How to prepare for starting in Private Equity

Question

Hi all,
I recently accepted a Private Equity analyst offer starting after my Master’s, and now that recruiting is over, I’m realizing I don’t actually know what the day-to-day will look like. I’m grateful and excited, but also unsure how to prepare in the months before my start date.

For those already in PE, what should a first-year analyst expect in terms of workload and learning curve? And is it better to spend the time before starting on modeling practice, industry research, or building general commercial intuition? Any advice would be really appreciated!

Answer 1

Congrats on landing the offer, that’s a big milestone and you should enjoy that moment. Feeling unsure about what’s coming is completely normal, especially in PE where the role can feel opaque from the outside.

On the day-to-day and learning curve, expect the first year to be intense but uneven. Some weeks are relatively quiet, others are driven entirely by live deals. As a first-year analyst, you’ll spend a lot of time supporting deal execution. That typically means building and reviewing models, preparing investment memos, doing market and company research, and responding quickly to questions from associates and partners. The learning curve is steep, not because tasks are conceptually impossible, but because expectations are high and timelines are short. You’re learning while doing, often under pressure.

In terms of how to prepare before you start, I’d be selective. Pure modeling practice is useful, but only up to a point. Make sure you’re very comfortable with core LBO mechanics, understanding returns, cash flow, leverage, and how value is created. You don’t need to build complex models from scratch every day before joining, but you should be fluent enough that Excel doesn’t slow down your thinking.

Beyond modeling, what often helps more than people expect is commercial intuition. Get used to asking simple questions about businesses: how they make money, where margins come from, what could go wrong, and what actually drives returns. Reading investment cases, deal announcements, or even public equity write-ups helps build that muscle.

Industry research is nice to have, but I wouldn’t over-optimize for one sector unless you already know where you’ll be staffed. Early on, PE is more about pattern recognition across deals than deep sector expertise.

One practical tip: go in rested and curious. You’ll learn faster on the job than you ever could beforehand. The analysts who do best aren’t the ones who “knew everything” on day one, but the ones who are structured, reliable, and improve quickly based on feedback.

You’re not expected to be perfect when you start. You are expected to learn fast, think like an investor, and take ownership early. If you prepare with that mindset, you’ll be in a very good position.