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Private Equity / banking industry - advice gratefully sought!

1 reply

Bank3r · 06/10/2020 19:56

Hello,

Long-time lurker, frequent poster (under a name change!) - I am a late 20s professional looking to make the move into banking / PE from an accountancy role.

I would really appreciate any advice you could give if you are in such a role and to learn a little about your background! I have come to the realisation I want to do this a little later in life (i.e. didn't realise at 18!) hence feel like I am behind and possibly that it is too late for me.

My own background is as follows:

  • Excellent GCSEs and A Levels, albeit with Arts/Humanities focus
  • Arts/Humanities degree, good grade achieve from top 10 UK uni
  • ACA Training Contract at Big 4 firm, good GPA but not first time passes
  • Good internships along the way albeit accountancy/finance-focused rather than IB / PE

I am looking to complete a financial modelling course currently to boost my understanding and also considering undertaking CFA L1 in Feb-21. Will chuck everything at it as hoping to pass with as good a score as I can (I understand first time passes / top 10% passes are understandably extremely high rates although very tough to achieve...)

Thank you again!

OP posts:
josephinebonaparted · 22/10/2020 20:12

I think your only option, if you are 100% certain this is what you want, is to do an MBA at a top 20 (global!) business school and go from there. It would be £70k minimum fees alone, plus not earning for two years, and the chance that you don’t actually graduate or find a job afterwards.

At your age I’m afraid your lack of experience is really going to count against you - a competitive bank can hire straight out of uni, a PE can hire a 2nd year bank analyst who is younger, more happy to work til 2am and on weekends, and can be moulded more easily.

A CFA 1 will show some dedication but frankly most candidates will have been Cfa chartered by their 3rd year into this career path.

If it’s not the investing/front office side you want, but just to work at a PE/bank, have a think about moving to compliance/middle office functions. I imagine (outside unforeseen problems!) the hours are more regular and shorter than accountancy, and the pay is probably decent relatively (can go into 6 figures with experience, plus a decent bonus on top).

With your experience and a CFa1, if you are VERY, VERY, VERY lucky, and cast your nets wide and ace all the interviews/tests, you might be recruited as an analyst in the front office at a smaller asset management company. Do well there for 5 years and you might have more options to move to PE/bank, but frankly mostly mid 30s are looking to leave PE/bank into buy side.

Sorry if this doesn’t sound like a bed of roses, I’ve been brutally honest here, and that’s the first thing you have to be able to withstand at a PE/bank. On a personal level though, whatever you choose I wish you lots of luck.

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