Trying to break into the Private Equity world is no easy task, but there is one way to get your foot in the door that will also serve as an educational experience – a private equity internship.
Internships are temporary jobs that can last anywhere from a few weeks to a few months. They can be either paid positions, or voluntary. Even if it is a paid internship, the pay rate will most likely be less than that of an actual job offer. When interviewing for an internship in the world of Private Equity, follow these guidelines:
- Research the private equity firm at which you are interviewing. The more you know about the firm’s story, the more you can talk about how you can help them. Also research the industry in general. Know the “big fish”, the most well-known firms, and what they do. You may not be interviewing with Blackstone, KKR, or TPG, but you should know who they are and their significance in the PE world.
- Don’t be too ambitious; be yourself. You don’t need to know everything already. In fact, if you did then you would be interviewing for a private equity job, not an internship. It’s OK to admit that you have more to learn (and that you WANT to learn), and that you are willing to start at the bottom.
- Know what your interests are, but don’t get hung up on them. There are many different areas in Private Equity. If you have one area that is of particular interest, then go ahead and try to intern there. However, you will be a much more valuable asset in the job market if you have experience in more than one area. Some of the financial aspects that impact private equity firms, include mergers & acquisitions, IPO’s, and leveraged buy-outs (LBOs), among many other things .
- You need to be able to answer questions precisely, whether they be industry related, or about your hobbies. The interviewer wants to get to know you on multiple levels, not just your technical knowledge. That being said, make sure to give details on any background you have that would benefit you in the PE arena. Give examples of the number and types of deals you have worked on, what level of involvement you had, and the results of the deal.
- Be willing to start in related industries. You may not get an internship at the exact firm you would like to work for, but learn about the other companies that the firm does business with to see if you can get an internship or job there. Private Equity firms would love to see that you have worked in finance, banking, or investments. Having a well-known bank on your resume will give you a competitive advantage. Remember that an internship is a stepping stone, and you may need to experience a few of them to get you to your final destination.
About the Author:
Debra Wheatman, CPRW, CPCC, is a Professional Resume Writer and Career Coach with nearly two decades experience working with professionals in finance, management consulting, legal, and technology.
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