Will be a second year this July and was wondering how it looks to firms and headhunters doing on-cycle for 2026. Did not participate in 2025 on-cycle. Wanted to hear thoughts from people who have done it / if it lowers your chances. Thanks!
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You’re actually better off (assuming you genuinely didn’t recruit as a first year). You’ll be notably more polished and have more experience to discuss than a first year weeks out of college (AKA you’ll be a differentiated candidate with potential to place better). Plus, ideally you’ll have a better sense of what you’re looking for having spent 12 months on the desk.
Good luck. I’d say you were smart to wait as it’s really hard for folks like me to discern the quality of a bunch of brand new first years.
Edit - if you dipped your toe in first year and just didn’t place, my feedback would be different as you may appear as more “damaged goods” but doesn’t sound like the case here.
For the “recruiting as a first year” point do you mean recruiting on-cycle or off cycle as a first year?
Doesn’t really matter (lines are blurring). I just mean as long as you didn’t strike out at a bunch of late stage interviews as an A1, you’re fine.
How would your advice change if someone didn't place as a first year?
In that case, I would be ready with a coherent story around why things didn't work out (e.g., wasn't adequately prepared, realized I'm looking for a different sector/geo/fund size, took a few first rounds but opted not to move forward, struggled with model tests but did XYZ to improve my skillset, etc.).
While you don't want to come off as defensive, you should expect that interviews may ask if you recruited previously, and it's best to be prepared with rationale on why you're still a strong candidate despite not previously placing.
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