Private Equity Recruiting: On-Cycle and Off-Cycle ProcessesOn-cycle Recruitment Process一般既bulge bracket和elite boutique banks都會用On-cycle Process做recruitment。佢地基本上都可以喺一個週末interview哂所有人, 再出offer。Offer既position通常喺兩年後才會開始的。所以同學仔一般會喺這段時間繼續在banking industry工作, 然後轉入PE positionOff-cycle Recruitment Process其他細firm會用off-cycle recruitment process做recruitment。Offer既position通常喺即刻開始既。Interviewer喺recruitment process比較著重你既 critical thinking，recruiting process也較on-cycle費時,通常需要幾日至一星期既時間。What to expect in the On-Cycle Process?Meet with the headhunter佢地通常都會問d typical questions, 例如Walk me through your resumeWhy PEWhich types of PE firms in terms of industry, geography and deal size – 千祈唔好答 “generalist PE firm”啊！Coffee chats held by PE firms這個環節通常會由幾個VPs, Principals對10個candidatesMid-sized firm會在此環節由50個candidates選出20-30位進行first-round interviewKick-off weekendMega-funds會在星期五7pm-9pm向candidates發出電郵, 邀請佢地去 “kick-off weekend”佢地會跟會跟每個candidate進行4-5個為時30分鐘既面試, 然後會向跟成功申請既candidates進行2小時既modelling testTest既topic一定會包括LBO model, 另外都有機會cover CIM和investor presentationsTechnical questions則同IB interviews 相似你會喺同一週末既星期日早上, 收到final round既通知部分top group, 例如Goldman Sachs TMT或Morgan Stanley M&A, 會在同一週末進行5-6個interview process如果成功, candidates會喺星期日晚上或星期一早上, 收到offer~~~What to expect in the Off-cycle process?Headhunter無咩話事權。如果你唔係traditional candidate, headhunters好少會注意到你你最好報越多越好firms越好。千祈唔好選過於specific既firm, 最好盡量多選boutique and middle-market funds – HR通常都會問 “Who else are you speaking with” – 如果你唔能夠講到類似既fund, 佢地就會對你無哂興趣Off-cycle process比on-cycle長得多, 通常都會在數個月過好幾輪面試, 先會收到offer這個Process好視乎你既networking ability, 你可以嘗試透過Linkedin/Email, 或者前同事/Alumni既referrals, 嘗試接觸Potential employerThe best path to break into PE is through investment banking. If you want to get an IBD offer, consider joining our Investment Banking Externship (link in bio)!
