[Sticky] How to prepare for Private Equity Interviews?

Short Overview

The structure of Private Equity Interviews vary greatly depending on your experience and the firm you are interviewing for. Some features of PE interviews that you should be prepared for no matter what are: behavioral questions (talk about your life, and different experiences you've had) and technical questions. Some technical questions you should expect are:

• PE firm's portfolio and strategy questions
• Market/Industry questions
• Financial Modeling Tests
• Case Study Tests

Furthermore, the timing of your PE recruiting can influence how your interview process goes. This timing is usually split into "On-Cycle" and "Off-Cycle" Recruiting.

On-Cycle And Off-Cycle PE Recruiting

On-cycle recruiting:

• It begins for Analysts at Bulge-Bracket and Top Boutique Banks in NYC within the first few months of their start date. 
• Often is a very quick process, where the biggest funds (aka "mega-funds") and middle-market firms send out offers sometimes within a week (typically within a month's time). 
• There are timed Financial Modeling Tests & Case Studies
• These job offers are for positions where you will start in 1.5-2 years (you still work at your Investment Banking job for this time).
• Head Hunters play a pivotal role in this process, so making sure they like you is very important.
  • They usually contact you within months of your start date
  • You speak with them about the types of PE firms you wish to pursue

Off-Cycle Recruiting

Everything that is not included in "On-Cycle" is considered "Off-Cycle". Some differences are:

• You usually start working immediately after receiving and signing an offer.
• Much longer interview processes (can take many weeks or months).
• Interviewers take more time to evaluate your fit in detail.
• Longer financial-modeling tests that require a real investment thesis.
• Headhunters have little influence.

Best Interview Prep Guide

The best interview guide I have found (in my opinion) is the StreetOfWalls Private Equity Training Program. It walks you through what the PE world is, and what you need to know going into the interviews. 

This guide has a lot of good information and is a great starting point for anyone looking to prepare for PE interviews. 

Some Other Interview Prep Resources

If you have extra time and want to look into other resources, here are some others I have found to be pretty helpful as well:

• Mergers and Inquisitions
• Wall Street Oasis

Ask any questions or comments you might have on PE interview Prep (can be specifics or general Qs) below!