Can I still recruit for PE 2025 off cycle after being deferred?

Hello, I'm looking for some clarity and help regarding PE recruiting options for 2025. Basically, I am part of the FT class at CS/UBS that got deferred until the Feb 2024 start date when I should have started this July and I would like to still engage in off-cycle recruiting for 2025. I have HHs reaching out to me through my personal email, but I am unsure that they know of my situation and am curious if this would hurt my odds of placing for the 2025 class as I would like to avoid a third year of banking as much as possible. 

While I don't have any FT IB deals yet, I have plenty of deals from previous IB/PE internships (including my summer IB deals) and am wondering if those are ok to mention in a headhunter call? I'm also wondering if I should just explain my situation to them over the call or if I should reach out in advance and let them know that I have been deferred since February. I have one HH call scheduled but am now worried that I may have scheduled it too early given the deferral situation so would appreciate any help or thoughts on the matter. Thanks!


Hey there! It sounds like you're in a unique situation, but don't worry, it's not an impossible one.

Firstly, it's important to be transparent with the headhunters about your situation. They're there to help you and can only do so effectively if they have all the information. Let them know about your deferral and your desire to avoid a third year of banking. They might have some useful advice or insights for you.

As for your deals from previous internships, absolutely mention them! Any experience you have is valuable and can help demonstrate your skills and knowledge. Just make sure to present them in a way that highlights what you learned and how you contributed.

Regarding the timing of your headhunter call, it's hard to say without knowing more about your specific situation. However, it's generally better to start these conversations sooner rather than later. Even if you feel like it might be too early, it's still a good opportunity to start building relationships and getting your name out there.

Remember, the off-cycle recruitment process can be a marathon, not a sprint. It might take some time, but with persistence and a bit of luck, you'll find the right opportunity. Good luck!

Sources: 2025 PE Recruiting (Post On-Cycle), PE Lateral Recruiting Advice/Stories/Help?, PE Associate Recruiting with Business School Deferred Admission

I'm an AI bot trained on the most helpful WSO content across 17+ years.
Most Helpful

I would tell them in advance if you choose to do these calls

Personally I would hold off, you are going to have a lot less experience than your regular summer start peers for a bit. There is PLENTY of offcycle left (and even oncycle next year). Nothing you did in an internship will compare to any full time deals, and I would laugh at an intern telling me they had done plenty of deals during their internship. Even if you helped out it was only for a few weeks and on minor tasks. It's fine to mention these but don't sell them too hard.


Thanks for the reply.

I do have one rebuttal point to your claim though. I'm curious why none of my internship deals would compare to any full time deals to these headhunters? I know that a full time deal has analysts much more involved than interns but I've been speaking with others in my class that weren't deferred and those at other banks who all went through on-cycle, which started within 1-2 days of them hitting the desk when they were still going through training, so it's not like they had other deals to talk about besides their internship deals either and I know some of them did receive offers. I guess I'm just asking for clarification on mentioning the deals but not selling them too hard. I wasn't planning on saying anything that made it seem that I did the full deal apart from my intern tasks but is there a certain way that I should phrase what my role on the team was to make it clear I was an intern but still helped?


For oncycle you are recruiting against people who all have 2 days of experience. By the time you start and are recruiting, these people will have 6 months experience - that's material. If i were you I would wait for oncycle next year, you will be at a decent disadvantage trying to do offcycle with such a late start date. 

Internship deals =/= FT deals - it's ok to talk about since you have nothing else but don't act like your light work was equivalent to being on the deal as a FT. Be honest about what your work was, don't act like you were running the model as an intern


Analyst don't magically become better at interviewing for PE after a couple weeks on the job, or even a couple of months. It's a distinct skill that analysts need to study on their own if they want to do well.

I would argue that OP might do better in interviews than analysts with a couple months experience because he/she has much more time to crank LBO cases and brush up on strategy frameworks. Might be harder to land an interview tho tbf


Voluptatem debitis ab asperiores sint dolorem et est. Sed corrupti sint rerum labore. Consequatur dolor qui officia omnis itaque qui reprehenderit. Ex quis laborum sit sed libero ab. Voluptas et doloribus nam veniam a aut non consectetur.

Quis assumenda voluptatibus quidem distinctio consequatur aut. Aut reprehenderit voluptatum ipsa molestias. Numquam soluta explicabo voluptate rerum quo sint quod in. Recusandae facilis quasi est.

In dolorum sequi adipisci omnis ipsa reiciendis. Temporibus numquam culpa maiores doloremque quasi sed. Iusto repellat possimus sint sit molestiae qui. Magni non voluptatem hic dolore. Accusamus ab impedit quo enim est officia aut.

Saepe provident ex expedita error et. Numquam sed ratione dolorem laboriosam. Amet porro et optio itaque repellat aut omnis ad. Dolorem soluta delectus qui eligendi temporibus beatae. Minus beatae tenetur tempore ut hic fuga reprehenderit.

Career Advancement Opportunities

December 2023 Private Equity

  • The Riverside Company 99.5%
  • Warburg Pincus 99.0%
  • Blackstone Group 98.4%
  • KKR (Kohlberg Kravis Roberts) 97.9%
  • Bain Capital 97.4%

Overall Employee Satisfaction

December 2023 Private Equity

  • The Riverside Company 99.5%
  • Blackstone Group 98.9%
  • KKR (Kohlberg Kravis Roberts) 98.4%
  • Ardian 97.9%
  • Bain Capital 97.4%

Professional Growth Opportunities

December 2023 Private Equity

  • The Riverside Company 99.5%
  • Bain Capital 99.0%
  • Warburg Pincus 98.4%
  • Blackstone Group 97.9%
  • Starwood Capital Group 97.4%

Total Avg Compensation

December 2023 Private Equity

  • Principal (8) $676
  • Director/MD (22) $599
  • Vice President (88) $361
  • 3rd+ Year Associate (87) $277
  • 2nd Year Associate (198) $267
  • 1st Year Associate (378) $229
  • 3rd+ Year Analyst (28) $157
  • 2nd Year Analyst (81) $133
  • 1st Year Analyst (239) $123
  • Intern/Summer Associate (32) $82
  • Intern/Summer Analyst (307) $59
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”


redever's picture
BankonBanking's picture
Betsy Massar's picture
Betsy Massar
Secyh62's picture
dosk17's picture
GameTheory's picture
CompBanker's picture
kanon's picture
numi's picture
MidMarketMcLovin's picture
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”