On-Cycle Cancelled
Apollo is the first MF to drop out of on cycle recruiting for the class of 2027 following the new JPM rules.
Any insights or thoughts on if this is the beginning of the end for on cycle timelines? Will anymore PE firms follow suit?
Expecting other firms to follow suit. Understand the rationale completely given the ridiculous timeline but nonetheless frustrating given HHs and firms have had us (those intending to participate) preparing and sacrificing our last bit of free time to be ready to interview. Wish this would have been communicated earlier but I guess JPM’s statement drove it home.
Agree that this seems it will keep things quiet for a while - just reinforces the notion that everyone is reluctant and reduces the competitive tension significantly in my opinion, which makes it less likely to kick off.
I think now firms feel less like they ‘need’ to kick it off since things are quiet and Apollo just did this. Good groundwork for it to be pushed back at least into training when there isn’t this reluctance of hiring people ‘before they’ve even started work’ (ik training still early but just seems/sounds different than hiring before that even starts).
Because the pattern of it going early was broken, people also just went off and travelled which is just another reason for firms to wait (since now it seems like they may acc be able to).
Got email from GA - cancelled as well
can u share contents ?
We encourage you to embrace this opportunity with energy, commitment, curiosity and an open mind. These early experiences will shape your vision for your future and help inform the decisions you make about your next steps.
In support of that transition, General Atlantic does not plan to conduct formal interviews or extend offers this year for the Associate Class of 2027. This decision reflects our commitment to making long-term, thoughtful choices about the talent we bring into the firm and the culture we cultivate, while also allowing you the space to prioritize your development in this stage of your career.
got same email same contents as apollo essentially
I don’t want to get too speculative but this exact thing happened a little over a decade ago. GS and MS banned PE recruiting and fired analysts over accepting offers and the firms thought they were going way too early (Q1 of your first analyst year).
A group of the big funds all came together and publicly announced they would wait another year to recruit analysts and, surprisingly, all held to their word. However a bunch of middle market firms that traditionally went off cycle saw this as an opportunity to hoover up talent pounced on more or less the typical on cycle timeline. This being immediately post GFC, most analysts were risk averse and even top candidate who would have been sought after by the megafunds ended up accepting MM offers and by the time the megafunds got around to recruiting they were left with some pretty subpar talent. The next year oncycle recruiting proceeded as normal, earlier than ever, and we found ourselves in the place we are today.
Don’t know that’s exactly how it’s going to play out but given that’s ancient history now wanted to share some context with the youths here. I was part of the class immediately after this happened so have some vivid first hand stories from analysts in the classes above me on how this all went down.
Interesting - difference in risk now is analysts had less than a year back then to get an offer
I think THL going early and only filling one seat gave everyone else a lot of confidence this time around that the top talent will hold out
THL is not the gauge for anyone lol...
W Dimon
General Atlantic joined Apollo. Well, lots of PE firms have hired enough people anyway, so instead of implementing a hiring freeze (does not market well) why not "agreeing" to pause hiring and score some brownie points with Jamie Dimon. Not a coinicidence the exact same thing happened shortly post GFC
Interesting that both are ratio clients - wonder if clients of other HHs will follow
Dont worry, most of yall werent going to get into Apollo anyways
Ratione rem non quisquam voluptatem doloribus porro mollitia officia. Rerum fuga maiores et aut alias. Exercitationem non beatae enim saepe nisi. Voluptas voluptatem quisquam error aut ex. Sed repellat necessitatibus incidunt esse est cumque tenetur possimus. Est exercitationem minima dolores aut similique ut tempora.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...