The pathway
How you actually get there, here
How you become one varies far more by country than what one does. This is the UK route. Most people take one of these ways in; the right one depends on where you're starting from.
- 1
Investment Banking Analyst
2-3 years as an Analyst, then moving to an M&A Associate role.Skills to master
- Intensive financial modelling, valuation techniques, presentation creation, working under extreme pressure, and understanding deal processes.
You're ready to move on when
- You've independently built multiple 3-statement and DCF models.
- You've managed significant portions of data rooms and diligence requests.
- You're comfortable with 80-hour weeks during live deals.
- You've drafted sections of client presentations and pitch books.
- 2
Private Equity Associate
2-4 years as an Associate, often coming from Investment Banking.Skills to master
- Advanced LBO modelling, deep commercial due diligence, portfolio company analysis, and understanding investment theses.
You're ready to move on when
- You've built and run LBO models for potential investments.
- You've conducted commercial diligence and identified key value drivers.
- You're used to presenting investment recommendations to senior partners.
- 3
Big Four Transaction Services (Associate/Senior Associate)
3-5 years in Transaction Services.Skills to master
- Quality of Earnings (QoE) analysis, financial due diligence reporting, identifying accounting risks, and working with diverse client teams.
You're ready to move on when
- You've led sections of financial due diligence reports for clients.
- You're proficient in identifying and quantifying adjustments to EBITDA.
- You're comfortable presenting diligence findings to both buyers and sellers.