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Fortify the ‘essentials’
Associate roles are demanding and competitive, and expectations for associates are high, especially in private equity. You will need to do more than perform well in your day-to-day. To stand the best chances of success, you must commit to a regular and balanced programme of skill development, networking, mentorship, and industry awareness.
This is what we recommend to anyone looking to advance their career as an associate in private equity:
As a Private Equity Associate, you will already have skills in financial analysis, deal structuring, and market research. These skills are the bread and butter of your profession, which means everyone else will have them, too.
Work on broadening this foundation to get ahead of the competition. Financial modelling is an extremely important skill to have, but don’t forget softer skills, like strategic thinking, negotiation, and leadership.
The best way to fortify these hard and soft skills is to practice them! If you are at a firm where taking on more tasks is easier said than done, ask to work shadow or find opportunities that will net you smaller deals or where you can manage parts of a larger transaction. Be prepared to work on tasks where you don’t take credit—the experience will nevertheless be invaluable. And you will get your chance another time!
Add to your qualifications
If your work hierarchies prevent you from taking on the projects, you need to get relevant experience and try an advanced course or certification in finance, such as the London Business School’s Certificate in Finance. An MBA could also be a strategic move, especially if you aim high: MBAs train for leadership positions.
Keep aware of industry trends
The private equity landscape is constantly moving. You must contend with new regulations, sudden market shifts, and emerging investment opportunities. Staying informed is essential and so simple! Read industry reports, attend seminars, and follow the field’s recognised thought leaders.
Ask your boss
If you have a good relationship with your boss, ask them about your career progression. Approach these conversations with a clear plan: Outline your career goals and ask for feedback on how you can improve. This shows your commitment to growth and can also put you on your boss’s radar for new opportunities.
Be specific in asking how you can contribute more effectively to the team’s success and express your interest in taking on more responsibility.
Look for in-house opportunities
In-house recruiters don’t always think to recruit inside their firm first (even though we really think they should!) Keep an eye on the internal job board, as well as news about which territories your firm is expanding into. Expressing an interest in the firm’s developments and future shows initiative and will help you stick in their mind as a potential candidate for a more senior role.
Find a mentor
A mentor can offer advice on career advancement. Look for someone within your firm if you can, as they will be able to offer you specific advice relevant to your future in-house. If this is not possible, or if you want to spread your wings, try a contact in the private equity industry, preferably a person whose position matches your goals.
Finding the right mentor can be like finding the right business coach. Be clear about what you would like to achieve, and be willing to learn from them.
Expand your network
In private equity, networking is everything. Knowing the right people can make securing deals much easier, and a well-networked individual will almost always be an attractive candidate to a recruiter.
Draw up your circles of influence: colleagues, senior professionals, external stakeholders. Which circles lack names? Fill those gaps by attending industry conferences and joining relevant professional organisations like the BVCA.
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Are you looking for an associate role at a private equity firm? We are a professional-services recruiter for challenging positions in the City of London.
Achieve success with Aldrich & Co: Apply for one of our great positions or send us your CV on spec, and we will get back to you as soon as we find your perfect role.