If you have successfully landed private equity job interviews in this market, congratulations. You must be doing something right.
Now, if you are finding the interview process is dragging out – you may have a problem. “It’s usually a bearish sign if you don’t get an offer after three rounds of interviews,” said Stephen Kaplitt, the attorney who formerly practiced M&A law.
He remembers making a job candidate jump through hoops before finally not making an offer to him. According to Kaplitt, the issue was neither the candidate nor mismatched needs, but politics and turbulence within the firm (which is often the case in small firms).
After each additional interview, the candidate’s chance of landing a private equity job offer diminishes. It is a sign that you might not be that “must have” private equity job candidate who will solve the firm’s current problem or hole in the team.
Count on being tested with a case study. Case studies are still a big part of most private equity interview processes. You might get a homework assignment where you analyze financial and operational details of a company in which the firm considered investing. In other words, they have already done the same analysis and are very familiar with the numbers.
This tests not only your ability to analyze numbers and establish valuation, it also demonstrates your ability to summarize and present findings then effectively persuade an investment committee. But it can also be a bit of a rabbit hole exercise because the deal is likely dead.
“Three times, I’ve been given a case to prepare,” one London-based senior associate said. “In all three, my recommendation was not to pursue the investment.”
Be careful not to get lost in the interview steps. Along the way, check in and ask where you are in the hiring process. You are investing time in the private equity job interviews and deserve to know where you stand.
Check out our a Career Advice section for more on private equity job interviews
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