PE is the new IB - IB is the new Big4
I am shocked at the number of non-targets getting offers in IB this year. Not a single alumni from my target (or ANY target) reached out to me to network for the past 1-2 years.
My linkedin is full of people from EXTREME non targets (not even a D1 state school even), announcing they accepted a full time offer at a top BB or EB.
IB has truly developed such a bad rep through the covid era (even worse than before), I think banks really don't have a lot to choose from these days from their historical hiring practices, and ultimately just want someone that can GRIND. Memorized the technical question bank and want to work 100 hr weeks without complaining? You are hired.
PE however is where cutoffs are happening. Seeing lots of analysts struggle with recruiting. This is the level where you need the polish, pedigree, the right family background, an uncle who can rep you from the right Country Club etc. IB used to be this way.
And to be clear, I am not trying to gatekeep IB or bemoan the old days. If more people want to work 100hr weeks and develop health problems, glad nothing is holding them back anymore.