Applying around
If you are a 1st year analyst, and are looking to apply to PEs, HFs, etc. before you start your 2nd year - how likely is it that your MDs and coworkers will find out about this? I know it is a small world and I would assume that a lot of guys at the PEs and HFs know people at your bank and may ask about you?
The big PE funds like KKR, Blackstone, TPG, etc. actually finish their recruiting process before your 1st year even ends - this year it ended in April/May for some of them.
You typically go through headhunters and the chances of your MDs/co-workers "finding out" directly from buy-side guys are pretty low. They expect analysts to stay for 2 years and know that recruiting starts very early.
The only exception to this is if you are at a MM or boutique where the senior people aren't in the loop as much as they are at BBs, you may need to use more discretion with how you recruit because people there may start jumping to conclusions.
i meant if you are a 1st year and you are looking to exit after your 1st year, not your 2nd.
And I suspect you can only really do this for HFs... most PEs only recruit with the assumption you'll be there after 2 years. I've heard of it happening before but pretty rare overall.
I would not approach recruiters or anyone saying, "I want to apply for jobs with an immediate/summer 2008 start" - instead just ask about that if you see something that interests you.
PEs/HFs will understand the sensitivity of the situation and generally use discretion. There's always a chance you could get screwed but it's more likely to be because of a mistake on your end or some oversight rather than them telling your MD.
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