Private Equity Field Study

Private Equity Field Study

The Private Equity Field Study course pairs MBA students with private equity firms to work on part-time, unpaid projects. Students would be expected to work roughly one day a week on the project, with the flexibility to increase hours in some weeks of the semester. 

The students will be expected to contribute 12 weeks to these projects that are mission-crucial but not mission-critical. These unpaid positions are central to this for-credit, full-semester course taught by Prof. Michael Ewens at Columbia Business School.  Beyond the work required for the firm, students must attend a weekly class session to report on their progress and produce a final presentation related to the in-semester project. 

Listed below are some suggested projects for students.  Projects should likely be completed within 10-12 weeks.  Partner PE firms are encouraged to propose their own.  The only requirements are that that project challenges the student’s skill set and provides them with a perspective on the inner workings of a private equity firm. 

Students currently working full or part-time at a PE firm are encouraged to continue their work during the term and apply for PE Field Study.

Students: The PE Field Study is an important component of the PE Fellows Program - read more about the Fellows Program

Firms: Interested in partnering with the class?  Contact us. 

Matching Students to Firms

Partner firms and students jointly manage the matching process. Partner firms review the resume book of admitted students and request outreach from the students they identify as suitable candidates. The matching process has the following steps:

1. Partner firm is provided the resume book for available students and informs the instructor of top choices (typically 2-6 names). Selection is first-come first-serve.
2. Selected students are provided contact details of the partner at the firm and reach out to organize a short Zoom call/interview.
3. Partner firm and selected student decide on the pairing, with the student contacting the instructor about the final match.

Students who find their own projects at PE firms

Students currently working full or part-time at a PE firm are encouraged to continue their work during the term and apply for PE Field Study. Students may also identify their own internship outside of entry into the class.

The student can be allowed entry into the class after filling out an application that ensures the internship matches the expectations and rules of the PE Field Study class.  

The PE Program and PE Field Study have discretion on admittance to the class, so students should email [email protected] for the application.

Self sourced internships need to be approved three weeks prior to the first day of the academic term.
 

Example Projects

• Sector thesis development and support:
  • Industry landscaping, comparable assembly, target list development, relevant banker identification, etc.
• Pipeline management and screening:
  • NDA processing, initial write-ups of new opportunities, updating or maintaining the firm’s deal pipeline, etc.
• Retrospective analysis of previously evaluated deals
  • Returns and exits analysis.
• Refreshing templated marketing materials:
  • Firm one-pagers, management meeting materials, etc.
• Refreshing other templated materials:
  • Underwriting models, valuation memos/models, etc.
• Portfolio company onboarding/reporting refinement:
  • Refreshing/developing reporting / KPI packages
• Database compilation/management:
  • Aggregating lists of lenders/financing sources, co-investors, third-party vendors, bankers, etc.
  • Compiling/maintaining a repository of key deal terms of purchase agreements, credit agreements, etc.
• Data vendor and service analysis:
  • Review and evaluate new data vendors or service projects for deal or operating partner teams.
• Due diligence provider engagement and management:
  • Engage with alternative commercial due diligence providers to explore working with new, deal-related service providers to ensure QA and potentially more favorable pricing.
• Add-on acquisition search for existing portfolio company:
  • Analyze industry trends and competitive dynamics for target search.
• Junior investment professional QA:
  • Conducting a first-line defense review of CIM analysis and high-level modeling of early-stage deals conducted by analysts and pre-MBA associates.
• Investor relations or fundraising support
  • Research potential limited partners.

FAQs and Logistics

What is the course timing and weekly work requirement?

The class officially starts at the first course-meeting of each term.  The project need not start or end on the exact dates of the course so long as the student has roughly 12 weeks of out-of-classroom work.  During the terms, students will work on the partner project for an average of a day a week (3-4 hours more or less in some weeks is expected).

What is required of the partner firm in terms of student interaction?

While projects may differ in expectations and deliverables, every partner firm should expect to communicate by email with the student once a week and have a half-hour meeting (Zoom or in person) every other week to check-in.  Partner firms will be invited to come to class as guest speakers. 

What does the firm contribute?

Does the project have to be in-person, remote, or hybrid?

Ideally, the projects will allow the student to visit the partner firm’s offices at least a few times during the semester, however, the default format is remote.

How are students matched to partner firms?

To start, students apply to the class and once admitted, are added to the resume book.  Using this resume book, the matching process has the following steps:

1. Partner firm reviews resume book for available students and informs instructor of top 2-4 choices. Selection is first-come first-serve.
2. Selected students are provided contact details of the partner at the firm to organize a short Zoom call/interview.
3. Partner firm and selected student decide on the pairing, with the student contacting the instructor about the final match.
4. Matched students are removed from the circulating resume book.

What data or resources will be available for the student?

Students will have access to all of Columbia’s resources (e.g., Pitchbook, Capital IQ, Factiva, Bloomberg, etc.). The partner firm can provide credentials for their data or subscriptions for the semester. 

Can the students list this project as an internship or employment on their resume? 

By default, no. Students will not list the partner firm on their resume without prior approval of the firm.  Students will list “PE Field Study member” on their resume by default.

What confidentiality terms and NDAs are allowed?

Students must sign an NDA with the firm to ensure confidentiality. All students enrolled in the class will sign a class confidentiality code for any conversations during class time. The discussions in class and deliverables will be general enough to ensure they do not violate these contracts. 

Timing

• Students: Next application will be for the Fall 2026 term
• Please look to apply in the second half of the Spring term
• Matching between firms and students occurs in the summer for the Fall term and in December/January for the Spring term.
• Interested firms should contact the Private Equity Program and/or Prof. Michael Ewens ([email protected]) for questions on how to participate.