UK
The chosen few
26 March 2007
Are you an accountant looking to move into private equity? You’ll need to be at the top of your game.
"There’s a real buzz around private equity, but entry requirements are exacting," says Steve Forro of Indigo City. "Not only do firms want the best people, but so much business is new that there isn’t enough relevant experience around. Some companies will train recruits up, but it’s not the norm."
"It’s such a sexy area at the moment – everyone wants in on the action," says Jenny Steedman, banking recruitment consultant at Poolia. "Demand is strong but remember it’s relative – the deals accountants will play with will be astronomical, but employers themselves are small compared to the big investment banks. That means only the top candidates will secure the comparatively few available positions."
Those candidates enjoy high earnings: "Newly qualifieds [in private equity] will start on £45k to £50k, but they’ll collect a good cut of successful business they work on, especially as they get involved across the whole spectrum of a deal," says Forro. "They’ll certainly gain greater client-facing exposure than their banking counterparts. And because private equity firms are smaller, accountants stand a better chance of moving into front-office positions as they’re more likely to be chummy with decision-makers than someone in the middle office of a bank.
"However, they work hard for it – firms are prepared to pay what it takes for the best people, but only outstanding performers who’ll put in the hours will be hired."
