How Committed Are You to On-Cycle Recruiting?
Hi all, long-time observer here who has now been working in banking for about a year. I had initially gone into the role fully expecting to do the traditional IB --> PE path, but after my experience thus far, I'm extremely hesitant about the process and subsequently the extensive process of preparing for and undergoing interviews. While I definitely do not feel that I've had the worst experience out of my peers and their respective groups, the lifestyle of banking has certainly taken a toll on me over the past year.
Perhaps I'm burnt out, nervous that the buyside will be exactly the same as banking, unsure about my long-term career goals, or a combination of all three. As we likely approach the beginning of on-cycle recruiting for 2022, however, any thoughts or perspectives on the upcoming wave would be greatly appreciated.
Those in a similar position as me - Are you still fully committed to the on-cycle process? Has your time in banking affected your mindset at all, or how are you thinking about all of this? If it has, what would you pursue instead?
Those who recently went through buyside recruiting or who have been in investing roles for more time - Are you glad that you went through with it? Am I being short-sighted about the process?
Given my time spent on WSO, I also recognize that this is not a new or novel topic - Plenty of posts have revolved around reservations in this regard. I acknowledge that I am fortunate to have this type of choice in the first place as well, and it's certainly not one that I take lightly. With that said, I have not seen this type of post appear recently, nor have I seen it specifically in relation to a very near-term on-cycle wave. As a result, any wisdom or insights would be very helpful, and hopefully this is beneficial to others with similar sentiments. Thanks!
If you're feeling hesitant, wait a year. I thought the whole process was ridiculous so soon after entering IB, so I didn't do it. I recruited 2nd year and ended at a great shop where I'm now really happy (and still really enjoy PE). Waiting a year will help you shake out if this is the track for you, and if you're good, plenty of opportunities will be there for you in 1 year, 2 years, even 3. Don't be afraid to do things your way.
Hi, what kind of shop are you at? How have the hours been compared to banking? Enjoying the work more?
In the same boat at an EB, and so is almost everyone I know in banking. You are not alone. Only people (literally a handful) I know that are truly all-in on on-cycle seemingly haven't even taken a moment to consider whether they really want the life they are killing themselves to race toward. Talked with a friend that falls in this camp last week - ~3.9 at a top target, top group, great personality, basically perfect candidate - and they said that they hate banking and what it's done to their life (and they don't expect PE to be any better), but "it's too late" for them to think about what they want and have decided to just putting their head down to do what they think they have to do. Pretty disillusioning. Also not really sure what to do…
That is the dumbest shit I've ever heard
What about the complete opposite... liking banking and wanting to stay?
Megafund or bust
Great post. I feel like I am in a similar boat. I recently started by 2nd year as an analyst at a MM bank and have been thinking hard on whether I want to participate in this process. When I was a first year analyst, I felt like I was doing everything I could to stay afloat and not make mistakes. I didn't feel like I was really contributing to deals until month 7 or 8 or so. I sort of feel like that's where the "imposter syndrome" comes into play. In reality, I'm sure I learned a ton, but it doesn't really feel like I did.
Going into year 2 of my analyst program...about 70% of the analysts in my class quit for a multitude of reasons. Given the shortage of analysts as well as the high market activity....I've been insanely busy. It's been great deal flow and I'm getting great experience, but I hate that I never have time to fully sink my teeth into a deal and really learn the business. The reality is, I'm getting through work as quickly as possible so that I can jump to the next project. It's a never ending cycle. Initially, I was really looking forward to being a 2nd year analyst, because I saw what the 2nd years were doing when I was a first year. They were getting to be more selective on deals they took on and were really able to dive into the deals that they were working on. I haven't been able to really do that and it worries me to recruit with how busy I am.
I've worked on so many transactions (which I'm very grateful and lucky for), but I do not feel confident that I know the company's and the businesses well enough to be grilled in an interview. I 100% see myself going to PE in the future, but I'm thinking about waiting one additional year. I mainly do not want to compete a process and blow a bunch of interviews and opportunities. If I wait a year...my hope is that things will have slowed down and my bank will hire more people to spread the work around.
That's my long winded answer, but I can relate with the stresses you are feeling.
Deleted due to controversy
Is she hot, and does her dad work in high fin-ance? 🥸
I feel this sentiment pretty hard - year 1 in banking was tough, but knowing that private equity associate programs continue to build out your analytical abilities after banking (which has felt more like a crash course in corporate finance with a larger focus on learning deal process) I still feel okay about going into on-cycle. It feels like if you’re definitely interested in investing, there’s never going to be a time as a banking analyst you’re going to feel like you have tons of time to prepare and that the stars are aligning so that you’re going to feel supremely confident going into interviews. The feedback I’ve heard from mentors is that if you put in the effort to just get familiar with the process / the firms you’re interested in that it’s really not terribly difficult if you’ve had a year of experience. Could be way off base here but just my 2 cents on on-cycle.
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