Introduction

Case interviews in M&A hiring are more than academic exercises—they reveal how you solve real-world problems under pressure. Here’s how to excel.

1. Clarify the business context
Start with questions: What’s the buyer’s strategy? Margin profile? Exit horizon? These help frame your approach and show commercial instinct.

2. Structure your analysis logically
Use frameworks—market sizing, competitor set, synergy estimates, valuation ranges. This keeps your thinking clear and signals consulting-level discipline.

3. Integrate valuation techniques
Frame a mini-DCF, comparable companies and precedents approach. Even back-of-envelope IRR estimates help show you can think financially.

4. Highlight commercial insight
Quantitative rigor is just table stakes. Offer perspective on synergy drivers, regulatory risks, integration challenges, business model scalability.

5. Communicate clearly under time pressure
Speak with clarity—use structured bullets, call out assumptions, highlight next steps. Confidence and brevity stand out.

Conclusion
At Circle Square, we work with firms where advisory instincts matter just as much as technical ability. Want M&A case coaching or insights into what top firms are testing now? We’d love to help you prepare.

Introduction

VC hiring has evolved significantly—no longer about chasing hyper-growth, but balancing sustainable portfolio-building and strategic support.

1. Emphasis on operational support roles
Hiring growth and platform experts who can scale startups—talent, GTM, marketing—signals a move toward infrastructure as a competitive edge in VC.

2. Increasing demand for sector-specialist investors
Deep-tech, climate-tech, AI/ML—VC firms now prefer specialists with domain knowledge who can source smart deals and provide hands-on ESG or regulatory insight.

3. Rise of remote or hybrid roles
Talent sourcing is global: VC firms in London are now hiring across time zones. Being able to operate remotely—and manage cross-border pipeline—has become a key skill.

4. Focus on diversity & inclusion
Diverse leadership teams correlate with better returns. Many firms actively seek women, underrepresented minorities, and leaders with non-traditional backgrounds.

5. Data and LP reporting confidence
With increasing scrutiny from limited partners, firms need hires who can confidently handle portfolio analytics, fund performance metrics, and investor updates.

Conclusion
Partnering with Circle Square means tapping into that talent pool with the right mix of sector expertise, operational skill and cultural fit. Reach out to learn more about active VC hiring trends.

Introduction

Breaking into private equity (PE) is fiercely competitive. With deal spotlight on growth and digital transformation, firms want confident individuals ready to roll up their sleeves—and London remains a global hotspot.

1. Build a strong technical foundation
PE recruiters expect mastery in LBO models, IRR/MOIC analysis, debt structuring and financial statement forecasting. Prepare via Excel-based case studies and leverage FP&A or M&A experience to speak the same language.

2. Demonstrate sector or sourcing expertise
Niche knowledge matters. Whether tech, healthcare, or sector-led deals—highlight relevant deal experience, build a network within that field, and show you can find, vet or lead transactions.

3. Show true deal ownership
PE firms seek independent thinkers. Showcase contributions in due diligence, investment memo drafting, negotiation, or portfolio monitoring. These demonstrate commercial instinct and client‑first thinking.

4. Prepare for PE interview expectations
Expect deep-dive technicals, strategic case questions (“how would you underwrite a £50m acquisition in fintech?”) and "fit" queries—e.g., cultural fit, resilience, team orientation. Use STAR examples from M&A/IB background.

5. Network via recruiters and firms
Tap Sphere of influence: headhunters, alumni, LinkedIn relationships. Build relationships before roles open. A warm intro can make all the difference.

Conclusion
To stand out, align technical excellence with sector insight, a strong deal track record, and credible interview storytelling. We at Circle Square work exclusively with PE firms looking for driven advisory-oriented professionals—if that's you, let’s connect.

Introduction

Corporate Development has become an increasingly attractive path for ex-bankers and consultants seeking impactful work without the relentless hours. But is it the right move for you? One of the most searched questions in this space is: "Is Corp Dev a good next step?"

Corporate Development roles offer a unique mix of strategy, M&A, and long-term ownership. Unlike advisory roles, you’re not just pitching deals; you’re executing and living them.

Benefits of Corp Dev include:

• Greater impact: You're part of the internal team driving growth.
• Work-life balance: While busy, it’s generally more manageable than banking.
• Career path: It can be a route to COO, CFO, or Head of Strategy.

But landing these roles can be tricky. Many Corp Dev roles are unadvertised. Hiring is ad hoc and highly specific. You need sector alignment, operational understanding, and excellent stakeholder management.

Firms will look for:

• Deal experience with execution ownership
• Strategic thinking, not just transaction process
• Culture fit and long-term commitment

Summary
Corporate Development is an excellent move for ex-bankers who want to be part of long-term value creation. At Circle Square, we know where these opportunities are and how to help you frame your story to land them. We work closely with in-house strategy and M&A teams to place candidates who want more than just another transaction.

Introduction

Many finance professionals start in audit or accounting but dream of transitioning into M&A. The most googled question in this space? "Can I move from audit into M&A?" The short answer is yes – but it requires intention, upskilling, and smart networking.

Breaking into M&A is challenging but achievable if you map your journey clearly.

First, develop transaction exposure. If you're in audit, ask for secondments in transaction services or due diligence. Explore internal roles in valuations or advisory teams.

Second, build modelling proficiency. Take financial modelling courses that teach you LBO, DCF, and 3-statement models. Self-education is a powerful signal of intent.

Third, network with precision. Speak to people in boutique M&A firms or mid-market teams. They’re more likely to value a lateral hire with accounting rigour and a strong work ethic.

Fourth, tell the right story. Focus your CV on commercial acumen, client interaction, and financial analysis. Show that you understand the deal process and want to move closer to value creation.

Summary
Yes, it’s absolutely possible to pivot from audit to M&A. Circle Square has helped many professionals make this transition, especially into boutique advisory firms and growth-focused teams. We understand your background, reposition your profile, and introduce you to firms where you can hit the ground running.

Introduction

Venture Capital (VC) is an exciting, fast-paced world where pattern recognition, risk-taking, and intuition collide. If you’re interviewing for a VC role, you're likely asking: "What questions should I expect?" Unlike banking or PE, VC interviews are less about modelling and more about how you think.

In a VC interview, expect to be tested on your curiosity and conviction.

Some common questions include:

• "What’s a startup you admire, and why?"
• "If we gave you £50M, what kind of company would you back?"
• "How would you assess a founding team?"
• "What are the trends in [X] sector?"

Interviewers want to know if you can think like an early-stage investor: spotting trends, analysing markets, evaluating product-market fit, and most importantly, backing founders.

It's not about having the "right" answer. It’s about having a view – and defending it. VC firms value conviction and insight. If you say you’d back a logistics startup, explain why, what their moat is, and how they scale. If you critique a company, offer an alternative path.

Also expect questions about your background:

• Have you built anything?
• What networks do you bring?
• Can you hustle for deals and referrals?

Summary
VC interviews are a test of mindset, not just experience. The best candidates combine intellectual curiosity with clear, opinionated thinking. At Circle Square, we understand what different VC firms look for, and we coach our candidates to speak the language of early-stage investing. Whether you’re moving from consulting, product, or banking, we help position you to break into this exciting space.

Introduction

Private Equity (PE) interviews are a rigorous blend of technical assessment and character evaluation. For many, breaking into PE represents a pinnacle career move, but it can also feel like navigating a black box. One of the most frequent questions we hear is, "How do I stand out in a PE interview?" The answer lies in preparation, commercial awareness, and authenticity.

PE firms expect candidates to be highly analytical, commercially astute, and able to communicate effectively under pressure. But ticking the technical boxes alone won’t be enough.

First, own your deal experience. It’s not enough to say you worked on a transaction. You need to walk through the deal, explain your contribution, the rationale, the valuation metrics, and what you learned. Talk like you were on the investment committee.

Second, think like an investor. Be prepared to pitch a company you would buy or invest in. Demonstrate your market awareness and your ability to assess management, growth drivers, and risk factors. PE is about judgment, not just number crunching.

Third, culture matters. PE firms are small teams. They want to know you can work autonomously, have the grit to work long hours, and the personality to integrate with the team. Don’t underestimate the importance of humility, curiosity, and communication skills.

Fourth, know the fund. What’s their investment thesis? Deal size? Sector preference? Recent exits? Tailoring your responses to their strategy shows genuine interest and alignment.

Summary
Standing out in a PE interview means more than just being technically strong. It requires deal fluency, commercial insight, cultural alignment, and thorough preparation. At Circle Square, we help you position yourself effectively for each opportunity, prepping you with the insights and context you won’t find on a job spec. We've placed candidates in some of the most respected PE firms across Europe, and we can help you do the same.

Introduction

You prepped, you interviewed, and then… silence. It's a frustratingly common experience in finance recruitment, and a frequent search query: "Why am I not hearing back after interviews?"

In finance, especially in M&A, PE, and VC, hiring cycles can be erratic. Here are some common (and often unstated) reasons for the lack of feedback:

• Internal changes: Headcount freezes, restructuring, or team priorities shifting.
• You were second choice: Another candidate edged ahead, but they won’t always say that directly.
• Referral preference: Many firms prioritise internal referrals or known networks.
• Process delays: Decision-makers travel, deals close, priorities shift. Candidates are often left in limbo.

What can you do?

• Follow up professionally: Every 7-10 days is reasonable.
• Request constructive feedback: If you do hear a no, use it to refine your pitch.
• Keep your pipeline full: One interview should never be your only shot.

Summary
Lack of feedback isn’t always personal. But at Circle Square, we believe in transparency. We follow up relentlessly, advocate for you with hiring teams, and provide honest feedback to help you improve. When you partner with us, you're never left wondering where you stand. We're here to make sure the silence gets broken – with results.

Introduction

Private equity firms are looking for more than just technical proficiency. Fit interviews allow them to assess your motivations, communication style, cultural alignment, and long-term interest in private equity. Many candidates stumble here because they focus too heavily on rehearsed stories or give generic answers. In this blog, we’ll help you navigate the most common private equity fit questions with clarity, confidence, and authenticity.

PE clients typically ask the following questions;

• Why PE? Explain your attraction to private equity thoughtfully. Highlight what excites you: long-term investing, active portfolio management, value creation, or deal strategy.
• Why This Firm? Tailor your answer to the firm’s strategy—whether it’s growth equity, buyouts, or sector specialization. Show you’ve done your research.
• What Makes You a Good Investor? Share examples of analytical thinking, commercial judgment, or strong communication. Use past experiences to demonstrate how you evaluate companies or think about value.

Other Common Questions:

• What are your strengths and weaknesses?
• Describe your ideal investment.
• How do you handle pressure or competing priorities?

Tips:

• Use the STAR method (Situation, Task, Action, Result) to structure answers.
• Be honest, but positive. Frame weaknesses as areas for growth.
• Avoid overly rehearsed responses. Aim for natural, professional delivery.

Conclusion

Private equity fit interviews are your chance to demonstrate maturity, motivation, and market understanding. At Circle Square, we work closely with candidates to craft tailored responses based on the culture and expectations of each fund. We’ll help you articulate your story in a way that resonates—and lands offers.

Introduction

The Discounted Cash Flow (DCF) model is a cornerstone of corporate finance and investment decision-making. If you’re interviewing for any role in investment banking, private equity, or corporate development, you’ll almost certainly be asked about it. Understanding how to build a DCF model from the ground up—and being able to explain each step clearly—is critical for interview success. In this blog, we break down what a DCF is, when it’s used, and how to construct one that stands up to scrutiny.

A DCF estimates the value of a business by forecasting its future cash flows and discounting them back to present value. It’s used when there’s visibility into a company’s long-term cash generation and is especially useful in scenarios where comparable data is limited or the business has unique cash flow dynamics.

Steps to Build a DCF:

1. Forecast Free Cash Flows: Start by projecting revenue growth, operating margins, taxes, changes in working capital, and capital expenditures. This yields free cash flow to the firm (FCFF).
2. Calculate the Discount Rate (WACC): The Weighted Average Cost of Capital reflects the cost of both equity and debt, adjusted for risk.
3. Determine Terminal Value: Use either the perpetuity growth method or an exit multiple based on comparable companies to estimate the company’s value beyond the projection period.
4. Discount Cash Flows to Present Value: Apply the WACC to each year’s projected cash flows and terminal value to calculate the total enterprise value.

Common Mistakes:

• Overestimating growth rates without justification
• Using incorrect or outdated WACC assumptions
• Ignoring the impact of changing working capital or capex

Conclusion

A well-built DCF demonstrates your grasp of valuation fundamentals and your ability to think like an investor. At Circle Square, we don’t just tell you to “learn DCF”—we provide context. We know which clients test it heavily and tailor your prep to reflect real interview scenarios. We even provide past examples and case formats so you can walk into your interview with clarity and confidence.