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Every HH I’ve talked to says things are on hold until the new year and then firms plan to re evaluate
Most shops have 1-5 spots open for off cycle, those that typically fill up before the new year will probably do 2 week starting middle of Jan
I might be overanalyzing but the HH outreach I am getting implies their may be another on-cycle kind of process for 2024 associates in January (I am guessing it is by the 2nd or 3rd week of January).
Has anyone else heard this?
The HH I’ve spoken to said they don’t think it will be a frenzy like on cycle (apparently the firms prefer to do longer drawn out processes to really test candidates). Also heard from major HH that no one’s planning on kicking off until end of Jan / Feb at the earliest (at least for the names I’m interested in).
Am AVP at a MF, and do a lot of formal and informal discussions with our HH coverage as well as in-house TA. Can't speak for other funds, but we're primarily on pause while re-evaluating. Can't speak to any more specifics besides that. Keep eyes peeled for Jan/Feb. Will return to this post if/when I know more.
What are you reevaluating?
We're changing up our placement procedures in a number of ways. Again, I can't speak to detail, but some changes include how we screen candidates pre-interview, and the unilateral system that ultimately uses a combination of human input and AI to sort, filter, and cultivate the 1000+ resumes we get every day. Quota numbers will be discussed, quarterly team numbers will have to be counted and tallied, and location inputs will be filtered so we know how many people we need to hire per role, per office, and per metric. It's a lot of numbers.
From a personal take, I hope we get to take a look at how we interview and what specific metrics we utilize to determine the final word. I do not believe a single isolated case study with padded numbers, solutions, and studies is a beneficial factor in deciding a viable candidate. It's hard to tell how a person is going to perform based on a simulated study in the small time we get with you and isn't reflective of their quality. We have some meetings lined up once the New Year rolls around, so I hope I'll be able to speak on some of that. It probably won't change anything, but hey - you never know.
This is interesting from a candidate point because it makes you wonder what are the most important traits to display as a potentially successful associate. If you think the standardized paper LBO, model / case study, and “tell me about an investment” is too superficial - what would you suggest instead? Would you want candidates to show more market knowledge or?
It's a valid question, albeit complex to answer. I'll be the first to admit that I don't have all the answers. I lack the tenure in running a business as well as making personnel changes that extend to the scope of sizing we have to deal with. I have no issue switching up the process with people that will directly work with me - as for an entire firm that employs hundreds indirectly, thousands indirectly... it's a lot harder.
The question you asked regarding the classic model is one of the only ones that I like. The whole nature of the question is good - if I'm asking you that question, I'm listening more to HOW you tackle it rather than WHAT you say. What is the breakdown for your investment? Why did you choose to answer this way, did any past experience contribute to it? What information specifically have you retained from past jobs that come into play here? These are examples of questions that can be answered, yet I never even have to ask. After analyzing a candidate's response to that question, I can more-or-less figure out a lot of 'em myself.
However, I like personality interviews more. My rationale is just that people will ALWAYS be able to figure out the numbers. We can teach you the numbers, we can tell you which buttons to push on the calculator. We don't need you to nail one hundred percent of the technical model down to the cent. The personality side, however - not so much. I want to see how candidates react under pressure. I want to see how their thought process when I ask a question. I want to see what they do with the information I give, and spin it in order to give me an answer.
Now, I probably sound like some crazy psychologist or something. The truth is, I'm just good at reading people. I like talking to people, and I like the continual conversation that can flow when their heads are put together. If this entire comment fails to answer your question, then I apologize - again, I don't have all the answers to nailing it in the interview room. I just wish we tweaked some of the questions we asked and stopped focusing on complex math-style simulated case studies that don't tell me what I REALLY want to know. What I REALLY want to know is pretty simple: will having YOU on my team benefit our goals more than the salary that you will be paid? It sounds pretty cold (and maybe mildly sociopathic, so my fault LOL), but that's how I like to look at it.
In the end, I think the key to the interview room is to breathe. Slow down and really think about what you're being asked, ensure you're answering the questions fully, and more importantly - don't be afraid to ask if you don't understand something! I can't tell you how many times I've looked at someone's resume that didn't impress me, only to have them blow it out of the water in the interview room. Makes all the difference!
Best of luck to you and whoever else is approaching cycle hiring again. You got this!
Are most of you looking into these opportunities first or second year analysts?
Bump
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