You're considering working for a private equity firm as a woman. What do you need to know?

1 What skills do you need?

To succeed in PE, you need a combination of technical, analytical, and interpersonal skills. You need to be able to evaluate companies, conduct due diligence, build financial models, negotiate deals, and manage portfolio companies. You also need to be able to communicate effectively, work in teams, network with stakeholders, and handle pressure and uncertainty. You may also need to have some industry or functional expertise, depending on the sector or strategy of the PE firm you're applying to.

2 How do you get in?

Getting into PE is not easy, especially for women. PE firms are often selective, secretive, and homogeneous. They tend to recruit from top-tier investment banks, consulting firms, or business schools, where women are still underrepresented. They also rely heavily on referrals and personal connections, which can limit the diversity of candidates. To get in, you need to have a strong resume, a solid network, and a clear story of why you want to work in PE. You also need to prepare well for the case interviews, which test your technical and business skills.

3 What are the challenges?

Working in PE can be a difficult undertaking for women, especially due to the lack of role models and mentors. According to a 2019 PwC report, only 10% of senior positions in PE are occupied by women. This means that opportunities to learn from experienced women in the industry are limited. Moreover, gender stereotypes and biases may be encountered, leading to a need to prove oneself and overcome assumptions and expectations. Furthermore, PE is a demanding career with long hours, frequent travel, and tight deadlines. This can make it difficult to balance personal and professional obligations, particularly when taking maternity leave or requesting flexible work arrangements.

4 How do you thrive?

Despite the challenges, you can thrive in PE if you are passionate, resilient, and proactive. To do so, it is important to seek mentorship and sponsorship. Building your network and reputation is also key; network with colleagues, peers, and industry contacts based on trust and respect. Additionally, you should develop your skills and knowledge by keeping up with trends, developments, and best practices in PE and your sector or function. Finally, make sure to manage your well-being and career by taking care of yourself, setting boundaries, negotiating for what you want, and planning for your future.

5 What are the rewards?

Working in private equity (PE) can be highly rewarding for women. Financially, PE is one of the most lucrative careers in finance, with salaries, bonuses, and carried interest that are competitively attractive. According to a 2020 survey by Heidrick & Struggles, the average base salary for women in PE was $246,000, and the average bonus was $211,000. Professionally, PE offers a steep learning curve and a wide range of experiences that can help you develop your skills and knowledge. Plus, you can make a positive impact on the performance and value of the companies you work with. On a personal level, PE can be a fulfilling and exciting career that allows you to pursue your passion and challenge yourself to reach your goals. You will also be surrounded by talented, driven people who share your vision and ambition.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?