The banks are laying people off. The PE shops are laying people off. For those who remain at the banks, deal flow is light and LBO deal flow is non-existent. What does this mean for PE recruiting going forward?
I am a first year analyst in Lev Fin and my goal is to move to PE after my analyst gig is up. As a summer (i.e. summer 07) I worked on a couple LBOs and actually had responsibility, but so far it's been mostly pitching and buybacks. I know 2nd year analysts who had already begun interviewing with PE shops at this point in their first year. I don't see how this could be possible for me.
Question is: When is it appropriate to start applying for PE jobs for 2010 in this market? Is it even possible?
There's hiring freezes, but shops still need associates. I read a compensation report from Thomson that said pre-MBA and post-MBA recruiting was still the most active segment in the marketplace. And compensation went up this year, not down.
I'd start interviewing around March or April if you want a bigger shop. They'll be hiring, don't worry.
any idea about how big the jump in compensation usually is? or is it more the change of jobs in general which is appealing?
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