On Cycle Dilemma

Based on the most helpful WSO content, here’s how you can approach your on-cycle prep and tackle the headhunter (HH) dilemma:

1. Proactive Headhunter Outreach:

   • Since HHs may not have your resume from either bank, you need to take the initiative. Compile a list of relevant headhunters and their contact information. Firms like GoBuyside can be a great resource to identify which HHs cover specific PE firms.
   • Send a concise, professional email introducing yourself, attaching your resume, and outlining your interest in PE. Mention your transition to BofA and your prior experience at JMP/Citizens to highlight your unique background.
   • Don’t rely solely on portals; personal emails can make a difference. Persistence is key—if one HH doesn’t respond, try others.

2. Networking:

   • Start networking with analysts or associates at your old firm (JMP/Citizens) and your new firm (BofA). They can provide insights into the PE recruiting process and may even help connect you with HHs.
   • Leverage LinkedIn or alumni networks to reach out to individuals at PE firms you’re targeting. Even casual coffee chats can help you build relationships and gain valuable advice.

3. Preparation for Headhunter Meetings:

   • Be ready to articulate your story clearly. Focus on why you’re transitioning to BofA, your long-term interest in PE, and the skills you’ve developed at JMP/Citizens.
   • Refresh your behavioral answers and ensure you can speak in-depth about your deal experience. Even if you haven’t closed deals, emphasize the skills you’ve gained (e.g., modeling, CIM writing).
   • Practice a simple paper LBO, as HHs may test your technical skills during initial meetings.

4. Resume and Interview Prep:

   • Polish your resume and ensure you can discuss every detail confidently.
   • Practice mock interviews with peers or mentors, focusing on both technical and behavioral questions.
   • Develop an “investor mindset” by analyzing deals from a buyer’s perspective. Ask senior bankers at BofA for insights on the “why” behind deals to refine your thinking.

5. Timing and Persistence:

   • Don’t wait until May to start preparing. Begin now by reaching out to HHs and networking.
   • If you’re struggling to get on the phone with HHs, consider mentioning any interviews or interest you’ve received from other firms to spark their attention. For example, you could say, “I’m interviewing with XYZ firm but am particularly interested in ABC firm. Do you know if they’ve started recruiting?”

6. Manage Expectations:

   • Understand that coming from a regional boutique and transitioning to a BB may make you a less “tier 1” candidate in the eyes of HHs. This means you’ll need to be more proactive and persistent in your outreach efforts.
   • Remember, HHs work for the PE firms, not you, so their responsiveness may vary. Stay professional and don’t take rejections personally.

By combining proactive outreach, networking, and thorough preparation, you can position yourself effectively for on-cycle recruiting despite the challenges. Good luck!

Sources: Private Equity Recruiting Process (From Banking), From Private Equity Associate to VP in Private Equity, My Private Equity Recruiting Process, https://www.wallstreetoasis.com/forum/private-equity/on-cycle-recruiting-2018-what-to-expect?customgpt=1, My Path - MBA Banking Associate to PE