How long does On-cycle last?
I have heard that several firms go at the same time. Anecdotally, it happened over a weekend last year? How true is this? Or do some firms schedule interviews later during on-cycle as well?
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Yes, typically lasts 48 - 72 hours. If successful and you receive an offer, it's usually explosive on the spot. In other words, you have no time to shop it at other funds and if you walk out of the room the offer is gone.
Makes sense- so let's say two funds go at the same time, I presume you have to make a decision on which one to interview with (assuming that you receive these interviews)? Or do funds make the effort of not being all at the same time?
The former. You have to decide who you will interview with. Sometimes it even may be worth it to leave a fund in the middle of your interview process to head to a different fund you may have a better shot at. The funds will literally hold you hostage - you can spend 12 hours at a fund, get to the final round, then get cut and have no offer, while also having skipped out on a handful of interviews at other funds. I've commented on this before, but it helps to be aware of how funds make day-of decisions. I.e., KKR is notoriously prestige and "strength on paper" driven. So for example if you are interviewing at KKR but have a mediocre background on paper (i.e., semi target undergrad, mid level bank, not a 1600 SAT) and have another interview coming up at a different fund, it is likely in your best interest to leave KKR and head to that other fund. It's all about increasing your odds of getting an offer. It is really impossible to overstate how competitive and fast this process is, and how much luck plays a factor. This is why it's not super wise (in my opinion) to draw broad conclusions about certain exit ops of a particular group/bank; that's not to say there is a zero correlation between the strength of bank/group and (this board's perceived) strength of exit, but the correlation is definitely not even close to 1, and I think it has more to do with preparedness, prior self-selection, and of course the aforementioned luck factor.
This is literally the best comment in the history of this site.
if you had to guess what percent of people that end up going Umm/MF get offers during on cycle? Are there any notable top UMM or MF that don’t do on cycle?
usually 3-4 days.
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