Those in PE, VC or IB...for an MBA would you recommend a concentration in accounting, finance, or both accounting and finance? I’m currently enrolled in both, but kinda hoping for just finance...any guidance?

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One of the roles in a PE-driven deal is "The Model Guy".

You know the one?

He's that one guy that co-ordinates with the deal team and figures out what level of cash-on-cash return we're getting out of the deal. And how tight we need to squeeze the vendors on our initial going in valuation.

He's the guy who's coordinating with the tax guys to figure out what assumptions we need to make for deal structuring and how to model the preservation of carry forward tax losses.

He's the one guy who's pressing the portfolio operations team to find every cost efficiency and area to optimise working capital. Then figuring out how to capture those in a model so we can carve out a 100-day plan and prioritise our efforts.

So this "Model Guy" is he more of an accounting focused guy? Or Finance?

I think it's "just enough" accounting to be able to interpret and do financial statement analysis.

I think it's "intermediate" level of finance to be able to work with DCF's but also be able to talk intelligently about discount rate selection and occasionally pulling out some fancy techniques like valuing optionality.

If you don't already have it, you prolly need to level up your operations research / operations management skill. Cos in a post Corona world deal makers would be looking to their portfolio operations teams to squeezing cash out of their investee companies.

You prolly need to level up your modelling skill if you're gonna be "The Model Guy". That means model build best practice, sensitivity analysis and the like.

Come join ModelOff if you fancy or participate in some equity research competitions.

Disclaimer: Your Mileage May Vary, this is my experience on my side of the Atlantic.

Also, if it's VC, then all the above kind of goes out the window and you "just" need a simple VC style IRR calculation.

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BCG1 what’s a driver model??

Finance enough as long as you understand basic accounting concepts to build 3 statement operating models and understand how they all impact each other

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VC perspective - finance over accounting on the deal side but as mentioned above, it’s really about being able to generate a typically straightforward waterfall analysis based off a cap table.

Our back office team manages the accounting aspects of running the firm.

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PE and IB and VC are completely different. Unless you’re targeting series C to F VC teams then accounting will be very useful.

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