Randall Wrote: ------------------------------------------------------- > I’m pretty sure there’s more to life than being > really, really, ridiculously good looking. And I > plan on finding out what that is. i still like that film…great pose
Although I don’t think it’s impossible to transition from IT to PE, it is very difficult. I was very lucky to have the opportunity to do so, but this was through an internal transfer within my firm. The problems with getting into PE are numerous. As PE requires a diverse skillset including but not limited to financial analysis, modelling, legal due diligence, tax planning, deal negotiation, etc. it’s very hard to find people with the skills + the right level of maturity, tenacity, charm and business sense… oh yes… common sense is a must-have. From the OP’s questions, it does seem like he lacks the focus, determination and even maturity to get his foot into PE (without wishing to sound harsh). It does help to have a good academic background too. Alot of PE also revolves around managing investor expectations and catering to the different needs/motivations of strategic partners. This calls for a fair amount of EQ and diplomacy. Just my personal 2 cents.
Interesting personal experience, Numi. Thanks very much for sharing. I suppose you got your interview opportunity through your network? Seems like ideal PE associate candidate would be someone with banking experience + MBA + JD, right? How did you transition from IT, Wilier?
hi sternwolf… well, I was already writing financial systems for hedge funds at the time, so I had about 7 years of finance related experience. I completed a 2-Year Part-time Masters in Finance and also passed the CFA exams in the ensuing 18 months. Having also graduated with a First Honors from one of the top universities in the UK, I was academically well set-up. I told my boss i wanted to do less IT and more hands-on financial work, and he was kind enough to throw me in at the deep-end when there was a staff shortage on the PE side. I do feel this was an exceptional stroke of luck, though, but having a good academic record showed at the very least that you have the ability to learn and absorb things quickly. Getting the relevant qualifications (even if it’s academic qualifications) also shows your dedication and tenacity, something which is critical in PE, because many deals can take years to complete. It can be a process of endurance at times, as deal fatigue is a real issue. I did find that CFA helped much more than the masters, especially relating to the FSA related work. Apart from that it was really a baptism of fire. Working with smart people also helps alot… in the first few years you really need to demonstrate you can add value, espec as you are dealing with people maybe 20 years your senior, who have decades more experience in their respective fields. My advice is 1) do your homework, 2) be more prepared than anyone else at the negotiating table, 3) keep your mouth shut if you are not sure 4) speak confidently when you are.
I am a L3 candidate with about 3 years of low level FO experience (including modeling) and I have difficulty getting an interview with third tier IBs in India.If life long couch potatoes can become professional marathon runners, I am sure IT guys can get into PE.
sternwolf Wrote: ------------------------------------------------------- > Interesting personal experience, Numi. Thanks > very much for sharing. I suppose you got your > interview opportunity through your network? sternwolf, i had interviewed with close to a dozen private equity firms. a few of them came from my personal network while most of them came from recruiters. i will say that getting the first or second PE interview was pretty tough, but once i started getting them, the ball really got rolling. (recruiters like to hear that you’ve been invited to interviews from other PE firms and are much more liekly to work with you if they see that you’ve been able to line some up on your own) > Seems like ideal PE associate candidate would be > someone with banking experience + MBA + JD, > right? we have some JD’s on our origination and deal sourcing team, but not really on the transacting side. you’d think there would be more, but i guess it’s the kind of thing where we have a team of legal advisors working on deals with us anyway so that if there’s any legal issues, we just go straight to them. most people did come from a banking background, and just about everyone from VP or above has their MBA too.