Private equity firms have quite flat management structures, especially at the mid-market level where everyone is responsible for deal origination, negotiations, due diligence, transacting, monitoring and exiting. But, even with this flat structure, there is a subtle hierarchy that tenure (and success with deal origination) drives.

Often senior employees in a private equity firm focus on securing limited partner investments and dealing with high-profile opportunities. The junior employees engross themselves in financial models, make cold calls to potential investees, and deal with the dreaded intermediaries. In aggregate though, great deals and great returns form the basis of incentives.

Without further adieu, the hierarchy of staff from senior to junior is as follows:

1. Founding Director
2. Managing Director
3. Director
4. Associate Director
5. Associate 
6. Investment Manager
7. Investment Analyst

Although this hierarchy may vary across regions, titles usually correlate quite closely to this structure. Employees often enter firms from the bottom up after completing an MBA or other relevant post-graduate study.