My on-cycle experience / guide

Read through a bunch of discussions like this one to prep for my own on-cycle process, so hoping to help out someone in the future with a detailed walkthrough like this one. Just signed with a really solid UMM fund latest fund size (basically on any list of top UMMs on this site) and wanted to share to hopefully help some others

Background: At a respectable but non-BB/EB bank (think RBC, WF, WB, Solomon partners, SVB, etc) but in a better group at my bank. Target school, good GPA and standardized test scores. Came in knowing I wanted to recruit for PE, goal was generally to end up at the best fund possible. Knew MF was probably a reach just off of bank name. I have had good deal experience (combo of luck but also communicating to staffer what I wanted and what I knew would help me for PE recruiting) but haven’t done much modeling yet.

Prep: I started to get organized for recruiting around the beginning of 2022. I felt like I was a bit behind technically, honestly had not done much modeling yet at my banking gig. I did the following to prep:

• At first, my rule was just that I’d spend a few hours every Saturday on prep. My bank is pretty sweaty so this didn’t always happen, but found that a goal like this was helpful just to keep me on track. Given my lack of modeling experience, I split a few different PE recruiting courses with one of my coworkers. Probably kind of a waste of a few hundred bucks but they just make it easier to prep vs combing through old case studies from 10 years ago. Some of the teaching materials were helpful on some concepts. A few also have other random perks (ie headhunter client lists) so would recommend splitting some of these with a friend. The $500 is worth it if you land a solid PE gig.
• Once HHs started to reach out, I knew it was game time. I think a bunch of people got fooled by the tone of outreach (“this isn’t a sign we’re recruiting soon, trying to wait as long as possible, etc etc”). The answer is that if headhunters are reaching out, recruiting is about to start and you need to be ready. Use CPI as a benchmark since they’re the biggest, this year it was 8 days from CPI initial outreach to process launch and 3 days from them scheduling intro calls. Some smaller places went a few days before CPI and then everyone started reaching out. Very clear that things were on the move. Lots of people got fooled because some places (Amity) didn’t ever set up calls, so that meant the process couldn’t possibly start yet. Wrong! If CPI is talking to people, be ready.
• To be honest, I am on a pretty tough process at the time, so I was not in a good place prep wise when outreach started and hadn’t touched any prep materials in around the last month. The minute outreach started, I put my head down here. My rule was 1 LBO a night - if I was busy and it was late I’d do a super simple 30 minute LBO, if I had the time I’d try to do a more comprehensive one for 2-3 hours.
  • I started going through old case studies and those prep courses I bought but finished this all pretty quick, so I started just going off publicly traded companies 10Ks. Saw it was common that places ask you to pitch them an LBO candidate, so felt like this killed two birds with one stone. I just looked at publicly traded companies in the 1-2B range on BBG (thought this was big enough if I had an MF interview but small enough it could still be used at a MM shop) in my sector of choice and did quick LBOs off of them. If it looked good I would do more detailed stuff and flesh it out more, if it was bad I’d just move on to another company. Ended up with 2 candidates here and could speak to their business model pretty well given how much time I spent in the 10K.
  • Was asked about a stock I was following in one interview and asked for an LBO candidate in another (used one of the two for each) and both interviewers were super impressed with my answer. Would definitely recommend this strategy.
• KNOW YOUR DEALS. I made a one page cheat sheet for every deal on my resume. You will get asked about every single deal - most interviews picked one randomly so you can't just have one you like to talk about. Practice explaining the business, deal rationale, your perspective, etc. 
• Spent some time on more banking-esque technicals (ie stupid accounting questions) as well as practicing for fit questions but my main focus was definitely on LBOs and deal walkthroughs

Fund research

• Since I started at my bank, I put in a list of the 20-30 funds I would consider working at. It started small (was basically a list of MFs at first lol), and then as I interacted with people from funds through my banking gig, read stuff online, talked to older analysts, or read stuff on WSO, I would add/remove names. I included columns like fund size, any networking contacts / potential contacts, location, relevant port co, anything I’d collaborated with them on at my work. relevant notes, etc. This is an essential step. By the time 
• As recruiting heated up (see notes above on HH outreach), I started to rank. I honestly struggled too hard to put things as actual numbers, so just did tier A, tier B, etc. Ended up with 5 tiers and made a rule that I had to have <5 banks in each tier. My tiers were basically to classify places where I’d accept a job on the spot (scenario you need to be ready for) as well as trying to draw the line of at what point I’d take my chances during off-cycle rather than accept a job.
• Once I had a tier list, I did some work on trying to figure out where was realistic, No one from my bank has ever gone to BX or KKR, we don’t work with them much, and I couldn’t find anyone that had even gotten an interview there. I didn’t take them off my list, but just didn’t spend as much time on them. There were a few MFs we work with more as a bank and where I had heard rumors of people interviewing, so I prioritized those over places like BX.
• I treated it like a college application process - I had some firms that were basically a moon shot, some reaches, some possible, some safeties and tried to have a few in each bucket. I basically focused on the reach/posslbe category, as none of the ‘likelies’ were funds I wanted to work at and it was stupid to focus on funds I didn't like or didn't have a good chance at during on-cycle. My mindset was I'd go for MF/UMM during on-cycle and if I didn't land something I wanted, I'd do smaller MM funds off-cycle. Not worth 'settling' during on-cycle unless you know 100% that's what you want.
• You will need to make difficult choices during on-cycle. You'll have to find the right mix of only chasing funds you have an actual shot at while still trying to end up at the best seat possible. Making sure you have done your research is essential
• You will also get last minute interviews. The fund I ended up at was not a fund I'd networked with or interacted with much before on-cycle kicked off. Luckily they were on my list so I was able to easily read over fund strategy, relevant port cos, etc in the 15 minute notice period I had before interview started.

Headhunters

• Not going to turn this into a guide on headhunters, but personally found CPI the most helpful in showing me opps. Feels like everyone has a different experience though so the best thing you can do is pursue them all. 
• Given my bank, I took intro calls with every single headhunter. You'd be surprised, many of those smaller ones cover 1-2 bigger funds along with some LMM names. I would recommend this, there really is no downside to ending up on everyone's list and doing the 30 minute intro. I also found doing a few intro calls with smaller ones was helpful - you only get 30 minutes to impress CPI/HSP/other big ones, so a few practice reps is helpful. 
• You will typically need to rank funds for each headhunters or at the very list give clear preferences (hence the important of knowing that above). 
• I found that headhunters wouldn't show you to anyone until after you had an intro call, so definitely talk to them as soon as possible after they reach out. I conducted all my HH calls within a few hours of the initial request. Coffee chats are great and know some of my friends who didn't do any because by the time they talked to HHs, there was basically no time between that and on-cycle. Heard a story of someone who was scheduled to talk to CPI the day after on-cycle and basically got no opportunities. Don't put this off. 
• Once the process actually launches the headhunters are useless, you just need them to help get foot in door.

Networking / coffee chats

• I had a few friends from my bank who were at PE firms so I chatted with them, but was more for recruiting tips vs actual networking. Some people advocate networking more for PE recruiting but personally think given HH role in the process it isn't always as fruitful. If you have time might as well, but I found I needed all spare time for LBO practice.
• Funds will start reaching out for coffee chats a few days before kickoff. Similar to my note up top, if you get a coffee chat request, be ready for process launch. This is the last step before process starts. 
• These were generally super chill (they ask you a bit of background but no real interview questions) so just be friendly and show interest in the firm. 
• I found that all the places I did coffee chats were the first ones to reach out when on-cycle kicked off. If they're giving you a coffee chat and it goes well, you are probably a higher priority candidate. 
• Coffee chats should really help you inform that fund list I talked about. I had a fund I thought I was super interested in, did a coffee chat, and ended up taking it off my list. These are super helpful for that. Don't be shy to ask real questions here.
• They are really tough to do at your job and be stealthy. I was running into a conference room multiple times a day for these, though at least Zoom is easier vs leaving office. I am friendly with my office receptionist so I'd just have her let me know which conference rooms are open, and then I'd leave a jacket, tie, and my personal laptop at the front desk with her each morning. Would put both on for the video calls and take off before returning to my desk so no one would know what I was doing. 
• Luckily my senior bankers aren't in the office much so a bit easier but if they were in the office everyday someone would've probably noticed

Actual process

• Was getting a ton of increase in coffee chats and info session notices the day of on cycle so felt like things were ready to blow. 
• Got an interview request from a MM fund to start, looked on WSO and saw people saying BX had kicked it off. I immediately pinged the associates/analysts on my deal teams and told them I was off for the night, luckily all were helpful there. 
• The first fund the reached out was lower on my list but I was still interested, so I accepted an interview for about ~30 minutes away. Started to frantically prepare
• Right before that interview, I got outreach from the UMM fund (which I will be joining), so I canceled the first interview. Knew I was effectively bowing out of that process but was comfortable with that choice - this is where the fund ranking list is essential!
• Did two first rounds (back to back, they just kept me on the same Zoom) and I could tell things were going well. Was given a modeling test/case study, but honestly was on the much simpler side (meant to be a quick excel test + a few mins to organize thoughts and discuss). I actually spent about about 15 minutes less than I was given and then spent the other 15 mins managing oncycle process, as at this point I had not checked my phone in over an hour and had hundreds of calls, texts, and emails about other funds. I basically set up as much as I possibly could at other high priority funds for the next day under the assumption this current process would fail, and I would cancel it all if this went well. I booked 4 other funds from first thing in morning to late at night for the next day, basically giving each fund some additional cushion (they will usually try to schedule 30 minute interviews but then just keep you on the line if things go well). At this point, basically every single non-MF on my target list had reached out, so I had to quickly make some difficult decisions. My rankings were essential here to prioritize. 
• Interviews covered everything from super mushy fit questions to getting grilled on deal experience. Know everything about your deals and have an investment case on it (either good or bad), and be ready for someone to push back on that. Other than the model I did and one paper LBO, not very technical overall. 
• The big decision for me was that one fund would have required me to travel and everything else was either in my city or virtual. The travel one was probably my #1 choice and a great fund, but they wanted to interview me in person in another city (non-NYC office). I realized that meant basically declining every single other opportunity, so I asked that one for a virtual interview or an interview two days later (again, knew this was probably going to kill my chances). Just felt it was putting too many eggs in this basket to travel. 
• Funds try to keep you from setting up other interviews while your with them (either in person or zoom) so don't be afraid to hurt feelings here. One of my colleagues was at a MM interview and felt too awkward to just leave and tell them he was out, so he missed interviews at other funds. Don't be afraid to ask for a 5 minute break to check your phone/email as well. I also was regularly checking emails/corresponding throughout my interviews, but obviously be careful here and don't make that obvious.
• After my model test, I immediately rejoined a Zoom and discussed the case. Felt like things were going well and a more senior person joined, which I knew meant I was probably over the hump. I emailed someone the case but would be shocked if it was looked at for more than 5 minutes given how fast things moved - my geuss is I had the right numbers directionally and that's all that mattered. Remaining interviews were all with senior people and fit focused. Ended up interviewing late into the night and was getting very good feedback. It ended with them saying they wanted me to meet a few more people in the morning in person but that I was in a phenomenal position. Can't trust anyone in this process, so I didn't want to cancel anything without an offer in hand. I pushed back my morning interview and set up something in person for super early in the morning so I would hopefully either get the offer quickly or be able to continue at other firms. 
• Had one MF reach out late at night to come in person but would've required leaving the current interview, which I was already very deep in. Felt like leaving something that was in a good spot for an MF where I was a long shot candidate was stupid, but a hard decision none the less. 
• Went in person first thing in the morning and was on like 3 hours of sleep, but had two quick interviews with senior people and got the offer. It was exploding so signed on spot. Again, need to be ready for this scenario with every single fund you interview at. 
• Canceled all other interviewers and went back to my normal job for which I was massively behind and proceeded to get bitched out by my VP for not responding to an email last night. At least I know I now have some light at the end of the tunnel!

Other thoughts

• You really get one shot at the initial on cycle wave. From what I heard, every single MF and most UMMs started first rounds on Wednesday night, and Thursday was mostly final rounds. Any firm where you started on Thursday you were probably at a disadvantage. It's essential you are ready to start interviewing when the process launches (don't dilly dally for a few minutes of final prep), and make sure that first interview really counts. 
• You will not be able to stealthily do on cycle, and when interviews start you will need to drop everything on your job. For me, I mentioned to my associates/analysts that I was planning to recruit so they had a heads up (and didn't need to waste time explaining my reasoning when the process did launch), and then just sent a quick email that I was interviewing and would be hard to reach for the remainder of the night and turned off my work phone. There's too much going on with interviews to focus on your IB job at all during this period, so have to just go AWOL for 24 hours. 
• Oncycle is a train wreck, but I don't understand people saying this class was unprepared. We had more time on the desk than basically any class in the last 10 years other than last year, and increase in virtual interviews only made things easier to manage. Like it sucks they want to conduct interviews all night, but that's the way it works and I don't know why people are surprised every year. 
• Don't let people on this website sike you out if you aren't at GS. Everyone on here would say my bank gets no MF placements and my only shot would be at smaller MM firms. Clearly not the case, though as mentioned I was passed over by places like BX. 
• Stuff does happen after the first 24 hours. Have gotten outreach today (2 days after first kickoff) from some pretty large funds as well as tons on the smaller side.

Feel free to respond with any questions and good luck everyone who is still recruiting!