complicated for interviews or even the job itself.

You should aim for Excel files with 100-300 rows, not 1,000+ rows.

Next, skip brain teasers; if an interviewer asks them, you should drop discussions with the firm.

Finally, you don’t need to know about the history of the private equity industry or much about PE fund economics beyond the basics.

Your time is better spent learning about a firm’s specific strategy and portfolio.

The X-Factor(s) in Interviews

Besides the topics above, competitive tension can make a huge difference in interviews.

If you tell Firm X that you’ve already received an offer from Firm Y, Firm X will immediately become far more likely to give you an offer as well.

Even at the networking stage, competitive tension helps because you always want to tell recruiters that you’re also speaking with Similar Firms A, B, and C.

Also, leverage your group alumni and the 2nd and 3rd-year Analysts.

You can read endless articles online about interview prep, but nothing beats real-life conversations with others who have been through the process.

These alumni and older Analysts will also have example case studies they completed, and they can explain how to spin your deal experience effectively.

How to Prepare Efficiently

The #1 mistake in PE interviews is to focus excessively on modeling tests and technical questions and neglect your deal discussions.

You can avoid this, or at least resist the temptation, by turning your deals into case studies.

If you follow my advice to create simplified LBO models for your deals, you can combine the two topics and get modeling practice while you’re preparing your “investor’s views.”

If you’re working full-time in banking, use your downtime in between tasks to do this, outline your story, and review technical questions.

If you only have 10-15-minute intervals of downtime, break case studies into smaller chunks and aim to finish a specific part in each period.

Finally, start preparing before your full-time job begins.

You’ll have far more time before you start working, and you should use that time to tip the odds in your favor.

The Ugly Truth About PE Interviews

You can read articles like this one, memorize PE interview guides, and get help from dozens of bank/group alumni, but much of the process is still outside of your control.

For example, if you’re in a group like ECM or DCM, it will be tough to win on-cycle interviews at large firms and convert them into offers no matter what you do.

If the mega-funds decide to kick off recruiting one day after you start your full-time job in August, and you’re not prepared, too bad.

If you went to a non-target school and earned a 3.5 GPA, you’ll be at a disadvantage next to candidates from Princeton with 3.9 GPAs no matter what you do.

So, start early and prepare as much as you can… but if you don’t receive an offer, don’t assume it’s because you made a major mistake.

Offer: What Next?

If you do receive an offer, you could accept it on the spot, or, if you’re speaking with other firms, you could shop it around and use it to win offers elsewhere.

If you’re not in active discussions with other firms, you’re crazy if you do not accept the offer right away.

No Offer: What Next?

If you don’t get an offer, follow up with your interviewers, ask for feedback, and ask for referrals to other firms that might be hiring.

If you did reasonably well but came up short in a few areas, you could easily get referrals elsewhere.

If you did not receive an offer because of something that you cannot fix, such as your undergraduate GPA or your previous work experience, you might have to consider other options, such as a Master’s, MBA, or another job first.

But if it was something fixable, you could take another pass at recruiting or keep networking with smaller firms.

To PE Or Not to PE?

That is the question.

And the answer is that if you have the right background, you understand the process, and you start preparing far in advance, you can get into the industry.

And if not, there are other options, even if you’re an older candidate.

You may not reach the promised land, but at least you can blame it on someone else.

M&I - Brian

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron.

Break Into Investment Banking

Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews

We respect your privacy. Please refer to our full privacy policy.


Read below or Add a comment

  1. Hi Brian,

    Could you provide some advice for preparing interviews for principal investing role ?

    Thank you in advance

    1. We don’t really focus on that, but the articles on private equity and funds of funds on this site might be helpful.

  2. Hey,

    Just wanted to say thank you! After reading everything on this site including all the CV and interview material I have managed to transition from a second year engineering undergrad with no prior experience/spring weeks/insight days, into an intern at Aviva Investors (UK buy side) within the space of one year.

    The information you have posted is invaluable and “breaking in” is definitely doable with the right mindset and appetite for rejections!

    Thanks again.

    1. Thanks! Congrats on your internship offer.

  3. Hi Brian/Nicole – Im an Economics student from the UK in 3rd year out of a 4 year course at a semi-target college, with 2 finance internships done up until now(not FO). I plan on doing a Msc Finance when I finish and eventually break into IB or Sales/Trading (I know I still haven’t decided which one I really want more). Through a family friend I have an offer to do a short internship this summer in NY in a post-trade regulatory commission. As this isn’t actually sitting at a trading desk experience, or anything related to IB should I decide to go down that road, would this add genuine value to my CV ? How are internships in regulatory commissions looked at for students looking to break into sales/trading? Surely even having any NY Finance experience on the CV will add more substance over here in London when going for internships compared to the majority of UK students who don’t? Appreciate any advice on this matter, Thanks!

    1. I don’t think it would help much because you already have 2 non-FO internships, and a regulatory internship would be yet another non-FO internship. If it’s your best option, you can take it, but you would be better off getting something closer to a real front-office role.

  4. Hey Brian. I am graduating after this semester going into Management consulting (Deliote, AT Kearny, Accenture)but I’m hoping to make a switch into either IB or PE after a couple years. I have one search fund internship which was enough to get me a few 1st and second round ib/pe FT interviews but no offers.My plan is to get into the best online MSF program I can and switch into Finance once I’m done. Do you think, given how close I was to getting in my 1st try, a high GPA from a reputable MSF and good experience in consulting will be enough or should I try to somehow get an IB internship before I apply?

    1. I think you will probably need another internship just before the MSF starts or while it is in progress, not necessarily in IB, but something closer to it. Otherwise you’ll get a lot of questions about why you went from the search fund to consulting.

      1. Thanks. As far as my story is concerned, is it better to do another finance internship before consulting so it’s search fund->ib->consulting->MSF (or MBA not sure)? I only ask because I may be able to get on some m&a projects with the consulting firm and my story could be when exposed to those deals, I realized how big my passion for finance was and that’s when I decided to get my MSF and switch to IB.

        1. No, I think that would make less sense because then you would have to explain why you went from IB to consulting… and are now trying to go back to IB. Saying that you got exposed to M&A deals during the consulting experience would be a better story (and you would still ideally pair it with a transaction-related internship before/during the MSF).

          1. Got it, thanks!

  5. Kevin Timmons

    Probably missing something here, but for the first example, where does the 300% and 55% come from?

    1. 300% = 4x multiple. If compounding did not exist, we could just say 300% / 4 = 75% annual return. Because of compounding, however, the actual return does not need to be 75% per year in order for us to earn 300% by the end of 4 years. Instead, it can be a fair amount less than that, and we’ll still end up with 300% at the end.

      To estimate the impact of compounding, you can multiply this 300% / 4 figure by a “compounding factor,” which varies based on the multiple and time period, but which is around 55% for a 4x return over a standard holding period.

  6. Do you think you will do a hedge fund interview guide similar to the one you have here?

    1. Potentially, yes, but it’s much harder to give general guidelines for HF interviews because they’re completely dependent on your investment pitches. Also, interest in HFs has declined over the years (we no longer receive as many questions about them).

  7. On that mental paper LBO question, how is the company able to pay off 900 of debt by year 3? It sounds like proceeds from the sale will have to be used in order to fully pay off the debt because EBITDA alone only adds up to 525, and that’s assuming there’s no interest.

    1. Favorable working capital… NOLs… asset sales… the Konami code or other cheat codes. The point is not the numbers but the thought process.

  8. Hi Brian, I have a structured finance background and I’m looking to break into PE/mezz funds. I have no experience in LBOs or leveraged investing. Would you recommend working a year in lev fin to increase my changes at getting a PE job or shooting straight for PE?

    1. It would be better to work in a top industry group, leveraged finance, or M&A before recruiting for PE roles…

  9. Hi,

    I was reading one of Brian’s articles and had the following question.
    How useful is the CAIA license for a lawyer specializing in M&A? I wasn’t able to find much information on the internet or on this website.

    1. It is not that helpful because the M&A skill set is totally different

  10. Hi Nicole/Brian,

    I am currently pursuing the Biws premium financial modelling course. Its been almost 3 weeks since I have embarked on this journey with BIWS and I have learnt a lot. I have a personal interview round coming up next week for a PE research associate position. But before they interview me they have given me a case study to work on. Below are the questions they would like me present on:
    ? What is your assessment of Company’s business model? Please provide a qualitative and quantitative assessment.
    ? What is your assessment of management’s strategy to create shareholder value and how would you assess if management has indeed created
    shareholder value thus far (do not rely on the stock price)? Please support your answer with a quantitative and qualitative assessment.
    ? Does the current valuation make sense to you as an investor? Why or why not?
    ? As a private equity investor,what is the maximum price you would be willing to pay to acquire the Company?

    How should i approach this case study, given the fact that I have yet to cover the LBO modelling module. This case study has to be sumbit by tommorow. Any sort of inputs would immensely help me. I am also planning to set up an interview session with Heather. I would require your guidance to understand what more I can do to increase my chances of landing a role in PE.


    1. Thanks, I’m glad the course has been helpful for you.

      I think if you look at the LBO Modeling case studies in the Fundamentals course, or even the Growth Equity case study on Atlassian, you’ll have a good idea of how to approach those questions.

      If you have no time to go through everything, just look at the investment recommendations and see how we address similar questions there.

      Also, please note, for your future reference if you have course-related questions you will get a faster and more detailed answer by asking on the BIWS site or by emailing instead.

  11. Hi Nicole,
    Can you refer anything for self study on valuations and financial modelling – preferably free access to. Thanks.

    1. M&I - Nicole

      Yes, if you sign up on our email list, you’ll have access to free tutorials that may help. You may also want to check out our youtube tutorials

  12. Is it more important to work on large, complex deals? Or to have lots of responsibility? I’m considering an offer from a boutique that seems to give its analysts more responsibility than BB firms do, but most of these responsibilities are “soft”–e.g. more interfacing with PE groups, more client interaction, more control/independence with building models and writing memorandums, etc. The deals, though, are lower middle market and less complex, and there’s way less modeling work. Would I be better off doing more modeling work on larger deals? Or having a larger impact on the deal but with less modeling work?

    1. M&I - Nicole

      These are valuable skills to learn, even though they are not technical skills.

      Of course, I may take a BB offer if it presents itself, since it can potentially open you a lot more doors. However, if you’re entrepreneurial and prefer to work in more tight-knit environment with more responsibilities, the boutique maybe a better option

  13. Hi Brian,

    When will PE start interviewing for summer interns (MBA level) and how could I get access to that? Should I also contact headhunters?


    1. M&I - Nicole

      PE firms don’t really have a set schedule though bigger firms may have a more structured time table. I’d say towards 3/4Q 2014 for full time roles in May 2015. Headhunters can be somewhat useful. I’d go through your alumni network and your own connections

  14. Hi!
    I had an interview a week ago that went really well. Final round with seniors. I haven’t heard back yet and I’m not sure what the timing for decision they have.
    Should I follow up (again, as I emailed right after saying I was very interested, blah blah). I know they asked someone that introduced me for reference, but he was not much able to talk about my work. Should I follow up and offer real work references?

    1. M&I - Nicole

      Yes I would follow up with them next week and see if there’s additional information they need from you. I may even give them a few contacts of work references who can give you solid recommendations.

  15. Hi Nicole,

    I work at a decent BB in the real estate group and am looking to pursue generalist opportunities post-IB. What do you recommend is the best way to pitch my experience to headhunters / PE shops as there is a stigma that real estate is more specialized than the other shops?

    Thanks very much!

    1. M&I - Nicole

      Good question. Can you point to any self-study of modelling outside of real estate, or even models you’ve looked at from other deals or for other clients?
      Anything to demonstrate this would be good. One solution would be to expand on entries which represent more general modelling skills, even though it was internships a while back.

  16. Hi Nicole,

    Thank you for answering my question earlier. How are the chances of someone getting into PE/HF/VC (specifically PE) from a valuation/transaction opinions role (FAS) at an investment bank? Would it require transitioning into M&A before making the switch to PE, or do you think the valuation and fairness opinion deal experience would be sufficient?

  17. I want to work in Medical Research PE, I didn’t do a traditional M&A internship, but did an internship doing quant modeling for a BB, working on a risk model for a portfolio over 100bn.

    Background is in Bio-med Science (still a student).

    Any advice for doing this (I really don’t want to do two years M&A). Cold calling the only option? I have no idea how to do LBO modelling etc, I can do masters level maths though.


    1. M&I - Nicole

      Yes cold-calling and messaging via LinkedIn will help. And having the IBD training will help you break into PE. You may want to explore boutique/small PE firms if you don’t want to do 2-year IB training. I’d conduct research on a few PE firms – medical funds – and contact the ones closest to you area and try to gain some work experience there. can help

  18. For IB and PE interviews, do let you use your own laptop along with your own modelling templates?


  19. Which area has the most modelling work?
    M&A , DCM,ECm , corporate development , project finance?
    I think in ecm,dcm and to an extent in m&a there are legal issues which do not interest me , so which field has the most analysis,modelling type of work?

    1. M&I - Nicole

      Probably M&A, though there’s less technical work than you might have expected – that’s just how banking is. Despite all the hoopla over “learning financial modeling,” you don’t spend the majority of your time doing any kind of modeling work – even in a more technical group, like M&A.

      1. Yea i mean theres too much hoopla over modelling stuff.In fact in very b-schools they give detailed courses on negotiation process on a deal and other non modelling aspects.Although some may say that those non-modelling stuff is like blue cheese i.e acquired taste or gained through work/deal experience.

        1. very few*

  20. Hey,

    I’m pursuing a role in an Asian PE firm since the past four months. There have been couple of rounds of interviews and a written case study for which the response was moderately positive I suppose.

    In the hope of converting this, I’ve been naysaying other offers, which are ofcourse not comparable to the PE role. Now there’s this general management role in Europe which sounds pretty interesting and they are pretty much keen on deciding on a candidate within the next couple of weeks. They’ve interviewed all probable candidates, but have given me a chance to take up that role if I’m interested. I would have to let them know my decision within ten days max, can’t stall them further. And once I say yes to them, I have a sort of moral obligation to go ahead with their offer.

    Now my questions are:

    1. How do the PE guys view a non-PE competing offer (if there is something like that :))? Do they end up having a perception that maybe this guy is not fit for PE?
    2. How do I make sure I let my situation known to the PE firm, but at the same time not making them feel that I’m trying to pressurise them and more interested in the European role?
    3. By letting the PE guys know my situation would I be harming my chances of getting an offer?

    Wanted to get your perspective on what could be the best way to approach this. Thanks a lot in advance, I’ve benefited quite a lot from your articles and resources!

    1. M&I - Nicole

      1. Since its an operational role at a corporate, no I don’t believe so. Such operational experience will be beneficial to PE firms. However, some firms may question if your interest truly lies in PE so you’ll have to spin that story.
      2. Just tell them you have another offer on hand right now (no need to disclose details), and you wanted to know if they could provide you an answer in [time period] because you have to get back to the other firm
      3. No, this may actually give you leverage if you present the situation properly.

      1. Thank you so much Nicole for the inputs.

  21. Hey

    I’ve been coming to the site for a little over 6 months now, and greatly appreciate all of the quality information you all contribute.

    I’m a junior studying International Relations-Economics (90% of my electives have been in finance and management) and I received an interview for an acquisitions internship at a PE firm focusing on commercial real estate. I spoke with the analyst in charge of my interview process on the phone, and he told me that it would be mostly fit question focused. That being said, I don’t want to be caught unprepared in case technical questions specifically related to real estate investing come up with one of the other members of the interview team. I was wondering what kinds of technical questions I should prepare for an interview with this specific type of PE firm?

    1. M&I - Nicole

      Thank you very much for being our reader!

      To prepare for the interview, it would be ideal if you have some sort of real estate valuation knowledge (real estate terminologies such as loan-to-cost ratio), and understand the basics of what drives commercial estate. Our article should help.

      I wouldn’t worry too much about the technical questions because you have a liberal arts background. They may throw a few basic finance questions such as questions on DCF etc.

      If you want more detailed information on real estate modeling may be useful.

      1. I just got a call from the VP of the Acquisitions Team at the PE firm telling me that I landed the offer! I just wanted to thank everyone on this site and BIWS for the amazing advice and teaching you all provide. Your help was very integral in that regard.

        Thank you so much!

        1. M&I - Nicole

          Congratulations! I am glad to hear!

Leave a Reply

Your email address will not be published. Required fields are marked *