Should I even bother participating in on cycle from MBB
Hey guys. A little about myself: I am an incoming analyst at MBB from a target school. I always wanted to make the jump to PE after 2 years in consulting. However, because of a serious health condition, I was unable to make any time for recruitment prepping until now. To show how behind I am, I haven't even received a single email from headhunters, nor reached out to any headhunters for all that matters. I would really have to start from scratch if I want to do on cycle this year.
Based on what I am reading online, I think on cycle would kick off in 2 months or so. So that leaves me thinking: should I just rush into this process underprepared, or wait until off-cycle to secure an offer?
I know coming from MBB it is already an uphill battle compare to BB/EB. So I would like to maximize my chances. What should I do from here? Maybe to start, I will reach out to headhunters now to let them know I am interested in PE recruiting?
Most BAs wait until they're ready to leave so no rush genuinly. I would fully wait until you've done ~5 DDs + have technical prep down....truly you will have time...would also keep your relations with HH seperate...so at most interview with one if needed.
You could try to go for a consulting focused firm - like Bain Cap...but otherwise would wait.
Thank you for your response! I know this is difficult but my goal is to break into one of the MF/UMMs. I am a little concerned if I do not participate in on cycle this year, some of these opportunities would be permanently closed. Do you think this is a valid concern?
Also, would you mind elaborating on what you mean by keeping relations with HH seperate? Because I was under the impression that most people work with multiple HHs at the same time
Had the same mindset coming in. Seriously no rush. Most highly focused consultants I know didn't participate in on cycle until after their first year.
Head hunters job is to evaluate you - and so it's best to only interact when you are ready to recruit. Funds are happy to wait to meet consultants - but only will interview you once...so if you blow it because you can't speak to commercial diligence etc...then it's no bueno...
It's pretty rare that consultants only spend 2 years...typically 3 [I know it's not what you want to hear...nor was it what i wanted to hear]
I would honestly start preparing significantly during winter and then plan to be ready by this May...HH will be much happier to talk to you then....
H&F, Bain, Advent, TPG, etc etc. will still have seats and be happy to talk to you...some may have a seat that's 2027 by then as well....but seriously better to wait and get the consultant stuff down first.
Bit of another POV here … as a former consultant I would actually recommend going this year. An underdiscussed aspect of MBB PE recruiting is ratings. Once you get a rating, these places generally only want to interview top bucket and second top bucket analysts, and that’s being in the top 5-10% of literal rhode scholars and Olympic athletes.
I think 2 months is a decent amount of time.., if when on cycle kicks off officially you’re not feeling ready, you can bow out then. My biggest regret as an MBB guy was listening to some of this “oh consultants do 3 years” because when you look at the actual profiles of the MF MBB kids and talk to them on when they recruited, most of them recruited before they got a rating and later got mid bucket.
All of this is to say, by the way, getting into PE is tough from MBB regardless, and it’s probably not healthy or productive to be a “MF or die” type of fella. If you don’t get to a MF or god forbid, go to a LMM/ MM firm, life is certainly not over and in fact some kids end up liking that more.
Thank you for your response! I see. If I want to do on cycle this year, where should I begin at this moment. I am guessing the first step is to reach out to all the major HHs through their websites? Also, If say I didnt get an offer this cycle, can I still participate in off cycle or even on cycle next year to secure an offer?
Also as an FYI - your first review will be your 2nd December, while on cycle kicks off during the summer...when you still don't have a rating.
First step truly isn't to talk to HH - unless you are really 100% prepared...all the kids who got MF offers I know recruited during or after their first summer...
Yes you can potentially participate with other firms. Note that you can only ever interview with a particular PE firm for an associate spot once, and in some cases, if you do a really bad job, headhunters might hold it against you but I haven’t seen this first hand.
Yes you could reach out to the headhunters and in the convo I would just be upfront with them “hey I am really interested in making the move to PE, but am not sure on timing / want to make sure I’m being thoughtful on this coming from MBB. Would love to stay close as we approach on cycle butahain not certain if I will participate”.
Then I would crank my ass off. WHen on cycle happens, if you get interviews and are not prepared, just respond to the headhunter and tell em you have decided not to participate but also like this stuff is less scary than you’d think and I think you could
Learn it .
Is this an US centric view? I'm top bucket at my MBB (Europe) but I never really felt that this is a major hook/getting me the interviews. I know people of my firm who are not bucket who had no different interview outcomes.
A top bucket rating is definitely a hard criterion for both bankers and consultants alike. Several factors can make this less relevant, including the funds you are targeting (for MF it is key to get top bucket), diversity characteristics, etc.
‘Literal Rhodes scholars and Olympic athletes’. Calm down mate. It’s not that difficult to get top bucket. Most of your colleagues are very run of the mill people with a decent head on their shoulders and high conscientiousness plus intrinsic motivation, nothing more.
Id also say - if you’re mid bucket you should ask yourself if you want to go down this road anyway as the odds that you’ll make it beyond associate are limited then anyway or it’ll be an insanely painful grind. And there’s no point doing PE only to flunk out after you’ve done the Associate gears
I think some of this is fair and some of it, respectfully, not so much. Agree that the vast majority of MBB people are not some crazy geniuses and that that was a bit too much of an exaggeration
I do think though it can be due to a lot of luck who gets top and who does not — who gets the most exposure to the most senior people who think highly of the analyst’s work? How do your initial staffings play out? What is the macro environment like when you join?
As I say, I know for a fact of people at top MF who get mid bucket (after recruiting), and people who even got PIPE and recovered and went to good funds. I don’t think it’s fair to see the rating as that deterministic of how things will go in PE, especially since I think we all have a lot of room for personal growth etc.
Also, I can definitely see the other side of this, but going to a PE firm and not getting past the associate spot is not the worst thing in the world. You get some more experience that is helpful for your next gig, and perhaps most importantly, you get to explore another path and see if it’s for you or not.
just for context, you're not likely to have 2 months to prepare. headhunter chats and info sessions have started, and on-cycle is likely going to kick off in May or early June at latest
Dang that’s early. I just scheduled my first hh meeting this week and thought I might still have time to make it. Can you share more about the timeline? When and how did the hh first reach out to you? They came on campus?
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