Skipping on cycle?
Currently a first year debating whether or not to do on cycle from GS/MS
don’t feel anywhere near ready to commit to on cycle, but am afraid that if I don’t I’ll be fucked if I change my mind later. I also don’t want to do a third analyst year cause my groups a fuckin sweatshop, so doing on cycle as a second year isn’t really an option, so I’d rely on off cycle opps that still align with the 2-and-out IB timeline.
Are you screwed if you don’t do on cycle? Specifically targeting growth and VC which may be a benefit since less participate in on cycle (esp VC)
How does off cycle even work for VC/GE?
do reputable shops still participate? Is it headhunter or network driven? Does hiring happen in advance like on cycle or whenever needs occur?
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Bumping hard as a motherfucker lol
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Also bumping on this
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Really hard to commit to another 2 year program right now, and similarly clueless about what stage and geography I would even target (VC v Growth v buyout; NY or SF). Definitely could be interested in startup or big tech roles if I don’t want to work 80 hours/week anymore.
just a lot of unknowns and forced to make big commitments, thinking that I’ll take a marginal sacrifice in exit quality to make a thorough decision. I’m at a top bank and have a few solid buy side internships so don’t think I’d be exactly killing my exits by skipping on cycle
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Definitely not screwed if you skip it, especially if you're thinking growth/VC and not MF PE. An increasing number of firms will fill like 50-75% of their class with on cycle and then leave a spot or two open for off cycle, so really a good number will still be recruiting later on. Still very headhunter driven, and most will be for normal end of your second year starts although some will always be looking for immediate hires.
On cycle is shitty because you're forced to make a decision in hours without being able to diligence culture/fit, and you end up turning down interviews to focus on whatever firm you like most.
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I’m a 1st year at an EB in NYC, from a non-target, non-diversity background. I can’t give much prescriptive advice, but I’ll describe my values and thinking.
Personally, I will only aggressively recruit and accept an offer if I really, really want that specific one. Life is too short (and I’m too blessed) to do jobs I don’t like. If I’m a good analyst, I trust there will be an abundance of opportunities for me, so I prefer to focus my energy on learning in my IB role to set myself up to succeed, whether I choose PE, GE, VC, HF, corp strat, start-ups, etc., instead of chasing jobs I might not even want or like, deep down.
Additionally, places that recruit on-cycle almost always kick you out after 2 years, which really reduces the value proposition in my mind, because you can only enjoy the benefits of a great decision for 2 years. You better really want that job and/or be happy to leave after 2 years.
Next, I highly value a great team culture, which is obviously very group or team-based. I believe the on-cycle process generally masks the culture, and this information asymmetry (among others as well) makes me hesitant.
This seems like a good place to point out that many IB analysts make the mistake of “following the crowd” into IB and are very unhappy. I find this is most common for analysts from target schools. Be wary of this.
There truly are countless exciting companies and teams out there that would love a great analyst who can think independently and critically. Start thinking independently and critically with this decision, now, just like your best MD does with clients, so you can land the job you actually want. Live your best life, king. And happy new year everyone
You’re the man. Really appreciate the perspective.
Tangentially, how does buyside recruiting work for ppl who lateral to "better" banks after 1+ year of being an analyst? Don’t you miss on-cycle in normal years by doing so? Have always wondered if it actually helps in recruiting or is a move made for career bankers.
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