Prepping for PE Analyst Program
Hey all – I’m a junior in college about 8 weeks out from starting in a reputable generalist MM/UMM private equity summer analyst program. My semester wraps soon and I’m beginning to think more and more about how to make sure I hit the desk well prepared. It’s a very small intern class so I want to make sure that I can a) secure my return offer and b) perform at least as well as my peers.
I’ve looked at a handful of threads about oncycle prep to see how others have allocated time to ramp on PE work. I’ve picked up some good reads and study resources, but wanted to see if anyone in industry has thoughts about my scenario more specifically. My last two summers were in LMM/MM banking, so definitely have some relevant skills, but would love to hear others thoughts on how they would ramp in the six weeks ahead of their summer. Thanks in advance.
Diving into your preparation for a Private Equity (PE) Analyst Program, especially with your background in Lower Middle Market/Middle Market (LMM/MM) banking, puts you in a promising position. Here's a tailored approach to ensure you're well-prepared and stand out during your summer analyst program:
Brush Up on Financial Modeling: Given your banking experience, you likely have a solid foundation. However, PE demands a deeper dive into financial modeling, particularly LBO (Leveraged Buyout) models. The WSO Elite Modeling Package could be an invaluable resource, offering comprehensive training in financial modeling, including LBOs.
Understand the PE Deal Process: Familiarize yourself with the entire lifecycle of a PE deal, from sourcing to exit. The Private Equity Deals Process course from WSO can provide insights into the analyst's role at each stage, helping you understand expectations and how to add value.
Case Studies and Due Diligence: PE involves thorough due diligence. Practice analyzing companies, understanding their competitive position, and evaluating their financial health. Look into case studies, which are often part of the interview process, as they can also be a great learning tool.
Networking and Mentorship: Connect with professionals in the industry, including alumni from your school who are in PE. Their insights can be incredibly valuable, offering real-world advice and possibly even details about the firm you'll be joining.
Stay Informed: Keep up with the latest news in the PE sector and the industries of interest to your PE firm. Tools like PitchBook, Preqin, or even the Wall Street Journal can keep you informed about market trends and notable deals.
Technical Readings: While narratives around PE are helpful for context, focus on technical readings that enhance your understanding of valuation, deal structuring, and market analysis. "Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions" by Joshua Rosenbaum and Joshua Pearl is highly recommended.
WSO Community Engagement: Engage with the WSO forums. Many professionals share their experiences and advice, which can be a goldmine of information. Don't hesitate to ask specific questions; the community is there to help.
Review Your Past Work: Reflect on your banking internships. Identify what skills and experiences are directly transferable to PE and where you might have gaps. This self-assessment will help you focus your preparation effectively.
By following this structured approach, leveraging resources like the WSO courses, and actively engaging with the community, you'll be well on your way to making a strong impression and securing that return offer. Remember, preparation is key, but so is your attitude and willingness to learn and adapt. Good luck!
Sources: How to prepare for after IB analyst program, How to Prep Before Starting PE Gig, PE Analyst Programs?, Admitted to an M7 next fall, how do I best prepare myself for MBB recruiting now?
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Bumping, in the same situation. Any resources are appreciated.
Why is this marked as the most helpful comment
It has more SBs than the other ones👍🏻
Bump, in same situation!
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This thread is so helpful.
lol
If you’re a business undergrad this doesn’t apply, but if not consider doing a CFA to learn some fundamentals
Otherwise, get familiar with the equity value formula and back of the napkin LBO math and be able to think about the merits and risks of a company through that lens
Getting a lot of MS here and I can guess why on the CFA piece. But fact is I know multiple examples of kids that did the CFA coming from like an Econ major at Williams and it really helped them hit the ground running, as opposed to just do admin shit and comps while the Wharton kid gets all the good reps. Just my experience.
Congratulations on your offer – well done!
Let’s break it down somewhat. If you imagine a young VP or another investment professional who will be watching you closely this summer, what will they find valuable and impressive?
Good luck!
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