Private Equity Interview Guidance | Private Equity Domain Interview Preparation

0:00 Okay, great. Just wanted to check with the audience those who have connected is the audio video clear? If it is clear you can just write clear in the chat box. If the audio video is clear, right? But I thought about though. And the people those who are connected from YouTube waiting for your confirmation formation as well, right? The YouTube video connected here. It would be great if you could help us with the confirmation out is the audio video clear? If it is clear just write clear in the chat box.

0:33 CA Vishal you can tell me out. Who is the first the only person who switched on the video? I don't know. Others are others are scared with the name. If if I don't like me and you want to speak we can speak over uh Uh No, no, no, those things are a lot of people are shy in interview preparation. I don't know. They keep their videos off. Saying that you have a good sir question not push it.

0:57 All right. But they can't help. All right. So great. I think a lot of people are joining in, right? Thanks. Thanks Aditya. Thanks Akshay. Thanks Adarsh, right? Really happy that you guys are joining in. Uh so this session is kept from the perspective of guidance into private equity, right? We have one of our mentor joining in Ratan bhai uh who have been into this space who have been working into this industry and really happy to have you Ratan for this session out.

1:26 Uh before we start the session out just wanted to ask to the students first what is the one thing which comes to your mind when we say private equity? Right? Okay, but I don't think you have to tell me about it. Just wanted to know from your side what is something which comes to your mind if I talk about private equity? Share to the bank, yeah? Right? They think you have to tell me about it. Wanted to keep the session interactive.

1:49 Okay, then mutual fund. Okay. Got it. Others others waiting for others to participate. So is it possible to switch honestly I don't even bother to come here. Exit option. Who was at the interview? Uh Okay, no problem. No problem. Okay, uh fund accounting related stuff at the equity to the market. Okay, but look at the market at the private equity is a equity deal of private companies like venture capitals. Okay?

2:19 Okay, okay, okay. YouTube make a bucket look at the market at the time I talk about this. Well, look at private companies to raise a fund. Okay, got it. Okay, investment judgments valuation deal making IPO private placements. Whoever whoever are giving the right answers have actually attended the previous sessions. So Looks like looks like the right net worth of individuals alternative investments. Got it. Got it. Got it. So we have our mentor Ratan sir have joined in for this session out. Right, he have been working into this space for almost now two odd years. Right, he's the right and perfect mentor to guide you out. So Ratan sir, I would be really happy if you could just give a brief about your journey that how you landed up into this space and what the space is all about.

3:08 And again, definitely you can carry forward with what our students should go into. What are the growth opportunities and of course uh that's how you come in here definitely we'll cover it at the end. Right, uh so I would request you to please please take forward the session. Sure, sure. Thank you, Shivam. Uh hello guys. Good evening. So this is Ratan from uh RX performance. So basically we are private equity player based out of Hyderabad. Uh so before I talk about my company or uh today's session is not about what our company does, but it's more of a insight into what a private equity player does. So uh before I start out with the session, I would just want to give a brief introduction about myself.

3:45 So like I said, I'm I'm Ratan. I qualified my CA back in 2019. Uh post which I was working with Deloitte for a brief period of time in stat audit and uh post which I didn't feel like I was I would want to work there because I didn't relate to the work that I was doing at that point in time. So, I made a switch uh to FP&A, financial planning and analysis uh where I worked for a brief period of 1 and 1/2 to 2 years.

4:09 And during the end of my tenure there when I was working there in a power solutions company for FP&A profile, we were actually valuing the company to actually pitch it to investors for a potential takeover. And that is my first instance where I actually got into knowing knowing or understanding how valuation, how financial modeling of any company works because we were doing it for our company. And fast forward, the deal didn't go through, we we couldn't sell the company or anything, but based on my brief interaction with a couple of consultants at that point in time with whom we were taking some help to understand how to value the company or how to project it to investors, what are the types of presentations that we can pitch to investors and all of that.

4:52 I got a brief understanding that possibly because I was working I worked in Deloitte I worked in stat audit I worked in FP&A I was looking for a switch and then maybe this domain is something that I can give a shot at because the work that I did at that point in time sounded very very interesting, exciting and challenging at the same time. So, at that point in time during the later part of my uh last few months of my tenure there, I did a financial modeling course. Uh and then prepared financial models all by myself and then started applying to companies. So, the way it works in investment banking or private equity or venture capital is is it is largely largely driven by references and referrals.

5:36 For a common man like me, I didn't find any referrals or I didn't find any tangible referrals that I could get. So, what I did I shot in all directions. So, if you don't know where to shoot, shoot in all directions. So, that is what I did. Uh guys, I started applying for if at all if a company has a HR and HR has a email ID, that is where the email ID CV is going. That is That was the approach that I had. Uh if if it's a valid email ID, even if it is not valid, I just have uh an email ID, I'll just shoot my CV.

6:05 Uh one thing I did with that CV is I attached the financial model that I prepared. That actually really really helped me a lot. Uh uh because uh when the HR is looking at your work or or something like that, largely uh whoever wants to recruit you or whoever wants to give you an interview call would like to see your work. Uh so, that actually, you know, me giving the financial model that I prepared uh in the uh CV actually helped me helped me get so many interview calls. Which, uh you know, uh if I look at it now retrospectively, I wouldn't have gotten those interview calls if I didn't attach the financial model. That's a That's a tip if at all if you guys want to take it. Uh if at all if you are very serious into, you know, cracking an investment banking, private equity given to capital or anything, most of it is given by financial models, most of it.

6:48 So, if at all if you're really confident about cracking them or really passionate about it, work on a financial model all by yourself. Put down your work. That That really tells people that you're confident about what you want to do and what you are planning to do as soon as you come in the company. So again, uh so, I put down my work at that point in time. I I put the financial model that I prepared and I got interview calls from uh D. Shaw, uh Goldman Sachs for an equity research profile, and then uh J.P. Morgan for a fund accounting or financial fund controller or financial controller role or something, and then uh for a private equity role, an associate role where the role was completely to associate uh financial modeling, completely to financial modeling. Uh because at that point in time we were in the middle of a potential and a large very large takeover, and uh there was a huge company from UK who's trying to acquire us, and they were trying to financially model whatever assets we had to put into their portfolio. Uh which is a very huge learning curve for someone who's starting the career and fortunately I could I could crack the interview and then get in and then fast forward 2 years I'm still there. I'm still liking the work and then doing whatever I can at that at this point in time and at that point in time. So, this is my brief journey.

7:57 And just to answer you Shivam's question, so a private equity is basically uh you have a fund, a US fund, UK fund or or whatever it is you have some funds at your disposal. All you're trying to is if at all if there's one investor or one one firm, one company, one corporation or whoever it is who's like to would like to dump in or would like to pitch funds into Indian market or anything, it will be sector specific. There are so many sectors, uh life sciences, real estate, pharmaceuticals, manufacturing, trading, like there are so many sectors. So, usually private equity firms are sector agnostic. They would want to target one sector, put in whatever money they can and try to build a portfolio out of that and then make money out of it. At the end of it all, private equity, venture capital, whoever it is, they would want to make money. At the end of it all, that is the IRR is what dictates uh everything in the industry. So, uh where the IRR is where you get the highest IRR is where you're going, uh where private equity firm is going. So, your job as a chartered accountant or your job as a private equity equity firm is to find such potential target assets which could give you those returns uh given the operational uh challenges and given the operational acumen that you have as a as a firm. So, uh at Zondo, at the cost of getting too technical, uh this is the brief that I can give you because after certain point in time I have to get technical and I don't want to get technical uh uh because there's too much jargon floating out there and I don't want to confuse people. So, this is what a private equity player does.

9:25 The only difference between a venture capital firm and a private equity firm is is only one thing. So, venture capital firms usually invest in startups and uh usually invest in uh new stage one businesses where they're still trying to acquire customers and all of that. But private equity firms would want to do business through their through their portfolio. That is largely the difference between a venture capital firm and a private equity firm. Uh yeah, I think uh I I would have answered uh Shivam's uh question of what a private equity firm does. Uh so this field uh just like any any uh management consulting or anything, it's a niche field. Uh it's a very niche field and it is more skill-driven uh than uh a quality a CA or degree-driven. Uh Most companies like fund accounting or or or stat audits or they all are are working because there is a Security Exchange Commission or a SEBI or or whoever it is mandating that an accountant has to work. Uh it's it's all driven by a compliance. But private equity firms are not like that. Uh if you have the skill, you are going there. And if you can prove your skill, uh it's not just having your skill, but if you can prove your skill to the best of your abilities and uh if you have really good communications, uh I think sky's the limit. Communication is something that that goes without saying that, you know, uh it's something that is really really important not only in the private equity firm in any in any walk of life that you do after you qualify your CA. Your degree only speaks so much. After your degree, what is it that you add to the degree?

10:55 Uh the sword is only as good as the hand that wields it. So uh stat accountant is only as good as how he can communicate. You have studied so much in your CA, but how confident can you sound when when you're when you're talking to people? And how confident can you sound when you're pitching ideas or when you're trying to grab investments or or anything for that matter? So uh yeah, I think these are the broad two skills if at all you have to name two skills that are required to break into this industry or any industry, it is uh Excel, financial modeling skills, and communication skills.

11:29 It uh it go I don't want to give you 10 skills. And I'm not I'm I'm really telling you these two skills are a very tough nut to crack. If someone feels that they're really really good at communication, let's have a chat. If someone feels they're really really good at Excel or or or financial models or anything, you should understand every sector or every industry there is one financial model. So, there's no one out there who knows all the financial models. Because real estate works on certain financial models. Manufacturing com- companies work on certain financial models.

12:00 Consoli- When when a company is consolidated, they work on a certain financial models. So, there is no one-size-fits-all solutions in a financial modeling Excel or or financial model. So, this sector or this field gives you a lot to learn. If you put your head down and if you put your attitude right, I think sky's the limit in this industry. And I really feel chartered accountants are the best fit here because of so many reasons. And if I have to give you one reason, I think CA is because I come from this background. It is one of the most coveted courses out there, guys.

12:34 Uh, we we deserve everything, to be honest. And the only reason why we are not able to crack or any or not go places is because we are not good at communication. And if you could all work on it, uh, work on, you know, your communication abilities and you know, work on yourself, I think sky's the limit. So, coming coming to the, you know, money part, I think I always keep saying this. If I tell you a figure, as long as you're not earning it, how does it matter?

13:04 So, if at all if I have to give you one one area or one uh, uh, figure, it usually starts with 9 9.5. Uh, it all it also depends on the type of company that you're working under, what type of budget they have and all of that. But, 9 9.5 is where it starts and 30% every year or or every 2 years is a rough calculation that you can that you can make. I think yeah, I summed up everything in a matter of 5 10 minutes, so Got it. Got it. Got it. Further than that, I just also wanted to know that how does the typical day looks like being into this space, right? And what is the scene of a work-life balance?

13:43 What is the growth trajectory here? And what all exit options are available to people? I'll come to the deal part at the end because it takes a little time. Work-life balance, I really feel you shouldn't be asking it when you're a fresher or until 5 years of your life, please don't ask about work-life balance. There is work and life is all what you make out of it, as simple as that. So, there is no one-size-fits-all solution here also.

14:10 Yes, there are days where you're going to slog and there are days where you're going to take it very easy. It is not only in private equity, it's it's well known out there that investment banking, private equity, all they require more number of hours. That's because of how the deal demands or what the deal demands. It is it is largely investor driven and because the investors would want to put in their money, just like how you go to a shop and the once the shop owner sees you that you would want to put money, he would immediately want to sell you something, right?

14:43 Same with deal making. Once the investor wants to put in money, at the end of it all, we would want to take that money and and and put it into whatever asset we would want to put into. So, that is the reason why there will be huge pressure. No, not pressure, but tight deadlines will be really tight and you need to deliver at the end of it all. Work-life balance, I wouldn't want to get into it and say this is how it's going to be.

15:06 First of all, if you want to do something in life, you have to sacrifice certain certain things, as simple as that. You just can't sit on the shore and look at the sea and say it is deep without getting into it. If it is deep, learn swimming. It's as simple as that. So, so so so work-life balance is is all about how you make it and once you have that credibility inside the company, inside the organization, uh no one is going to ask you when you're going to work. No one is going to ask you when you're going away. No one is going to ask you anything. It's all about gathering that credibility once you get into an organization. Not only in organization, in life as well. It's all about the trust element. Once you gain that trust in the organization, no one is going to ask you.

15:44 It's all of the work-life balance that is coming into picture because the employer doesn't trust you. And so it will be tough. I'm not saying it will be easy. It will be tough, but you have to be prepared for it. If you have If you want to make something good in your life, if you want to earn money, if you want to do good in life, you have to sacrifice certain things and private equity or venture capital or or investment banking is no exception in this.

16:07 Number one growth growth trajectory, it all depends on which company you would want to go. Usually you would start out as an analyst or an associate. And it also depends on the hierarchy of So, every company has its own hierarchy. Just to put a rough estimate, you go into a company as a starter, within six or seven years, you will be seen as a partner material or or CEO material if at all if you are really good.

16:31 Six seven years is the max or or is the minimum and 10 years is the max. 10 years usually it is there it is it is such in any any company. Even if you go to a a company which is doing auditing, you you start out as an analyst or you start out as a as a starter and you sit in the company for 10 years, you're going to go uh go into the senior management. That is usually the typical growth trajectory. You start out at 21, by 31 you'll be a partner. If you start out at 30, you'll be part partner by 40. It's as simple as that. Uh money-wise, again, sky's the limit.

17:00 Usually it is 10 to 15% hike every year, which is generally the norm out there. So, that is work-life balance and growth trajectory. A deal, usually if I have to break it down into minute portions, it is usually I am pitching off information memorandum to any company that you want to acquire. From information memorandum to signing the binding term sheet, the deadlines might vary. And so you start out as pitching pitching an information memorandum or investment memorandum to a company. And then once the company is okay with the investment, they would want to be acquired or they would want to be taken over. Then they're going to sign a non-disclosure agreement NDA with anybody else so that you will only be the person who's going to take over that and from that NDA you're going to use you're going to do the corporate due diligence title due diligence financial due diligence. If these due diligences are basically to understand whether the company is transactions or the the debtors the creditors the the financial statements are true to their nature or not. And once the due diligence happens is when the deal goes through.

18:11 This is the rough rough way the deal goes through. I wouldn't want to go into details because it it gets a little too technical and I don't want to make it technical because it's for general audience. So yeah, that is how a deal goes. So usually it will be the deal cycle will usually be 7 days to 3 months to 4 months or 5 months. So if you're only at 7 days you're working under very strict deadlines. And for a 5 months you're working again a bit leisure but you have your own pressures.

18:39 Yeah. Got it. Got it. Got it. Got it. Okay. And a lot of people are also worried about case and I worked into this domain, right? But the problem here is the entry barrier, right? Yes. Yes. So how do you solve this problem out because one way you told you is that by preparing a financial model I say using that financial model in all the emails out. Right? But how to solve that entry barrier because a lot of companies demand some good technical knowledge or demand some MBA grads or the other problems are there.

19:14 How did you solve this problem? I think you already covered this, but how could students solve this problem? What I would like you to highlight more. And the second is uh uh if someone wants to get into this domain and uh say for example if someone starts their journey from back office of IB, right? Will he or she be able to get into this role? Right. Right. Uh uh uh uh So, one thing is yes, there is there is an entry barrier in investment banking or private equity or venture capital because it's a very niche field. And yes, uh hiring a fresher is close to impossible. Uh I'm not saying difficult, but close to impossible, but at the same time the way I cracked it is by putting your work. You just have to put in your work and then pray. It's as simple as that because there is so much uncertainty out there, right? When you're writing CA exams, there's so much uncertainty out there, but did you back away from trying?

20:07 My point is please try. Yes, there is entry barrier. The pass percentage of CA was 8 or 9%. But did you back away from trying? You all still qualified, right? That is the point. That is the attitude that you need to have. Uh don't let anything out there tell you that you can't do something. That is the attitude that I had. Yes, I was also battling the same thing. I was also battling uh see, nothing nothing would have changed in another last one two years, right? So, that was something that I was battling, but I was willing to try.

20:36 Uh and it so happened that I could try. Uh So, what is to say that you can't do it as well, but it it you'll only get a chance if you give yourself a chance. So, the best So, when you are when you once you get an opportunity, the best chance that you're going to give yourself is by projecting your work, doing the financial modeling right, working on your technicals. Work on that. And put your resumes out there.

21:00 And give it to everybody. Keep trying. Just like how you tried when you qualified your CA, keep trying. There is there are there are entry barriers, no doubt about it, but at the same time, someone like me cracked, I don't see why someone cannot crack. As simple as that. That is the attitude that we want everyone to have. Number one. And number two, if you start out somewhere, I'm telling you today, you start out anywhere, you can go anywhere.

21:23 It is all about equipping yourself with the right set of skills and what the market demands or what the job job job demands. Usually private equity players, the reason they don't hire people from starters or starters or whoever it is is because the iteration is very very huge when you're starting out your career. If at all if you think that you don't fit in, you would easily want to go out. But for someone who's who's starting out as a middle management or someone, he would think twice before quitting because he's in a middle management or he's worked for three, four years.

21:55 He wouldn't want to quit the company in four or five months. That is one reason why they don't want to hire freshers and the the training requirements are for fresher to come in and understand the deal. First of all, to come into a private equity firm, you should have a set of understanding of how things work and you would immediately put into front end. And most people cannot trust someone with their communication skills who is a fresher. And that is one of the reasons why most freshers are not hired and it also has something to do with how you can project yourself. And if you've worked enough or if you've worked for two, three years, you would have had a work life work work environment where you would have projected yourself professionally and you would have spoken to certain people professionally and then there is a certain etiquette that you carry yourself with. And that is the reason why most people don't hire freshers. And to start again, where where you started where you end up doesn't matter like I was telling you.

22:48 If at all if you want to switch from say a starter profile, taxation profile or any profile, it all depends on whether you have these two skills or not, financial modeling and Excel skills. Sorry, financial modeling and communication skills. I'm telling you sky is the limit. If you have these two, if you can project yourself, if you can work on a financial model all by yourself and take time and again I'm telling you work on financial model is not working on a template that any company or any financial modeling class has given you.

23:13 Working on a template is not you doing financial model. You doing financial model is going to your desktop, right click the button, open Excel and doing your financial model all by yourself. That is you doing financial model. For that you need to have that hustle attitude because once a template is designed by someone, all the formulas are are driven. You do not know how the formulas are driven. But if you're going to a company, you have to build a financial model all by yourself.

23:39 That is where people falter. If you really want to work on a financial model, work on yourself. Open a Microsoft Excel, open a blank sheet, build a financial model all by yourself. This is what working on a financial model is, not working on a template. To be honest with you. And if you're able to do these two, uh I'm really telling you sky is the limit. It's I made it. There are I know so many people who made it.

24:01 Uh it is just that you don't know. Uh if you go on LinkedIn, there'll be so many people whose growth trajectory is like he started out somewhere and he There are so many directors who started out as accounting associates who are directors at this point in time. The only reason why uh they are there is because they never gave up on their dream. And if at all your dream is to work in investment banking, you shouldn't be giving up. All you should be doing is to work on your skills, work on yourself time and again and give yourself the best shot when an interview comes.

24:31 Got it. Got it. Great. Uh so I'd also open the forum for the students which are there, right? I would request them to put their doubts in the chat box, whatever doubts you have, right? Uh we'll be happy to cover it. And after that is done, definitely uh we'll have the closing remarks from sir. Uh someone is asking that Rakshit is asking, "Sir, what should we prepare for articleship interview in M&A tax and PE?" I think we had a we'll have a separate session for this.

24:58 Right? I think but I mean it takes got to be a separate session. P can be article ship may be what you think generally you will find a difficult reading. Yeah. There will not there will not be any article ship or or anything for a private equity domain. Again, you should understand one thing how a private equity firm works. Someone said private equity is fund accounting related. Understand one thing here that private equity is not accounting.

25:22 Just accounting just like any other company is one part of the finance domain of any company out there. So, fund accounting is is accounting what the private the transactions of what a private equity firm is doing. But, core private equity role is usually financial modeling. Usually valuations. Usually, that is core private core private equity work. Everything other if at all if you're talking fund accounting, you're not doing a private equity role. That's that's as simple as that.

25:49 Got it. Got it. Got it. Okay. So, that is something which again you need to keep in mind and you can just refer the question bank of IB. You have to throw it out help for preparations. Right? And I think I have also shared the link of financial modeling course. That is also going to be helping you out. Right? Because good to have a skill set because I don't know in terms of numbers. You can project the things out you're interested in valuation. Right? So, that is something which will help you out.

26:16 Uh to come in and link share could be a chat way. How to switch from start to be? I think we have covered this out. Uh How about the internship in IB with boutique investment banks? So, rather than by what's your take on this? Right? You can it all depends on it all depends on boutique IB firms whether what they are offering and how they are offering. Understand one thing in boutique IB firms you are only as good as the clients the boutique IB firms have. As simple as that. It's not doesn't only work with IB firms.

26:44 Boutique IB firms it it usually is the case with any company. The only reason why people go to big force for standard audit and all of that is because of client base they have, right? So, the the all the in in boutique investment banking firms or in any firms, you are your exposure is only limited or is exhaustive to the client base they have and the type of deals they're cracking. So, if you don't like the firm is offering, take it.

27:08 Any place is a very good place to start rather than just sitting in some some other domain. Take it and see how it goes from there. I do not know the company to to give you any any idea of what the role is or or whatever it is. But, usually any hunts or any entry opportunity into this field, please take it and then take it from there. Got it. Got it. So, so yeah. So, a lot of companies will also hire you as a interns, right? Like I think a lot of companies will do it. So, don't worry about it. They'll convert you into the payroll provided you going to be working great. A lot of companies does it. I've seen this in equity research roles as well, right? I be maybe what the hell to there are chances that company might hire you for intern as well.

27:52 Okay. Very good question, Ratan. You like this question. Average industry standard CTC for fresher. I think Naseemuddin, right? I think I gave you the answer. By industry standard, there is no such thing as industry standard. Usually, people think industry industry standards are set by certain companies. Uh in private equity, there are not much companies that do that. So, it all depends on the skills you offer and I cannot give you a figure but I'm telling you I cannot give you a figure because it's too varied and I I it feels like I'm stereotyping certain companies. I don't know I wouldn't want to do that because it's a very niche field and it all depends on what the company is offering.

28:33 Got it. One more question is by Rawal. Is that is fund accounting a good place to start a career with? And what are the domains which we can shift from fund accounting? So, fund accounting actually gives you an idea as to how the fund is working. Uh because you see, I idea is once you do an accounting of a company, you understand how the company is making revenue, how company is generating its its revenue, or how company's expense making making expending its revenue out.

28:59 And all of that you try to you understand you get an understanding of how the company is working. But, to be honest with you, in an accounting role, your skills are limited. Uh, your skills stagnant stagnant after certain point of time. I do not want to name companies or or throw on any company system, but that is how the role is. In an accounting related role, you are only working on the role based on the database or based on the software that they're using say SAP or QuickBooks or whatever it is. You're working on that and you're you're generating you know you know analysis statements or financial highlights or or whatever worksheet that you have at that point in time. It all depends on how you upgrade your skills. And not only in fund accounting, in any role you start, it's all about upgrading your skills.

29:45 Uh, and like I was telling you, there is no bad place good place to start. You start somewhere, you have a dream, you work on the dream, you you upgrade you upskill, you go on to places. As simple as that. Nobody is going to pay you a 13 lakh 14 lakh salary if you cannot even prove what you're what you're capable of. As simple as that. If at all if you can't communicate well. Uh, if at all if you cannot work on Excel very well. What are you bringing to the table? My problem here is not the company offering 15 lakhs or 14 lakhs.

30:14 My problem is, do you think you're capable enough to demand that salary? Ask yourself that question. If you really want to sit on the job 9:00 to 5:00, 9:00 to 6:00, or or 9:00 to 7:00, or whatever it is, then go home. Who is going to pay that salary? You tell me. If you are the employer, if your employee doesn't offer anything to the table, and they would demand 15 lakhs of salary, would you as an employer try to pay him?

30:40 When you don't try to do it, how do you expect someone else to do it for you? That is the question that I need I need everyone to answer for themselves. Got it. Got it. Brother by just also wanted to know a lot of students are also getting this hedge fund role, right? And just your take on this. Yeah, if at all if I have to talk only talk about the private equity and you know, hedge fund again most of it is fund control ship. 90% of it is fund control ship and if it is any financial modeling or or or anything, take it.

31:13 Like I'm like I'm telling you for the lack of good opportunities, take whatever you have. I will not suggest anyone to go jobless. Especially when you're starting out. Start somewhere. If your if your goal is to do investment banking or if your goal is to do financial model or or or get into private equity firms, understand right from today once you get into the company, see what the company's requirements are and try to give yourself try to upskill yourself. If the company's requiring an MBA, do an MBA.

31:39 As simple as that. If if you really want to get there, you have to slog. You have to hustle. So hedge fund hedge accounting or hedge fund accounting or private equity fund accounting or fund control ship roles are all like I was telling you, they're all back end roles and there is it's it's a good place to start. For a fresher, they're going to pay you high. It's a good place to start. Got it. Got it. Got it.

32:02 And I think if any more doubts which are there, I would like to the students to put it on our chat box. We'll be happy to cover it out. Average salary I think we've done it. Internship we've done it. Shifting from domain to private equity I think we've covered this out. Okay. Brother by anything else you would like to tell to the students out those who want to build a career either in private equity or IB side before we close it.

32:27 One thing I would like to tell people is since you also offer the financial modeling course or or anything. If at all if someone was asking me what is a good place. I think this is a very good place to start because I've seen the course or I looked at how the course is constructed and all of that. It is Raju Raju Kumar I'll come to you. You know, one of the skills primary skills is financial modeling and it doesn't matter it really doesn't matter where you where you learn it from. And since I've seen the course I can watch for the course that Shivam is offering.

32:58 You can start there. You can see how it's going and to be honest with you it doesn't matter who is giving you the course because all that matters is whether you can do it on your own or not. That is very very important. Not where you're if you have the best book out there if you don't read it and apply it for yourself what use is the book as simple as that. Right? So for financial modeling so for anybody who would like to start from this financial modeling is the base and it will only improve from there. One thing I would I would keep on suggesting you guys is to you know, read the course or go through the course do the financial model by yourselves. Not when he's doing or whoever is coming out there and doing and then you doing. Once you once the course has ended take out another company if you one company is being one one company's financial modeling is being constructed go to another company look at their annual reports because in the in a financial modeling course the guy who's giving you is going to tell you where to look. But when you're starting out you don't know where to look.

34:06 That is hustling. To understand where to look and having the thought process of of understanding where to look and converting it into a financial model is all the skill is. And you have to build it all by yourself nobody is going to tell it to you. So financial modeling is one thing that you need to you know, be really good at and you know, Shivam's or CM of the course is is I've seen the course so I can watch for it. So someone has asked me which course so, we can start with this course.

34:34 Uh so, is MBA a must for this role? It is not a must, but it's added. Uh one thing for sure is CA of certain companies uh do not offer certain roles for chartered accountants. Unfortunately, that is the case. So, they only hire MBA graduates and if at all if they hire MBA graduates, you cannot you cannot battle the system. You have to be in the system. So, MBA is a must. If at all if the company is only taking MBA graduates. Any other tools used regularly other than Excel? In Excel, there are so many tools. Excel itself is a tool.

35:05 So, what else do you need? That's what I'm trying to tell you. Uh if you're if you're trying to ask me any other tools, try to master one thing called Excel. There are so many things like VBA macros. No one has a clue then and then there are so many ways you can uh you know, Power BI. Yeah. There are so many ways within Microsoft there are so many ways where the end 99% of the times in all the companies, you are breathing starting Excel. So, what else do you need? Uh so, Excel is the base always.

35:36 Back end role in a big bank versus a big evaluation role FDD evaluation role anytime. Any anytime because financial due diligence valuations uh forms part of this deal structure. I I told you about the deal structure, right? So, uh in the in within the deal structure there's something called financial due diligence, corporate due diligence, all of that. Valuation also comes into picture at that point in time. So, deals advisory. So, you are forming this deal ecosystem. So, FDD valuation role anytime anytime than a back end role in a big bank. Back end roles uh you are actually uh your skills will get get exhausted at that point in time. That's the only point where uh can we shift from fund administration?

36:13 Banking a strict no. Uh very strict no because if at all if I have to give you two industries, uh which which will actually do more harm than good to any chartered accountants is one is banking and another is IT. Don't get into them. Uh the problem is you will be stereotyped into being a sector specific person. If you get into banking, it's very very difficult. I'm not saying it is impossible again, it is very difficult for you to go out and prove your skills other than what you've done in banking.

36:43 Very difficult because banking itself is an industry. IT itself is an industry. I've known so many people who started out their career in an IT and I'm not saying don't start or if for the lack of good opportunity, you have to start somewhere. You you have to start, but if at all if you have that opportunity, don't start in these two, banking and IT. At least that is my my perspective. I'm I'm open to you know, misinterpretation or anything.

37:07 I'm open to saying that I'm I'm at wrong. I'm okay. That is something that didn't work for me for for people whom I've seen uh till now in my little work experience of 4 to 5 years and that is really not working out. Uh so, IT and banking, please don't start if at all if you are really you really want to make your career good or if you really want to go places. Because it's very difficult for you to prove your experience and number two, after working for 2 years, you will be regarded as a fresher if you start out your career somewhere. What is the point in working for 2 years there? So, that is the point.

37:38 So, So, I have completed BCom and learning financial modeling. Can I start with it? Uh can I start with it? You have to start with it. What what else do you have? What else can you do? Uh Excel add-ons, uh Nazimuddin, I'm telling you, my first learn Excel properly. If you really want names, I can throw you a dozen names, but I'm telling you that is not going to work. Work on a proper financial model, then we'll talk.

38:05 Because it it it will only come to a point where I'm only going to throw you certain names and it will not even do good to your career. Because you cannot you cannot do so much. Today, tomorrow you start your this thing, you have so certain things that you can start off with, right? Excel, I'm telling you Excel is an ocean. I'm still yet to find someone who's very good at Excel. Because everything is changing every day.

38:28 And new tools are coming out. And yeah, I'm missing about them. Again, I can give you ton of names, dozen of names, but work on Excel first. Because I'm giving you a tangible result to work on. I'm not giving you 10 tools to work on and giving you 10 different names and asking you to work on all these things. No, private equity or or mentorship or whoever is coming out is not that. It My job is to make things easy for you. I'm telling you, work on two skills, communication skills and Excel skills, your your life is sorted.

38:59 Got it. Got it. Got it. I think we have covered almost all the doubts which are there. Right? If If any of the doubts which are still pending, definitely you can put it over a comment section on YouTube live. We'll be really happy to cover those doubts which are there. Right? And that's all about this domain. Very lucrative domain, right? People try to get into, but people are not aware of I think Ratan sir have tried to cover everything in detail. And in a very short span of time, we were able to give you a brief. Definitely jitna uh dikhta hai vaisa nahi hai, but definitely it's going to be a tough job where you need to work hard, right? Definitely you should be good with numbers. You should have a good understanding about numbers, then only you should go into this roles.

39:40 Right? But trust me, once you go here, you'll love it because a lot of challenging tasks which are going to be there. Right? And uh definitely Ratan have mentioned about financial model, right? Which is going to be preferred if you have in your profile. So, that's all about It's not required. It's a It's a must. Right? So, that's all about the today's session. Uh really thanks to Ratan sir for joining in for the session out. And really thank you for all of you for joining in for the session out.

40:05 Definitely agar kisi ka koi doubts reh gaya hai YouTube pe, right? You can put it over a comment section. We'll try to address those after this recording or session is over. Right? And really thanks once again, sir, for joining in for the session out. One last thing I would like to thank bhai for this opportunity and no session would end without me thanking you because of the platform that you're giving people like us who are in the industry to come out and you know to to bridge the gap which is your your own motive and I think you're doing a wonderful job out there and more power to you and more power to the CM on team and I hope you know things grow and more people get connected and more people understand what specific industries are and and yeah, thank you so much for the opportunity really nice. Thanks thanks thanks thanks everyone for joining in and all the best for the people who have interviews in upcoming weeks and days.

40:56 Thanks yeah, bye-bye.