What happens if you go for on-cycle and don’t land an offer?
Given that only ~110 people landed on-cycle offers last year (according to CPI), what happens to the people who declared and went on-cycle but didn’t land anything? Are you just considered damaged goods, or do you still get shown to good clients (MFs, brand name MMs) if you have the right boxes checked (Target, GPA, Top Group)? Any info from this past year specifically would be helpful. Currently an incoming AN at an EB who was dead set on on-cycle but am now having second thoughts.
I wouldn't get too far ahead of yourself (assume you're still a college senior...). There's lots of reasons that people don't place (changed mind on geo or sector, failed model exam, unlucky, etc.). Generally, if you end up not placing, I would just be proactively prepared with your pitch/story (wasn't fully prepared but did XYZ to compensate and feel more confident now; changed mind on what I was looking for after getting exposure to XYZ deal, etc.)
Ultimately, there will be some 'damaged goods' concern if you advanced to a bunch of superdays and struck out, so your formal and informal references will probably become increasingly important (i.e., do a good job at your bank so people will hear positive things when they back-channel).
The most you can do is (i) prepare as best you can (know your resume, prep for accounting questions, know how to perform model tests and paper LBOs, know your internship deals, (ii) try to be deliberate with where you recruit (to avoid stretching yourself too thin or missing opportunities due to travel, etc.), (iii) perform well in IB (internship and full-time, particularly if on-cycle tips off a tad later so you have a bit of time on the desk).
I think it only becomes an issue when you do multiple interviews and consistently strike out. I think recruiters are empathetic to the fact that on-cycle happens egregiously early and that even strong candidates may not land their first on-cycle interview.
If you feel ready (can answer behavioural and deal experience questions, can do moderately difficult model tests) I think it’s worth going for on-cycle. See how your first on-cycle interview goes. If you’re striking out in the first few rounds, that’s your sign to withdraw and spend more time prepping. Also be ready to explain yourself to HHs in the future in case they ask if you participated in on-cycle (ex: “I participated in ABC firm’s on-cycle process but decided to withdraw when I realized it wouldn’t be the best fit because [insert reason]. Since then, I’ve prioritized firms that are [describe the type of firm you’re interested in] which is why I’m speaking to you today about XYZ firm.)
There’s also no shame in waiting for off-cycle. Lots of opportunities exist past the 2 day on-cycle window and increasingly more candidates are opting to recruit after they hit the desk.
Do you think being at a smaller bank but being extremely prepared for on cycle is advantageous and can lead to better placement? Or does that fact not outweigh being at a lesser known firm?
On-cycle is becoming increasingly smaller as it gets earlier, it depends on the smaller bank. If you mean smaller bank as in headcount like PJT you will be fine. If you mean some boutique that is niche and no one has ever heard about it will likely not even matter how prepared you are, you will simply get screened out before you get into most processes.
Being at a smaller / lesser known bank is not advantageous. It’s hard to get your foot in the door with headhunters and prestige-driven firms. Your best bet is to network extensively and hopefully get interviews from the inside (versus just relying on headhunters)
A lot of people drop out pretty early, they don't get interviews or get cut early on and they pull out. As long as you aren't flunking multiple superdays, HHs are happy to keep you recruiting.
Top MFs mostly fill through oncycle, but you can land UMM/MM for sure in offcycle
you get sacrificed to the 7th circle of hell
Yeah I guess I'm cooked. Guess I'll grind to MD, they're already there.
Generally your fine with most firms except ones you interviewed on cycle with.
del
Interesting, I've never heard of that occurring. If I might ask, are you a woman/diverse?
Nope asian male
110 seems low - over 100 PE/HF firms on cycle and many hire 2-5 candidates?
Agree. I know plenty of larger shops with 6-12 person classes and MMs with 3-6 person classes. Doesn't really add up.
There definitely were not 100 firms that did on-cycle lmfao
Only 25 firms went on-cycle this past July - CPI confirmed 110 total placements across those 25
Maybe that's CPI clients only. Hard to believe they're aware of every single firm in-market and slot closed, particularly for PE clients whom they don't represent, but maybe I'm wrong...
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