PE 2nd year oncycle freaking out

Didn't participate in oncycle this year, just wasn't prepped and it was my fault, but at a T1 bank, and I am planning to do offcycle if there are still spots but will do oncycle as a 2nd year analyst. ( we don't have a 3 year program but I am assuming if I ask to extend they can). What would be the pros and cons of recruiting oncycle as 2nd year, and would the same opportunities arise

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