From audit to investment team
Professionals from audit bring strong transferable skills to private equity, but an interim move into a transaction-focused role is usually required. Audit experience offers attention to detail, technical accounting knowledge and solid financial acumen, yet gaining deal exposure and developing commercial and investment judgement is essential. This is why many auditors first move into transaction services or corporate finance before progressing into private equity.
This guide highlights the key pathways, roles and skills needed to turn audit experience into a career in private equity investment and portfolio teams.
This guide highlights the key pathways, roles and skills needed to turn audit experience into a career in private equity investment and portfolio teams.
Overview of investment roles
Investment Associates in private equity typically focus on financial modelling, valuation analysis and deal execution. While larger funds often have dedicated teams for origination and portfolio management, Associates may be involved across the entire investment lifecycle, particularly in smaller funds.
Responsibilities include deal sourcing, supporting the origination of new investments and assisting with portfolio management, especially when preparing companies for exit events such as trade sales or IPOs. The breadth of responsibility for an Investment Associate largely depends on the size of the fund and the nature of the companies being targeted.
What you need to succeed
Qualifications and experience
Soft skills and competencies
How to best position yourself
Breaking into a private equity investment team directly from audit is uncommon; most funds prefer to hire those who already have experience in a deal-focused environment. Once you have completed your accounting qualification in its entirety, this will often necessitate a transition from audit into the transaction services or corporate finance team, or into an investment bank.
Transitioning into these teams will provide the necessary exposure to the core elements of the private equity skillset: exposure to deals, valuation, due diligence and detailed financial analysis. In each one of these pathways, working with private equity clients is invaluable.
Transaction services:
These teams support clients during M&A activity from a financial due diligence (FDD) perspective. Specialising in FDD, you will analyse the working capital, quality of earnings, cash flow and debt to evaluate the financial health of a business.
Those in transaction services will also navigate the Virtual Data Room (VDR) to give potential buyers access to documents on a target company pertaining to legal, financial and operational information. They will produce detailed reports for private equity firms and will develop strong analytical skills.
How transaction services experience supports a move into investing
Skills and skill gaps
Corporate finance:
These teams support buy-side and sell-side mandates to advise clients on commercial, financial and strategic components of the M&A transaction. This will include building financial models and conducting financial analysis.
They will also prepare pitchbooks and broader market materials for prospective buyers and investors, provide strategic insight to assist with market positioning for an asset and assist with the structuring and negotiation of deals. Crucially, a move into corporate finance ensures strong exposure across the entire M&A lifecycle of a deal and fosters important financial modelling skills during execution.
How corporate finance experience supports a move into investing
Skills and skill gaps
What to expect from an investment team interview process
First round
Modelling test
Case study
Final round
Is this the right role for you?
If you’re looking for a role that goes beyond deal execution and allows you to take a hands-on approach to value creation, this opportunity could be the right fit for you.
- You’re motivated by taking a long-term view on investments, following deals beyond the transaction to see how strategic decisions play out over years
- You want to work on executing new deals and want to get skin in the game
- You enjoy working closely with management teams, supporting leaders in shaping and executing growth strategies
- You want to play an active role in driving value creation, not just evaluating businesses but helping to improve and grow them post-investment
Conclusion
Transitioning from audit into private equity is challenging, but highly rewarding, especially for those targeting investment team positions. By leveraging your technical skills, analytical experience and commercial insight, you can build a compelling profile for roles focused on deal execution, value creation and hands-on work with portfolio companies.
The key is gaining exposure to transactions, developing investment judgement and strengthening the commercial thinking required to assess and grow businesses. With focus and preparation, your audit background can become a strong foundation for a successful career within private equity.
The key is gaining exposure to transactions, developing investment judgement and strengthening the commercial thinking required to assess and grow businesses. With focus and preparation, your audit background can become a strong foundation for a successful career within private equity.
Jake specialises in placing junior and mid-level candidates into origination, investment and portfolio roles across the UK mid-market. He also works with PE-backed businesses to make additions into M&A and corporate development functions.
As a Research Consultant at PER, Jake has built an extensive network of investment bankers, consultants and accountants, helping them make their move into mid-market private equity.
Jake's profile
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