Key Takeaways
- • Recruiter Richard Hoar, a director at Goodman Masson who specialises in private credit jobs, says the hiring funnel for private credit roles in London is highly selective: hundreds of CVs are filtered down to 20-25 first-round interviews, 12 second-round interviews, six case studies and two offers.
- • The case study typically involves a presentation built around company accounts, with 3-4 hours of preparation time, and candidates are expected to spot deliberately planted errors in covenants and documentation.
- • Candidates must produce a memorandum on the deal and defend it under questioning, with interviewers often using a good cop-bad cop approach to test composure under pressure.
- • Preparation should focus on covenants, loan documentation and balance sheet analysis, plus the ability to present and defend a credit view.
Summary
According to eFinancialCareers, recruitment firm Goodman Masson's Richard Hoar, a director who specialises in private credit hiring, says demand for private credit roles in London remains strong despite negative headlines about redemptions from private credit funds and fraud-related losses at institutions including Jefferies and Barclays. Hoar argues that the buy-side role carries appeal because candidates act as principals. He distinguishes the two recruiting profiles: private equity firms typically hire former M&A juniors, while private credit firms, which lend to companies that cannot or do not wish to borrow through other channels, tend to hire former leveraged finance bankers.
Competition for seats remains intense, Hoar says. Hundreds of applicants are screened out after submitting CVs, with 20-25 reaching the first interview, 12 proceeding to a second-round interview, six reaching the case study and two receiving offers. Reaching the case study stage is therefore a significant milestone.
Hoar describes the case study as typically centred on a presentation based on company accounts. Candidates are given 3-4 hours to prepare, and the exercise often includes intentional mistakes that candidates are expected to identify. Particular focus falls on covenants and documentation that could make a deal overly favourable to the borrower, as well as the risks that could lead the fund to incur a loss. Candidates will also be asked to write a memorandum on the transaction and will be questioned on it.
To prepare, candidates should become familiar with covenants and loan documentation and be able to read a balance sheet. They should also be comfortable presenting and defending their analysis. Hoar says interviewers look for attention to detail, the ability to tell a coherent story and composure under pressure, noting that a good cop-bad cop style is often used to test whether candidates can maintain sound reasoning under stress.
Competition for seats remains intense, Hoar says. Hundreds of applicants are screened out after submitting CVs, with 20-25 reaching the first interview, 12 proceeding to a second-round interview, six reaching the case study and two receiving offers. Reaching the case study stage is therefore a significant milestone.
Hoar describes the case study as typically centred on a presentation based on company accounts. Candidates are given 3-4 hours to prepare, and the exercise often includes intentional mistakes that candidates are expected to identify. Particular focus falls on covenants and documentation that could make a deal overly favourable to the borrower, as well as the risks that could lead the fund to incur a loss. Candidates will also be asked to write a memorandum on the transaction and will be questioned on it.
To prepare, candidates should become familiar with covenants and loan documentation and be able to read a balance sheet. They should also be comfortable presenting and defending their analysis. Hoar says interviewers look for attention to detail, the ability to tell a coherent story and composure under pressure, noting that a good cop-bad cop style is often used to test whether candidates can maintain sound reasoning under stress.
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