On Cycle 2025 Advice
After probably 50-100 1st year analysts reach out to me for advice on on-cycle (pre-cycle?) 2025 recruiting, I'll sum it all up here:
1) Just because the process is starting doesn't mean you have to jump into it. The earlier on-cycle recruiting goes, (i) the less firms that participate in on-cycle - especially when it's this ridiculously early and (ii) the less spots are actually filled during on-cycle vs. off-cycle
2) While there will be less candidates you're competing against in on-cycle, there will still be all those hardos who graduated early to spend their 2nd semester preparing for buyside recruiting / have been recruiting for the last 6 months so it's still an ultra competitive process
3) If you're not from a super demanded background (ultra target / DEI), you're going to get lost in the sauce of on-cycle recruiting, so just wait until you have more time to prepare and can really stand out with deal experience / crush technicals and behaviorals
4) Don't get swept up in this panic and go to a MF for the sake of the name. There's a ton of cool opportunities out there and the vast majority of spots aren't available on cycle.
5) You can do a much better job diligencing the interviewing firm (directly and back-channeling) when you go off-cycle, so if you care about culture / WLB at all, then you should probably sit this first wave out and do your homework.
Just my humble opinions...
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Totally agreed - v good advice OP.
I mean if you’re ready it’s way easier to secure given you have time rn not working and off cycle is brutal
Really appreciate the advice. Would it be frowned up to interview with one or two funds and then bow out of the process? Would it be seen as time wasting or is this perfectly valid? Just don’t want to burn any potential connections. Thanks!
You'll likely burn the bridge with the firm that interviewed you, but there's a million firms out there so who cares. The headhunters are going to want to place you no matter what so if you screw up in the 1st wave and then pull out to say you want to prepare more and then come back later, they'll still work with you.
Not frowned upon at all - everyone knows on cycle is short so do what you have to do. Headhunters will understand up until the point you accept an offer.
I prefer my coffee like my equity - strong and full of potential
Good summary. I'd add three points:
Hey, we have just announced a PE Interview bootcamp for July 21, 2023. Check it out here.
Is this applicable in the UK?
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