2022 On-Cycle
Hi all,
Wanted to put a refresher on this since. Now that most BB/EBs are nearing end of training/starting to get staffed, it's starting to look imminent.
On-cycle for 2020 kicked off mid-October 2018 while last year on-cycle 2021 kicked off September 12, 2019. Even given the pandemic it's possible on-cycle 2022 might start in a month or earlier.
Just wanted to keep this communication fresh.
SG has reached out to most BB IBD for information but no meetings yet.
If you hear updates please update with HH, which PE firms, which group you're in (BB/MM/EB), etc.
Comments (43)
Starting to look imminent based on the timing pattern of the last 2 years... hmm I wonder if there's something this year that could potentially affect that pattern
I would assume on-cycle is definitely delayed. By this time last year, people were already meeting / signing up to meet with almost all reputable headhunters. Right now, none of the headhunters are requesting meetings and most haven't even reached out for information.
it is delayed until winter 2021
Can confirm
Source?
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Learn moreInteresting thing is MS analysts have been on the desk for a month. Some are close to announcing deals already (not many but a few). Seems like they'll have the upper hand the earlier on cycle is
Meanwhile at Citi we just started training and won't get staffed until September...
The only banks that have analysts that hit/hitting the desk this week are GS, MS, UBS, JP, and BofA.
Yeah pretty much lol
Have a close friend who is an associate at a NYC MF PE office. Says they will only plan to hire 1, maybe 2 if they believe the candidates are exceptional, during the first wave of OCR. For reference, the average class size in this office has been 5-6 associates per year.
I have heard this is true if on-cycle is virtual / early this year. If it is in-person in say, November or December, I bet the hiring will be fairly similar to years past (hire most of your class on-cycle, leave a few spots open for off-cycle).
Is there even a point to on-cycle recruiting if firms are planning on taking way less people? It seems the risk of losing your gateway with a HH if you don't recruit successfully is now much greater than the reward of getting something through on cycle vs just waiting for off cycle.
It's been said multiples already but deal experience is not very relevant for on-cycle PE interviews. If you've been on the job for 1 month and you are about to announce deal, what do you think you realistically did do drive that process forward? Maybe a few stock price charts and setting up call invites? Interviews are much more about answering technicals correctly, showing that you're a cultural fit, and you have a genuine interest in investing. I repeat deal experience does not matter.
I know many first years in my banking group that got MF offers without ever even going into a VDR. It's a much different story for off-cycle, but any PE firm interviewing fresh grads after a few months of banking won't care about the calendar invites you sent out to "announce" the deal.
agreed. even a pitch is fine if you can talk intelligently about the deal (as in you didn't just blindly do whatever but you were thinking thoughtfully about the merits of the deal)
If you're in a group like MS M&A there are definitely deals that begin and sign within 4-6/8 weeks. So those analysts definitely have a huge leg up
Yeah but those analysts have leg up on everyone anyways by virtue of their group placement
This year sounds like it's gonna be a winner take all
Good luck folks
I don't think this is true! From speaking with past successful IB -> MF on-cycle: they all said the main focus on interviews was deal experience and more importantly what they thought about the deal from an investing perspective. Obviously they all nailed the LBO and technicals. Again, maybe they don't particularly ask for deal experience in interviews, but this is what the successful candidates all seemed to confirm. I think you really need a step-up especially given how many target school + group first-years are now seeking to get into PE on-cycle and how prevalent all these technical guides/case studies are nowadays. It's easy to study technicals and practice modeling tests but the deal experience is something not replicated so easily/quickly through self-study. Really gotta be in a good group / good deal staffing to have that unique transaction work to talk about, especially with NYC MF associate classes numbering 50 or fewer...
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Friend in MS M&A got reached out for meetings for HSP
Was it an email blast across several groups or just your friend?
Said just within his group. (not rest of MS IBD apparently?)
Same
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Any other other BB or EB groups get emails from HSP?
At mid tier BB coverage (Barc/BAML/CS) and haven't got anything
C'mon there was already a thread for this. We couldn't just keep it all in one place?
Bump
Any insight/rumors on when this is expected to kick off?
Heard rumors from a smaller HH of Late Jan/Early Feb virtual kick off
Hello all - does anyone have an update on this?
also interested - anyone know / can guess when the on-cycle will start?
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