West Cost IB to NYC PE - On-Cycle Recruiting Logistics
I am an incoming analyst coming from a top BB/top group in LA/SF (non-target, strong GPA) and interested in pursuing PE opportunities in NYC. I grew up in the northeast and most of my family is in NYC and other nearby northeast cities, and for other personal reasons, I am dead set on NYC PE (not really about prestige, etc.).
I have seen threads on this before, but they are all pretty spotty and would love some up-to-date info given how COVID may have changed things. Mainly curious about a few things.
- What are the specific logistics for on-cycle recruiting going from LA/SF to NYC? I am fine taking a last minute flight, etc., just want to know what to expect and how to prep for it given how sudden things happen.
- Will doing the coast jump limit any of my opportunities, assuming I am in NYC once on-cycle kicks off, or will I see the same opportunities as people in the same bank/group from the NYC office? Are west coast bankers seen differently by NYC PE firms? Thinking MF/UMM.
- What is the best way to communicate with HHs about the move to make them understand my interests/reasoning in order to get the best interview requests possible? Are they wary of people trying to make the jump?
- Is doing the coast jump easier/possible during off-cycle since the processes move slower and I can do interviews remotely?
Would love to hear perspectives from people who have done this before or know any specific details/tips.
Thanks all!
In same boat, bumping for traction
whats ur gpa
From my / my peers experiences, Headhunters seemed very receptive to preferences in location (especially if you explain your rationale for wanting a specific coast / city). It makes their job easier when candidates are very clear and explicit upfront about preferences. When recruiting during on cycle, I had a strong preference for a particular city (general family reasons) and said I wouldn’t take an interview for a position in a different city and headhunters said no problem and that they appreciated the honesty.
Thank you, thats really helpful to know. In your experience, how do you go about timing for going across the coast from when you first hear from headhunters? i.e. how much time do you have from the first headhunter reach-out to be in NYC before interviews/coffee chats start?
Really appreciate it
I think there’s a general idea when on-cycle might be happening so you should have some clue (HH reach out to 2nd years in groups for contact info, HH start reaching out to you, people at firms who you know might tell you to keep an eye out and that it could happen soon). Important to caveat that this is everyone speculating. I know a few people on the west coast during last on-cycle and they “happened” to be in New York that day. People have said definitively on the forum, but I think it was something like a week / week and a half between the first HH reaching out and the first interviews but it totally depends. I do know some firms that have offices on both coasts will host interviews on either coast and some do hop on the next flight to New York to be able to recruit.
I went top BB in SF/CHI/LA to a NYC MF (BX/KKR/APO/CG/WP/H&F/Advent etc.) from a target a few cycles ago. NGL felt like a second class citizen with both HHs and funds. Getting interviews was one thing but converting was another and now that I'm on the other side helping with recruiting, it really does make a difference. Logistically, it's difficult to fly ~5 hours from SF/LA to NYC on a whim. 2021 class had the benefit of virtual interviews, but we were fully in-person this cycle and presumably every cycle thereafter.
Personally, I found off-cycle to be a lot more receptive than on-cycle because we rely less on strength on paper and allow for more capacity to showcase your deal experience, which makes the process a lot less random. FYI, we filled the entire class through on-cycle and I didn't see any non-NYC analysts in the pack
any advice on how non-NYC folks should convert NYC MF offers? Is off-cycle the only way?
MF is a crapshoot for everyone regardless of background, especially for the funds running analyst programs (BX/KKR/WP/Bain) because there simply are fewer seats to go around. When you're only hiring ~5-10 per year, the process starts to get a lot more random and because there aren't that many spots, we could probably fill the entire class with HYPSW summa cum laude kids from top banks if you consider that a barometer of success. Anecdotally, my banking group had ~30 kids all gunning for the same spots with the same stats, so everyone starts to look the same on paper.
Off-cycle isn't the only way, but I found it to be more reliable and gives you more time to talk to different funds, learn about the nuances between firms, and ultimately decide what you want to do. If you are "disadvantaged" in any way (i.e., regional office, semi/non-target, etc.), you're probably more likely to get the offer because longer and more rigorous processes create opportunities for you to outperform your peers
OP here - really appreciate the candid answer. Honestly surprised that its harder to convert than get the interview. A few follow up questions - Assuming i want to maximize on-cycle recruiting, what are some things you'd say one could do to set themselves apart in the interview process from NYC analysts? Also wondering, how many solid MF/UMM opportunities come through during off cycle and how can you best get exposed to those opportunities?
Also would caveat that this is assuming I would make logistics work flying to NYC for on-cycle on a whim.
Thanks for the help here, much appreciated
Are you in buyout or growth
Not sure if you are asking me lol, but I'm starting in IB this summer and targeting buyout
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