Work in Private Equity

Do You Really Want to Work in Private Equity

I receive e-mails every week from eager young professionals looking for an entry point to the private equity industry. A familiar phrase is “I want to work in private equity” but I would guess that few really consider if they can commit to a career in private equity. So, I’m asking potential private equity professionals, do you really want to work in private equity?

There are an infinite number of careers you can pursue, but if you are reading this blog we can assume that you have settled on finance. Committing yourself to working in the private equity industry is a necessary first step toward achieving that goal. If you are simply trying for any business or finance job that you can find, you are at a disadvantage to those who have a
single goal of working at a buyout firm.

If you do not commit exclusively to private equity you have to spread yourself and your resources over several industries which makes it significantly more difficult to meet with people connected in each industry. While you are are spreading yourself too thin across hedge funds, private equity, mutual funds and other areas; a committed competitor is networking with private equity professionals, joining private equity associations, interviewing at with managers and partners and taking other concrete steps toward a private equity career.

If you really want to work for a private equity firm, it will show in your self-discipline, networking, knowledge of the industry, passion and, ultimately, your actions. You can change
your mind later, but if you want to try to work in this industry – go all in and learn as much as
you can. Make the decision to change focus, commit to it for three to five years and see what
comes of it.

A common question during an interview with a private equity firm or recruiter is “Why do
you want to work in private equity?” If you can offer an honest answer that displays your dedication and interest in the industry, then you are on your way.

If you’d like to learn more about the industry please see our Career Guide which has helpful resources for advancing your private equity career.

Looking for a job in private equity or would you like to advertise an open position on this website? See our Alternative Investment Jobs.

Usual disclaimer: This does not constitute financial advice, see a licensed professional or legal consultant before following any recommendations from this website.

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Hedge Fund Recruiting

Hedge Fund Recruiting – 3 Secret Handshakes

When I first glance at your info, there are clues right off the bat that tip me to either keep reading or hit the “delete” key. You might call these “secret handshakes” because top recruiters and hiring managers know them but they’re rarely discussed. Getting these right doesn’t guarantee you the job. It’s table stakes at the highest levels of competition. Here are 3 hallmarks of “A” players who know the “secret handshakes”:

1. Be Concise. Great people at great companies are concise. They have to be because they’re busy and their time is worth a lot of money. When I see resumes and emails with blathering I know the person just doesn’t get it. Ditto with phone and in-person interviews. A failure to be concise makes you look insecure, inconsiderate, and weak. Cut to the chase.

2. Be Discrete. Great people keep confidences and err on the side of understatement. They avoid gossip and they avoid trashing people or organizations. When ethics demand whistleblowing, they handle it professionally. That means revealing the problem through the proper channels to the proper authorities with no “leaking” and no drama creation. Discrete people are balanced when revealing their own past mistakes – giving adequate disclosure without getting too personal or graphic.

3. Focus On Results, Not Activities. Great people are results-driven. They get excited talking about what they have gotten done. Great people know that preparation, planning, meetings, and process-mapping are meaningless by themselves. Nothing happens until something happens. If the resume details accomplishments and achievements then my interest grows. If a resume limps along with gems like “managed relationships with 200 broker-dealer offices in 4 states” and “oversaw department of 20 people”, I start wondering whether you just like to run up the phone bill and sit on a pile of overhead.

If your resume suggests conciseness, discretion, and results-orientation then content begins to matter. Without these three things, it really doesn’t matter that you went to Stanford or worked at Citadel. Resumes don’t always give a clue to all three “secret handshakes” and that’s okay. No news is good news. But if your resume shows these things, it’s a leg up against the competition. Savvy recruiters gather info on these traits in the phone screen and the in-person interviews, so keep them in mind at all times. These 3 “secret handshakes” are key emotional intelligence competencies: they are common to almost all true “A” players.

- Guest Blogger Marc Goormastic of Goormastic Executive Search

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Hedge Fund Recruiting

Hedge Fund Recruiting – 3 Secret Handshakes

When I first glance at your info, there are clues right off the bat that tip me to either keep reading or hit the “delete” key. You might call these “secret handshakes” because top recruiters and hiring managers know them but they’re rarely discussed. Getting these right doesn’t guarantee you the job. It’s table stakes at the highest levels of competition. Here are 3 hallmarks of “A” players who know the “secret handshakes”:

1. Be Concise. Great people at great companies are concise. They have to be because they’re busy and their time is worth a lot of money. When I see resumes and emails with blathering I know the person just doesn’t get it. Ditto with phone and in-person interviews. A failure to be concise makes you look insecure, inconsiderate, and weak. Cut to the chase.

2. Be Discrete. Great people keep confidences and err on the side of understatement. They avoid gossip and they avoid trashing people or organizations. When ethics demand whistleblowing, they handle it professionally. That means revealing the problem through the proper channels to the proper authorities with no “leaking” and no drama creation. Discrete people are balanced when revealing their own past mistakes – giving adequate disclosure without getting too personal or graphic.

3. Focus On Results, Not Activities. Great people are results-driven. They get excited talking about what they have gotten done. Great people know that preparation, planning, meetings, and process-mapping are meaningless by themselves. Nothing happens until something happens. If the resume details accomplishments and achievements then my interest grows. If a resume limps along with gems like “managed relationships with 200 broker-dealer offices in 4 states” and “oversaw department of 20 people”, I start wondering whether you just like to run up the phone bill and sit on a pile of overhead.

If your resume suggests conciseness, discretion, and results-orientation then content begins to matter. Without these three things, it really doesn’t matter that you went to Stanford or worked at Citadel. Resumes don’t always give a clue to all three “secret handshakes” and that’s okay. No news is good news. But if your resume shows these things, it’s a leg up against the competition. Savvy recruiters gather info on these traits in the phone screen and the in-person interviews, so keep them in mind at all times. These 3 “secret handshakes” are key emotional intelligence competencies: they are common to almost all true “A” players.

- Marc

Permanent Link: Hedge Fund Recruiting
Tags: Hedge Fund Recruiting, Recruiting for Hedge Funds, Alternative Investment Recruiting, Fund of Hedge Fund Recruiting, Hedge Fund of Funds Recruiting

Hedge Fund Job Tips

Hedge Fund Job Advice + Tips

I recently wrote a hedge fund career related article for Investopedia.com on how to get a hedge fund job. This is a short two page article which details from my experience what tangible steps one can take to work in the hedge fund industry. The steps I suggest include:

1. Make sure you really want to get a hedge fund job
2. Become a student of the hedge fund industry
3. Use the 3 circles strategy for your career decision making progress
4. Identify several mentors to help you secure a hedge fund job
5. Complete multiple hedge fund internships
6. Develop your unique value proposition
7. Hedge fund job tips
8. Land the unadvertised hedge fund job
9. Consider hedge fund service provider jobs
10. Apply to hedge fund jobs

To read the advice given under each of these 10 sections please read the full 2 page hedge fund career advice article here: http://www.investopedia.com/articles/financialcareers/08/hedge-fund-career.asp

- Richard
HedgeFundsCareer.com

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Third Party Marketing Career

Third Party Marketing Careers

If you are starting a third party marketing career you are in good company, dozens of highly experienced investment and hedge fund marketing/sales professionals are entering the industry each year. In terms of total firms offering services the industry is growing by over 15% each year. While some professionals may leave an investment manager or hedge fund to start their own third party marketing firm many more first work or partner with an existing third party marketing firm. The benefits of starting a third party marketing firm are many and relatively easy to implement.

If you can raise assets, and consistently bring in $100m-$200M/year you can typically eliminate most types of political/corporate risks while earning 2-10x more than you would while working for a large institution such as Lehman Brothers or Goldman Sachs. As the economy goes through this rough patch and bonuses are skimmed and 50 year old executives laid off I see this trend of third party marketing startups only increasing.

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