Silver Lake skipping on cycle
“As you know, we firmly believe that the market trend of early associate recruiting compromises both Silver Lake’s ability to make optimally-informed hiring decisions as well as the candidates’ ability to make optimally-informed career choices. Further as you all are well aware, as in prior years, the vast majority of our competitors will not fill their entire 2024 classes and will hold spots, even if they do participate in early rounds. Therefore candidates should know that this will not be their only opportunity to get in front of top-tier firms – including, of course, us. Silver Lake and other firms will respect their decision to focus on their current job, develop their skill sets and take the time to be thoughtful about their longer-term career goals.
In closing and for the sake of clarity, Silver Lake will NOT participate in early on-cycle recruiting with respect to the 1st year banking analyst pool and we will not be conducting any interviews, formal or otherwise (including coffee chats), prior to 2023. We will, however, use this time to hold several marketing events in order to provide this cohort with the opportunity to learn more about Silver Lake.”
Wow..
This is the way. Now how easy is it to renege for those who decide to participate in on cycle? This timeline is crazy this year
If Silver Lake was really feeling devilish they could be candid and say they're okay with candidates who renege on their on-cycle opportunities.
Think the bone to pick would be with the HH. They get a cut of any offer you sign so I wouldn’t sign to any firm with CPI if you want to also try silver lake in 2023
This is da way
Shout out Silver Lake honestly, most firms are sheepish enough to jump whenever the first-mover goes, but Silver Lake is confident enough they'll get good talent without giving themselves an ulcer this week (which is absolutely true, and why the first-mover logic of on-cycle kicking off is so annoying). Based.
This is why Silver Lake is Silver Lake.
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Very big swinging dick move of them. Literally was going to email a HH tonight to reluctantly participate tomorrow thru end of week but going to sit out fully.
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Not very smart to take your first interview ever with your top priority. If anything use this on cycle to practice for next time…
Know of a few UMM firms that are sitting out.
Names?
Class act move, SL
honestly SL wasnt on high up on my radar (thats not to say I would have gotten an offer lol) but definitely is now. Props to HR
Any firms following suit? Is Warburg sitting out or are they delaying (i.e. until next week)?
Warburg is sitting out
Good. I have not heard of one investment professional who thinks that pushing the timeline up earlier every year is a good idea. The very opposite, in fact. Know of many firms that have had to water down usual practices & case studies to comply w/ such a truncated timeline. Clearly pressure generated from HHs wanting to one-up their competitors; that or collusion amongst themselves to further concentrate the industry's reliance on HH firms (knowing that buy-side firms lack internal resources for their own management & that they must either comply or sit out)
HH is theoretically by nature a sporadic and need-driven role. Standardized on-cycle w/ artificial urgency is a cash cow that benefits the entire HH industry YoY
Can't knock the hustle. But this is the first year on-cycle has taken place during the August slowdown which I think is crossing the line. Damn near the most sacred time of the year. No VP/principal wants to look at their calendar on their last few days in Italy and see eight 30 min blocks scheduled
Did they ever end up recruiting?
Curious too
Yeah, SLP and Warburg went already. SLP typically only really interviews 2-4 people at top groups at GS, MS, EVR, etc.
This is not true. Confirming that SLP has not yet recruited for 2024 start
This is inaccurate. There are many other banks represented in their associate class.
If anything, I feel like Warburg is probably more selective than SLP regarding pulling from top groups. Have a bunch of friends from banking go to SLP from LevFin and mid-tier BBs. Maybe the MP location makes it a tougher sell. There's no need to perpetuate a myth that being at a "top" group is necessary to get an interview, because it's is a silly indication of success anyway and everyone recruiting knows that. If you're at a reputable bank, you'll most likely get a look. Banking recruiting has become such a crapshoot nowadays that you can't sufficiently justify that a kid 3 months out of college from GS is objectively better than another at any other bank
Anyone know when they will hold their off-cycle process?
They ended-up skipping off-cycle as well, lmao way to spin your hiring freeze into something positive.
Btw this is a half-joke but really looks like they aren't doing much hiring this year.
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