Look, I don’t know the exact percentages, but my guess is that the chances of getting a job at a Top 50 private equity fund by sending a cover letter and resume to HR without it being hand delivered by a member of the firm is probably 0.01%. For those not great at math, that would be 1 in 10,000. Not great odds. It is just not how these firms work. In addition, the type of people that these firms hire are pretty easy to find. Check out:
Typical profile of a candidate for a Top 50 Private Equity Firm (Pre - MBA)
Typical profile of a candidate for a Top 50 Private Equity Firm (Post – MBA / MBA Summer Intern)
Okay. That may rule out the Top 50 private equity firms, but what about smaller shops. Well, there is a chance. A smaller $200 million fund typically does not have the infrastructure to recruit at top campuses. They are also extremely opportunistic in their hiring practices. They don’t hire on an annual cycle like the bigger PE firms. So, if you don’t have any connections, I would certainly target smaller firms. However, the hurdle rate is still very high to get a job. You need to have the proper profile. The smaller firms are not as discriminating as the Top 50, but they are still pretty tough so you will need to have a very tight resume and cover letter.
Private Equity Elevator Pitch Example (Pre-MBA)
Private Equity Resume Example (Post-MBA)
The best way to get your resume reviewed is to:
1) Have a member of the firm personally hand it to the HR manager
2) Work through placement firms used by private equity firms
List of head hunting / placement firms commonly used by private equity firms