Access: In The Hot Seat
“The simplest questions are the most difficult.” - William S Burroughs
Hello reader,
Welcome to the 33rd edition of Access.
So - how’s your week been? Things are definitely hotting up in private markets jobs. If you missed our last edition, check it out below - we mapped out some of the people and companies that are operating in private markets today, and it comes with a handy guide to who’s currently hiring.
Keeping with the theme, this week we have a jobseekers guide to handling tricky interview questions. We did a quick check-in with our network to see which questions were most dreaded - read on for the full list!
Until next time -
Liz & Melissa
In case you missed it…
The 32nd edition of Access featured a network map of private capital leaders, plus some special cameos…
FEATURING:
In Brief: News & Views From Across Our Network
Turning Intention Into Action
“Returns? yes, but less Super?“
Britain’s 100 fastest-growing private companies
In Depth: In The Hot Seat
IN BRIEF
Below, you’ll find a selection of global news stories from people and companies in our private markets network.
Turning Intention Into Action
The BVCA have just published analysis of environmental, social, and governance (ESG) data provided by 450 start-ups, backed by leading venture capital firms including Lakestar, Balderton Molten, Highland, Beringea, and MMC.
The data identifies areas of strength and weakness within the ESG performance of early-stage companies. In particular, it highlighted the need for greater support for companies seeking to tackle the net zero agenda, the relative strength of start-ups on social issues such as mental health and inclusion, and the potential for increased scrutiny of artificial intelligence.
Key findings:
Net Zero journey: 16% of start-ups surveyed measure their carbon footprint – an uplift of 5% on prior year – while only 1 in 20 companies has a stated net zero target and strategy.
Progress on mental health and inclusion: 60% of start-ups report having a policy or strategy to support staff with mental health, and more than 30% provide annual DEI training.
Artificial intelligence risks: only 21% of companies surveyed offer staff codes of conduct and relevant training to support the responsible development of code and use of AI systems.
[Read the research in full here]
***
“Returns? yes, but less Super?“
Panel highlights and reflections are still filtering out from attendees of the recent SuperReturn 2023 conference in Berlin, and this one from Daniel Boege at Golding Capital Partners is worth a read.
Highlights include:
While most lamented about ‘the most difficult market ever’ a couple of years back, the fantastic Mark Advani argued (much more) eloquently that in his 20 years in PE there was never a day when everybody said ‘today the market is really cheap’
Interesting to observe what role private debt funds will play to re-ignite activity. While they will certainly benefit from higher rates and the retraction of banks from financing PE, smaller average tickets per deal increases their need to deploy their funds efficiently
[Read the full post on LinkedIn]
***
Britain’s 100 fastest-growing private companies
This week, Inflexion announced its partnership with The Sunday Times 100, an annual league table revealing Britain’s hundred fastest growing private companies.
On average, the top 100 fastest-growing companies have increased their sales by 104% a year over the past three years, reaching a combined £3.2 billion in sales.
They also employ 15,160 people between them, having created 10,500 new jobs in the last three years. 95 of the 100 companies are planning further hires in the next 12 months - equating to around 4,750 additional jobs.
[See the full list on The Times]
IN DEPTH
“Interviewing is a lot like talking, but you have to guide the conversation. You have to know what you want and go about getting it” - Anthony DeCurtis
“Tell me about yourself…”
A deceptively simple question - but what should you actually say? It’s often asked at the start of an interview, which can add extra pressure, and it’s difficult to know whether the hiring manager is looking for a career-focused answer or something more personal.
While content is important, we’d advise focusing on how you present your answer rather than worrying about cramming too much in.
Things to avoid 🙅
Rambling
Over-rehearsing - focus on the key points you’d like to share but avoid the temptation to script your answer.
What would we recommend? 🙌
A concise pitch that shows why you’re a good fit for the role
Highlights from your relevant work or personal experience
Tailor your response to the job description and to the company you’re interviewing with
***
“What are your salary expectations?”
This question can be particularly difficult to answer when you’re in the early stages of an interview process and you don’t yet have enough information about the job requirements.
“I worried that I would be excluded from the selection process based on this question alone.”
Things to avoid 🙅
Talking around the question or saying “I don’t know”
Stating a number without having done your research
What would we recommend? 🙌
Do some research beforehand - look at salary data for your role, industry, location etc.
Consider whether you are willing to negotiate
Providing a range can be helpful, as well as a sense of the other elements of your package that really matter.
***
“How do you handle criticism?”
It’s not uncommon for interviewers to throw in a tricky question. This example is deliberately worded to provoke a reaction - imagine the same question with ‘constructive feedback’ instead…
If you’re prepared for it, this sort of question can be a great opportunity to show self-awareness, and will give the interviewer an insight into the quality of your relationships with peers and your manager.
“I’ve been asked this question before and I hesitated with my answer because I didn’t know how to word it. I remember mumbling something about constructive feedback and learning from my mistakes, but I wish I had prepared for this question.”
Things to avoid 🙅
Responding defensively
Can be tempting to say you’ve never had a conflict arise at work
What would we recommend? 🙌
Select a balanced example that acknowledges a development area whilst showcasing your strengths
Demonstrate that you’re open to feedback and how you use it constructively
Be honest - it’s ok to acknowledge the difficult nature of negative feedback - highlight your ability to remain professional
***
“Why is there a gap in your employment?”
Firstly, we’d recommend avoiding leaving gaps on your CV if at all possible. If you weren’t employed for a period, add a brief note about what you were doing. Companies tend to prefer that over having to piece together dates and realising there’s a period of time you haven’t accounted for.
“I personally do not have any gaps in employment, but I know that many who do are afraid of this question because a gap in employment (especially in the current market) is considered as something bad.”
Things to avoid 🙅
Oversharing on personal details
Speaking negatively about previous employers
What would we recommend? 🙌
Be prepared to discuss any periods of unemployment. A prospective employer might ask why you left your previous role, as well as what you were doing with your time away from work.
Provide a brief, honest answer. Let the interviewer ask a follow up if they need more information.
For longer gaps, consider what skills or experiences you gained whilst out of work. How did you keep your knowledge up to date?
***
“Where do you see yourself in 5 years?”
A popular question with interviews, and universally loathed by almost every jobseeker we speak to.
Let’s break it down. The interviewer is looking to get a sense of your planned career trajectory, as well as checking to see if your goals are achievable. It’s also a brilliant opportunity to show off your knowledge of industry trends that could impact the company and your role.
“I think this is fairly common but I find answering it a bit difficult because there’s so many aspects in terms of personal/career etc. also think it’s hard to plan so far ahead as usually things change in the industry you work in or your personal life etc.”
Things to avoid 🙅
“I hadn’t given it much thought” - that might be the honest answer, especially if you’re focused on getting this job, but it isn’t going to impress anyone
Sharing goals that are unrelated to the job you’re applying for.
What would we recommend? 🙌
Talk about personal and professional growth, and how you plan to achieve your goals. You might also want to highlight some of the professional development activities you’ve completed recently.
Consider how you measure success. Are you aiming for promotion to a more senior position in the organisation, or are you more motivated by becoming a subject matter expert in your field?
Explain how your career plan would add value to the team or business, linking your response back to the role you are interviewing for.
***
“What do you think are the current trends affecting our industry right now?”
The interviewer is looking to check your understanding of where the company fits into the industry. Your level of expected knowledge may depend on whether you’re coming from a similar background or moving into a new industry, but in both cases, the hiring manager will be keen to see you were motivated enough to do some wider reading ahead of the interview.
Things to avoid 🙅
Trotting out the first answer you found on Google (they can always tell)
Don’t just list out industry trends, go a step further. Why are these trends significant?
What would we recommend? 🙌
Research ahead of your interview & come up with some key talking points. These could relate to the role, the company or a personal interest - all three would be great!
Don’t be afraid to admit what you don’t fully understand. This can be a great opportunity to ask questions and show your interest in the interviewer’s background and knowledge
Share your sources - what are your go-to resources to stay up to date? (And if you’re interviewing for a private markets role, our PE Essentials is a great place to start!)
***
✈️“How many ping-pong balls would fit in an airplane?”🏓
Some interview processes will include a logic test like this one. The interviewer is rarely looking for an exact or correct answer - it’s more about understanding your thought process and how you approach a brainteaser question where you don’t have all the facts.
As well as considering how you might demonstrate curiosity, the ability to deal with uncertainty, and analytical thinking, remember you’ll also need clear communication skills to outline your answer in a way the interviewer can follow.
Things to avoid 🙅
Panicking - interviews are high pressure situations, take a few breaths
“I don’t know” or jumping straight in with a random guess
What would we recommend? 🙌
Consider asking questions to clarify your understanding of the question, including how much time you have to come up with an answer.
Use a pen and paper to make notes, it’ll help you stay on track as you walk the interviewer through your thought process.
Taking your time to think methodically through the problem, and don’t be afraid to make assumptions - the trick is to use round figures that are much easier to work with.
And finally… Private Credit is Making Waves 🌊
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