Summer 2014 Pre-MBA Associate Recruiting
What's the news on the start time front? What's everyone hearing?
Got a resume drop email from SG about a position at an energy shop. Anybody else heard anything about other firms? Or any current associates know when they're looking to pull the trigger?
Do PE firms plan this far out ahead?
The summer 2014 opening would be to replace the summer 2012 hire right? Do PE firms typically make their decision on retaining their Associates within 6-8 months of hire?
It's not really an issue of "retaining" - it's "up or out" so the firms are going to need new associates regardless. As an associate at the places that recruit this far in advance, at the end of your program, you either get promoted or you get kicked out, so regardless of the outcome you're not going to still be an associate.
I guess that would depend on the size. If its a small-to-mid size firm that is promoting its 2nd year to a 3rd year, then I don't see why they would hire another Associate.
Maybe we can assume that the company mentioned by OP is a larger shop.
Small shops dont typically recruit a year and a half in advance
my understanding is invites will go out around march. are you at a bb and is this a mf shop?
How do you get invites?
Mega Funds wouldn't be interviewing this early. They just wrapped up for 2013 start...
Late spring/summer is what I've heard...who knows though
typically recruiters will already have relationships with a set of banks and will have a list of analysts to work off of. they will get in touch with you that way. if you were somehow missed you can try to listen in or talk to other analysts to see which shops are working with your firm and contact the recruiter yourself. smaller recruiting shops will typically browse around linkedin and send mass emails but they typically represent
Thanks Banker.
Are these invites for interviews or informational meetings / drinks?
depends they will typically start with an introductory interview then some type of cocktail setting from there youre in the hands of the sponsor.
Headhunter meetings are in full swing.
Process starting end of March / early April with MMs. MFs apparently looking to go out much earlier than 2013 start (probably summer), though not 100% sure here.
Not sure where this information is coming from, but I have heard that the MFs were quite satisfied with the January / February process they ran for 2013 start. The general feeling seems to be that the process will be pushed back this year (i.e. much less gap between MM and MF recruiting, and generally later in the year).
My impression was that megafunds were not happy with recruiting this year. Except maybe TPG
Not sure why the monkey shit...
I've heard both things from recruiters. Some have said their MF clients were happy and were going to likely stay in the 1.5 year time frame and others have said they were a bit disappointed with the pool available at that time.
I think it's safe to say that people really have very little clue, so I am hoping this thread can keep everyone updated as to the latest rumors
I've also heard from pretty reliable sources that several firms were not pleased with the pool available at the time; although several doesn't mean all. From people I know the, a good portion of analysts in top groups (gs tmt/fig, ms m&a, BX, etc.) had already secured offers at mm shops and HFs. Additionally several MFs refused to even interview candidates that had offers (unless they dropped them) so they missed a bunch of, presumably, good candidates. I think the above poster had it right in that people are very unsure. What I do do know a very reliable person is that firms recruiting again April after recruiting in January is unlikely. However the end of summer into september is definitely within the realm of possibility.
I cant imagine that firms were "very happy" with the pool. No logical "strong" analyst sat and waited, just ridiculous. Imagine being a 2nd year and not having a role at the moment, its March, not a great predicament. I wouldn't be surprised if they moved it up a bit.
Well, there are plenty of analysts to go around, and I've also heard that TPG was happy with their process. If you're taking a look at hundreds of analysts for 10 spots, I imagine even a late pool is enough to fill your class with quality people.
TPG was not happy at all. They drew entirely from GS, and it's not because that's the way they wanted it to go.
Most of this is bullshit. None of the monkeys posting above have any insight and the last thing TPG or any other megafund is going to do is admit they hired a bunch of turds, whether that is the case or not.
For what it's worth, not that it impacts any of you at all, but generally speaking most of my contacts (on the hiring side) felt the recruiting process/interviewing was much more substantive versus processes of the last few years where candidates didn't even yet have a full year of experience. Interviews of the last few years have essentially been undergrad exit interviews. Regardless, as i mentioned aove you'll be hard pressed to get any MF or otherwise to say they did not hire the absolute best candidates.
I will say, firms are still trying to figure out how to best approach associate recruiting. I expect it to remain in flux until they figure out something they're all happy with.
It definitely is an interesting situation. On the one hand, the analysts being interviewed have more experience and there is less bullshit on the other, the vast majority of top kids I know in my class were done before the MF process started. There were a few KKR or bust types that held out, but other than that, you would have to really be an idiot to wait it out and let many great and just as good funds pass you by. I would also argue I havent learned anything new or applicable to the realm of investing at about the 6 month mark (probably even sooner than that) - many of the top peers felt the same way, hence why were able to crush interviews even with the little experience that we did have.
There is no "top analyst" 6 months in. In most cases you haven't even worked with enough people for there to be a consensus as to where you fall.
Second, you're interviewed based on the expectations of interviewers who know how much experience you have. So you could have just as easily "crushed" your interviews if PE firms started interviewing right before you graduated from college.
Third, if you haven't learned anything more in a year and 3 months vs. the first 6 months, it's probably because you're either checked out or otherwise aren't getting that great of an experience.
I dont know where you did banking at, but it was very clear who the best analysts were pretty early on and it becomes a self fulfilling prophecy. Beyond that though, I am not just talking about top analysts in the groups - I am talking about the top groups alltogether. I know many at GS/MS/BX and other top places and the vast majority didnt wait. My goal was the public markets, so it didnt matter to me anyway.
Maybe on the PE side it was like that, but on the public markets side, I dont think they took it easy due to my lack of experience. I know for one position they were also considering PE guys who wanted to move over to the public markets - why would they take it easier on me? I would think they are looking for the top guy.
Well, I have had the offer since March of last year. I am very much checked out. I also did a couple deals early on in my program, everything since then has died or was bullshit meetings. At the end of the day, much of the technical aspects of the job is easy to learn, and I imagine that I will have to unlearn a lot of the bullshit once I go to my fund.
With all due respect Marcus, as someone who works in one of the "top groups" referenced regularly on this forum and who will be starting in private equity this summer, I have learned almost nothing new after the 6-month mark. Investment banking is not rocket science, and you hit a very real plateau very quickly.
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