Wall Street recruitment season is coming earlier and earlier every year.
Recruiters for some of the world’s largest and most prestigious private equity firms are firing off meeting invitations a full three months sooner than four years ago, Bloomberg News’ Yueqi Yang reports.
Junior analysts — the most entry level position at most banks — are getting a flurry of recruitment emails just months out of college. By December, their resumes will hit the desks of firms like Blackstone, Bain Capital and more.
Formal interviews begin in January, and within 96 hours, a majority of those spots are already filled, Julie Johnson, executive vice president of Sponsors for Education Opportunity told Bloomberg.
Firms used to have an informal agreement about when they would all begin recruiting. But when companies stopped playing nice, others began recruiting earlier.
“Every January, we hold our breath and hope it will start later,” Susan Levine, the head of private equity recruiting in North America at Bain Capital told Bloomberg.
It’s a stressful time for job seekers, too, as it could lead to being fired from their current firm. Goldman Sachs reportedly began announcing promotions earlier in the year to keep them on board.
But at the end of the day, managing directors at banks don’t want to upset private equity. After all, they depend on buyout funds for a huge chunk of their business.
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