On-Cycle Strategy / Rejecting Interviews / Reneging
A HH contacted me saying a firm they cover wants a list of candidates who would like to interview, and asked if I am interested in the opportunity. I said yes, but its definitely not my first choice given that it's not in my top location choice, so it's more of a backup for me in case I don't land any interviews with other higher-ranking choices. How will it affect my relationship with the firm / HH if I ultimately turn down the interview if offered one?
And, can I just go through the interview process with firms I am less interested in and, if given an offer, accept it, but then continue recruiting with firms covered by other HHs? Aside from burning the relationship with HH / firm if I renege, what is the downside of interviewing at every firm possible if I am set on landing an offer?
Just trying to get a sense for how to go about on-cycle strategically to maximize chances of landing a solid offer.
Based on the most helpful WSO content, here’s how to approach your situation strategically:
1. Turning Down an Interview After Expressing Interest
2. Interviewing with Firms You’re Less Interested In
3. Reneging on an Offer
4. Maximizing Your On-Cycle Strategy
Final Thoughts
While it’s tempting to interview with as many firms as possible to maximize your chances, a more targeted approach is often more effective. Be strategic, transparent, and mindful of the potential long-term consequences of your decisions. If you’re unsure about a specific move, consult trusted mentors or peers who’ve been through the process.
Sources: 2020 On-Cycle Recruiting Anecdote, Backing out after accepting an offer, On Cycle 2022 Debrief - My Experience, Off Cycle Recruiting Stories, On Cycle 2025 Advice
Bump
If you go all the way through the process and then reject them, that HH is probably done working with you unless you have a great reason (i.e., comp materially below market and you weren't made aware of that earlier)
I would try to decide within 1-2 interviews if you want to continue. If you bow out after round 1 that's fine. People are going to be pretty livid if you go all the way through a process and then turn down an interview because of location.
PE is a VERY small world. I would not have reneging as part of your plans. Off cycle is a long process, if you have location requirements don't interview with firms that don't meet them
Have been told that if you don't take an offer once you get it, that HH will not show you anything ever again (really big problem if it's one of the big 3 HH's) + PE world is super small, so once you get an offer you pretty much have to take it and stick to it. Generally given how quick process moves, it's in best advantage for you to focus on a few firms and focus on converting them since these processes are all running in such quick time. There's also off-cycle where there will be more opportunities for if you don't get your top 3/4 choices.
I was told by my sibling at an MF that one of the main things to do is to focus in on 3/4 firms you would for sure take and really make sure you know them well for on-cycle. It helps you in prep of why firm and also more importanlty makes the process flow smoothly.
Thanks for the response - I've heard this advice, but curious how being so selective works out. My understanding is that it's hard to even get an interview at most firms - especially MFs/UMMs- so if I only shoot for a few, isn't it likely that I get no traction?
For context, I'm at a mid-tier BB (think Citi, UBS, Barclays, CS, etc.) and went to a non-target (good GPA and test scores). Am I correct in assuming that given that I'm not a target school + EB/top BB candidate, it's likely that I won't get looks at most firms that I'm interested in?
I think the solution here is obvious, be selective about firms where you have traction in/ know are competitive for. So, if you are being asked if you want to interivew for somewhere or had in-person events for, good chance you are competitive.
You can also look at where there associates are from; if your bank / group / profile is overall similar, good chance you are competitive. I would think you should target MMs/some of the more open UMMs (i.e. HIG, AEA, TJC, Audax, etc. ) to other backgrounds as opposed to going for the prestige obsessed MF's (i.e. BX, Carlyle, KKR, etc.). You open yourself up to more opportunities from my understanding by showing to the HH's that you know what kind of seat that you want and having credible story / rationale for that. From what I understand, HH's are ultimatlely just trying to get paid and thus are solving for offer acceptances; if you are targetted HH's are more likely to show you opps since they are more confident you'd actually accept the offer (thus they get paid).
Your specific group is one of the biggest factors, if not THE biggest factor, for where you go. Look up alum exits - if no one in the last 3 years has gone to a MF, it's very unlikely you will be the one to change that.
Those firms have some strong groups that send to MF and some that don't
Based on that homework, pick your target firms from there. You're right that if you tell HHs you want BX/KKR/APO and your group/school/overall profile aren't in that range, they're just going to move onto other candidates instead of trying to convince you on MMs.
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