Private Equity Resume Guide

Street of Walls Private Equity Training

Most people believe they have a good private equity resume and many do. However, PE firms
in general are looking for very particular content, format, and style. In the following pages, the
Street of Walls team will provide tips on how to build the perfect resume for applying to positions
with buy-side firms.
In general, PE employers are looking for people who can deliver a superior final product, handle
the stress associated with the job, maintain complete attention to detail, and be able to
formulate a cogent investment thesis all at the same time. In order to convey this, you must be
sure that your resume is as crisp and as sharp as you are. Recruiters and employers will spend
about 30 seconds or less reviewing your resume, so first impressions is crucial and the correct
format is critical.
For starters, a good PE resume is similar to an investment banking resume. Thus anyone who
has applied to and obtained an investment banking position can use his or her resume from that
interview process as a solid starting point. The resume should look professional and clean
without typos. It needs to be formatted well and include strong credentials and, where possible,
a glimpse into your personality. Making the slightest grammatical error or missing any aspect of
the correct format is a fairly likely way to get your resume rejected at the outset. In the
discussion that follows, we will provide guidance on what to include in terms of the behavioral
and technical aspects of your resume.
BEHAVIORAL ASPECTS OF YOUR RESUME
In order to build the perfect private equity resume, you must first understand what
characteristics private equity firms are looking for. Below we list a few traits that must stand out
from your resume in order for you to be well positioned to receive PE interviews. Ideal PE
candidates will have the following characteristics:
Strong quantitative/analytical skills: This is a critical component of a PE resume and
fundamental to success. Expect to get tested for analytics in your interview. Have you:

Filtered through data and assumptions, and identified reasonable responses to complex
problems?
Synthesized large amounts of information and identified issues?
Identified an important problem and taken a proactive approach to solving it?
Done well in academic courses and previous experience, demonstrating skill with heavy
analytical and quantitative content?
Performed experiments that required the formulation of a hypothesis and collection of
evidence to prove or disprove it?

Drive for exceptional results: Firms want to know whether you have the initiative, motivation,
attention to detail, and energy to deliver strong results. Start tracking and measuring your
achievements. When you interview, youll need to discuss your accomplishments in detail. Have
you:

Brought new customers and revenue into your company?

Proven yourself as a self-starter who goes above and beyond requirements?

Shown the ability to switch priorities and move quickly among different tasks?
Set a challenging goal and achieved it?
Attended to the important details across multiple tasks while juggling them (that is, you
prioritized effectively and didnt let important things fall through the cracks)?
Taken an innovative and efficient approach to get something done?

Strong communication skills: The ability to write and speak well suggests that youll be
successful working with clients and colleagues. Have you:

Interacted with clients and/or senior investment bankers during a live deal?
Written successful papers, memos, and/or speeches?
Worked effectively with clients to understand their needs?
Articulated ideas in a clear and coherent manner?
Presented in front of classes, teams, and/or organizations?

Seasoned teamwork skills: Teaming up with clients and peers is a crucial task. PE professionals
work in teams and it will be critical that you can work effectively among teams of all types of
professionals, both internally and externally. Have you:

Been a member of a sports team, study group, or committee?

Worked effectively with people/teams in past work experience?
Inspired others to take action in an unstructured situation?

TECHNICAL ASPECTS OF YOUR RESUME

Since Pre-MBA private equity associate candidates have limited work experience (most likely
only a few years after college), one major differentiator in resumes is how one highlights his or
her work experience on his or her resume. Recruiters and employers want to understand what
kind of relevant experience youve obtained, and why you are qualified to become a private
equity associate. Cater your experiences to what you might do as a private equity investment
associate. Insert key details about your in-depth research, modeling experience, responsibilities
within deal teams, and type of material you presented to your company or clients. Include the
details of the transactions you worked on and what kind of results you helped with, in specific
detail. Give examples of what you learned and what you accomplished. If you had any special
networking experiences or interactions with management, include that as well.
In addition, be very clear and concise regarding the type of experience you have hadproduct
type and/or industry focus in particular. (Product type refers to the type of financial instruments
you have experience working with during investment banking transactions or other financial
services job responsibilities. Main categories include M&A, Debt, Equity, Fixed Income, and
Derivatives. Industry focus refers to the types of companies/industries that you are familiar
with.) Thus, for example, if you are applying to a healthcare private equity position, it will
increase your chances of landing an interview if you illustrate that you have prior experience
working at a research lab in college or interning at a healthcare-focused consulting group during
the academic school year. Obviously, healthcare investment banking is going to be a huge plus
for your candidacy at that firm, so be sure to highlight the experience youve garnered in that
role thoroughly and clearly.
We have provided below some example descriptions that current private equity associates have
used on their resume. Note that many of these examples are specific to experience gained in

investment banking roles. For applicants coming from a different background, such as
management/strategy consulting, try to tailor your description of your experiences to convey
your aptitude for the private equity role you are seeking. In other words, strive to make it clear
how your experience can be beneficial to you as a private equity associate.
Example investment banking analyst role descriptions on successful resumes include:

Performed pro forma merger consequences, public and acquisition comparables,

discounted cash flow analysis, and accretion/dilution analysis
Performed strategic financial alternatives analyses through merger consequences
(accretion/dilution), leveraged buyout, discounted cash-flow, sum-of-parts and public
trading and acquisition comparables
Completed quantitative and qualitative analyses across the industrials sector
Explored optimal capital structure considerations involving equity-linked, high grade and
high yield debt products
Designed comprehensive financial models to evaluate strategic options for clients
including leveraged buyouts, mergers and acquisitions, initial public offerings,
restructurings, and other financing alternatives
Performed financial valuation analysis through the use of discounted cash flow, trading
comparables, precedent transaction comparables, and leveraged buyout methodologies
Exposure to multiple product areas, including M&A, Fixed Income and Equity, as well as
various industries, including Biotechnology, Medical Technology, Specialty
Pharmaceuticals, Healthcare Services and Consumer Products
Performed in-depth financial and operational due diligence on client companies.
Analyzed market trends, competition, and potential strategic partners using information
obtained from multiple data sources
Prepared materials for equity offering and financial advisory presentations, confidential
selling memorandums, and internal presentations. Analyzed comparable company and
M&A transactions for valuation purposes
Constructed detailed merger valuation models for both public and private consumer
companies
Received top-tier ranking in first-year analyst class
Develop financial models for leveraged buyouts, mergers/acquisitions, initial public
offerings, purchase price ratio analysis, credit analysis and debt/equity financings
Conduct financial analysis using discounted cash flow, precedent transactions and
comparable companies analyses
Relevant transaction experience across the retail, consumer, industrial and
communications/media sectors
Maintained comprehensive internal databases of current auction processes and
precedent transactions in the market
Helped lead and coordinate Harvard College undergraduate recruiting for the bank as a
recruiting team captain
Participate in all stages of equity, debt and mergers & acquisitions transactions,
including the development of financial models, due diligence sessions, the drafting of
committee memos and sales memos, and board presentations

Examples of effective, detailed transaction experience descriptions include:

Authored an internal marketing memorandum, assisted with the development of a

roadshow presentation, and participated in the roadshow for a $77 million IPO for a
consumer retail company

Performed an equity valuation by analyzing comparable public companies and building a

pro forma financial model for a $500 million IPO pitch in the cloud-computing industry
Advised Company X on $2.5 billion acquisition of Company Y (Closed December 2010)
Constructed a financial model assessing the pro forma merger effects and potential
returns on invested capital from a proposed acquisition
Attended client meetings to help determine modeling assumptions and synergy potential
Conducted detailed due diligence sessions for business, financial, and accounting areas
of the target company
Lead advisor to client for evaluating strategic alternatives in its division
Interacted directly with clients corporate development team and actuaries to determine
modeling assumptions
Conducted due diligence sessions detailing business, financial, and accounting
considerations across the PBM industry
Constructed model providing the company pro forma analysis for four potential acquirers
with detailed sensitivity tables and charts
Developed financial model providing pro forma merger analysis after immediate
divestiture of a segment of targets business
Conducted due diligence on potential litigation liability and its implications on valuation
Determined appropriate value of targets pipeline product assets by analyzing possible
market opportunities, peak sales scenarios, possible clinical trial outcomes and pro
forma revenue and operating synergies
Lead advisor to Welsh, Carson, Anderson & Stowe evaluating timing of its IPO, size of
secondary share offering and other strategic alternatives (including outright sale of the
company)
Developed bid strategy to best accommodate clients message and needs
Worked directly with clients CFO and Treasurer to develop accretion/dilution model,
determine value drivers in merger model, and display pro forma impact of acquisitions in
board and investor presentations
Prepared extensive due diligence materials and assisted with drafting of credit approval
memos, rating agency presentations, roadshow presentation, fairness opinion, and
prospectus supplement
Prepared due diligence materials, client presentations, and comparison of sponsor and
management model assumptions
Developed recapitalization model and performed in-depth analysis of companys
operating model drivers
Drafted rating agency presentation, Confidential Information Memorandum, and due
diligence organization materials
Created dynamic stand-alone operating model and company teaser for socialization
process with potential buyers
Performed benchmarking sales force analysis and precedent transactions analysis
Created a dynamic LBO financial model with various financing scenario optionality and
valuation methods
Arranged lenders presentations to market key investment highlights and coordinated
bank meeting for investors
Provided marketing and execution advisory services for financial sponsors and company
management
Lead analyst on the largest-ever oilfield services transaction, working directly with the
Head of Business Development for the acquiring company
Delivered fairness opinion to X: Performed discounted cash flows and comparable
companies analyses

Modeled put and call scenarios where X would sell or purchase the remainder of its
joint venture with Partner Y
Performed ability-to-pay, precedent transactions, future stock price and detailed
synergies analyses
Negotiated a collar purchase mechanism that eliminated downside price risk but allowed
the seller to share in some potential upside
Drafted the Confidential Information Memorandum and management presentation for
prospective buyers
Coordinated due diligence process with management, prepared materials with company
CFO, and managed a virtual dataroom
Designed a fully-integrated 3-statement model to analyze restructuring scenarios
including delayed equalization constructs, amend & extend scenarios, various capital
raise possibilities, divestitures of select business operations, and potential joint ventures
Analyzed dynamics of physical media replication and distribution industry and its effects
on sell-side opportunities
Drafted materials for Fairness Opinion including an extensive debt and equity valuation
for presentation to Xs Board of Directors and banks internal Fairness Committee in
advance of potential CBCA Plan of Arrangement
Created operating model and detailed valuation model for 1) targets print and digital
business components and 2) buyout of minority stake and equity control option in
targets ownership of an online dealer
Conducted due diligence to adapt model assumptions and validate performance outlook
and transaction rationale for a potential acquirer
Analyzed and recommended two transformative strategic alternatives for a client
including partial stake sale in its $25bn+ cable business and ~$4bn LBO of its auction
business, both in potential conjunction with a proposed dividend recapitalization
Modeled various capitalization structures based on lender negotiations to recommend
optimal financing alternatives
Positioned resiliency of radio and growth prospects of outdoor businesses in lender and
rating agency presentations
Articulated the companys ability to navigate a capital structure with ~8.0x secured
leverage, 11.5x total leverage, and $1.8bn of Adjusted EBITDA by crafting detailed client
presentations and coordinating a nationwide, 7-day roadshow

PRIVATE EQUITY RESUME TEMPLATE

You might have seen thousands of investment banking resume examples and dozens (or more)
of private equity applicant resumes, but only one will work consistently for major players in the
Private Equity space. This point cannot be emphasized enough. Private Equity has a strongly
conservative cultural and professional heritage, and if you want to work in that field, you should
adapt your resume accordingly. Whether you are an investment banking analyst, a management
consultant, an employee in industry, or an MBA student, it is critical that your private equity
resume matches the expected format. Below is an example of the formatting style you should
usetry to match it on your resume as closely as you can.

In addition to formatting, keep in mind that your resume must absolutely be error-free, as we
have discussed. You can also go wrong by providing insufficient explanations of your
experience thus farinaccurate descriptions, vague phrasing, too much boilerplate text and not
enough substance. In our experience, poor resumes for qualified private equity job candidates
will typically fall into one of two categories:

Poor Resume Template: Candidate possesses relevant work experience and describes
his or her experience well, but the resume is not formatted according to basic, boilerplate
formatting guidelines.
Poor Resume Writing: Candidate follows a proper formatting template but does a poor
job of communicating important details effectively, or lacks enthusiasm, or has made
grammatical or typographical errors.

Hopefully these tips will help you! We feel that if you follow these guidelines, you will have a
Private Equity resume that you will be proud of and will help get you in the door to your new
career.
FINAL EDITS
Investment bankers and private equity professionals are known to be able to spot errors in the
Wall Street Journal or advertisements in seconds. That is because they are trained to spot any
grammatical or formatting error quickly in any document they createthey spend countless
hours creating materials for pitch books, and those materials must be error-free! A careless
mistake can significantly change the viability of an investment, which can dramatically change
estimated IRR calculations. Private equity professionals could spend days or weeks putting
together an operating model with IRR returns analyses, and one mistake in the revenue growth
can significantly affect the expected returns.
Once you have finished and are sure it is perfect, put it in a drawer for a day or two and then
take a fresh look. Then have two or three other people look it over as well. Of course, check for
grammar, spelling, and punctuation, but also look carefully for formatting. Be sure that headings
are in the same type of font. If you bold print one date, bold print them all. Check for random

indentations and auto-corrected errors, especially incorrect capital letters after periods following
abbreviations. It seems like such a little thing, but you want to prove you are someone who pays
attention to detail. You wont get a second chance if your resume has careless errors.
Once you have perfected your resume, you are ready to start applying for private equity
opportunities. Good luck!