What happens if I didn't get on-cycle?

Had a couple of buy-side interviews in the insurance acquisitions/asset management space (think MFs). I think I did well and received good feedback in both processes but did not get the offer in the end. 

Obviously, I plan to just go A2A for now. More seriously though, I want to keep trying to apply to shops as they have openings but also wait for next year's rounds and try again.

Is applying again / going through processes as a first-year associate common or is it looked down upon?

Other than that, I plan to tighten up my interviewing and technical skills. Are there any books on buy-side interview prep you recommend?

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