Blackstone ranks among the top private equity firms in the U.S. Industry reports have consistently ranked the firm among the world’s best firms to work for. The PF firm is known for offering competitive compensation, excellent work culture, innovation, and providing access to a plethora of opportunities.
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According to the Great Place to Work report, 91% of employees at the firm say it is a great place to work compared to 59% of employees at a common U.S.-based company.
Let’s get to know the firm a little better.
What does working for the firm feels like?
According to the Great Place to Work 2019 U.S. National Employee Engagement Survey, 96% of the people at the firm say they are proud to tell that they work for the firm. Plus, 97% of the firm’s employees say they are willing to give extra to get the job done.
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Blackstone Group is globally known for its workplace culture and strives to make it better. The firm has consistently ranked on the global Great Places to Work list including Fortune Best Workplaces in New York 2020TM and Best Workplaces in Financial Services & Insurance TM 2019, ranking 36th and 29th respectively.
How does PE role at Blackstone differ from other firms?
Investment banking is different from private equity in terms of operations. Investment banking is fast-paced, while private equity is relatively slow.
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One aspect that differentiates investment banking from private equity is the number of deals. Investment bankers don’t spend much time on one project. The speed of deals is fast and unmatchable. Private equity professionals significantly large amount of time on one deal by thoroughly investing the company, industry, market, financial statements, and more. The downside of the private equity investments is you can spend months working on one deal, but the deal might not happen.
Thus, as an investment banker you might execute close five or six deals in a year, while a private equity investment professional may execute one or no deals in a year. PE professionals, therefore, require patience and much thoroughness than an investment banker.
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Blackstone hires students straight out of college, junior investment bankers, graduate, and MBA graduates. “We tend to hire people very young in their careers so they can apprentice and train here”, suggests, Vik Sawhney, Senior Managing Director and CCO, Private equity business at Blackstone Group.
What are the main routes into Blackstone as a junior?
Blackstone hires from all three prominent groups of PE candidates: MBA, experienced investment bankers, and graduates. Each group accounts for nearly one-third of the total hires across private equity at the firm. However, this number varies depending on the year.
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Does Blackstone develop talent in the house?
There’s an increasing focus on developing talent in-house among PE firms. Blackstone and other top private equity firms also have a similar approach to talent development. The firm hires from outside as well.
Financial modeling skills and understanding of corporate finance are requisite fundamentals for hiring at Blackstone suggests Vik Sawhney.
Due Diligence, knowing what questions to ask, figuring out the best ways to look at downside risk, interviewing prospective clients or key suppliers of a company and other skills can be learned on the job.
What traits does Blackstone look for in new hires?
Financial literacy and sincere passion are two things, Sawhney, adds, he looks for in candidates while looking to hire. In addition, the candidates should be humble, tenacious, and devoid of entitlement.
Boost your chances with a global credential
Thousands of candidate eye to get into top private equity firms like Blackstone. Consequently, competition is extremely high. Certifications like CPEP™ (Chartered Private Equity Professional) boost your chances of getting into private equity. CPEP™ is a globally –recognized credential from USPEC (the United States Private Equity Council) that demonstrates your proficiency in private skills required to excel in PE investing. Other popular private equity certifications include Chartered Financial Analyst (CFA), Chief Financial Planner (CFP), Financial Risk Manager (FRM), are equally valuable to prove proficiency in financial skills.