FT Podcast and don't be afraid to look at some of the banking ones.
I've come to learn that CA is massively dependent on the firm.
Like... priv~ private equity...
Hey. Do you mean that firms which specialise in private equity ask for a lot more CA?
I would roughly estimate that the MC/Elite US firms demand a much deeper level of commercial awareness and understanding. The next level would be SC and firms like
Hogan Lovells/NRF and so on, all of whom still demand a strong level of commercial awareness and technical ability.
Having interviewed, and been successful with, both
Weil, Gotshal & Manges' (who, amongst other things, have a strong specialism in PE) first-year scheme and vacation scheme, I can attest that your technical knowledge/commercial awareness will be examined in greater detail than perhaps you might find at other firms. The same goes for the MC firms I have interviewed at.
My opinion on why PE-heavy firms grill you especially hard on your technicals/commercial awareness is because people often claim that they 'are interested in PE'. This is a way of getting you to prove it. Furthermore, at these top firms, the work is uncommoditised and big BIG ticket. Hence, they need to
really make sure they hire those with the acumen, personality, and interest to service said work. Once again, similar reasoning could be applied to the MC: just swap out PE for other industries/practice areas.
It all boils down to the fact that if the firm is a 'market leader'/'prestigious' (for want of better descriptors), then they will be increasingly picky with who they hire and the ability/interest they expect of their future trainees.
Nevertheless, I would not be deterred by any of this (although I am fantastically strange in that I miss doing my case study interviews - oh, to be half a year younger and grilled on leverage and its tax-deductibility again...). I would encourage developing your commercial/technical knowledge as far as you can and relish getting into the details. We all have our preferences, and not everyone is going to be as hyped to read about the DIFC DPL as maybe I would be - but find your niche and explore the commercial world through that. I know that this might seem like a chore, but (1) it shouldn't be - this is, after all, what you want to pursue as a career, and (2) you can make it fun (I realise I sound mildly derranged for suggesting that LBO's are 'fun', but I'll stick with it)!
I just want to highlight that a similar discussion about commercial awareness/technical knowledge is happening here:
https://www.thecorporatelawacademy....gic-circle-allen-overy-trainee-anything.3515/
- it might help to answer some more questions/give a place to follow-up with any more questions you may have.