In an unprecedented timeline, on-cycle private equity recruiting kicked off on late June this year, before first year investment banking analysts even hit their desks for training after graduating from college.

This is the earliest on-cycle kickoff in history.

For those unfamiliar, on-cycle PE recruiting is the process by which the largest private equity funds tend to recruit their associate classes.

This process has historically kicked off 1-2 years before the PE job start date (see more here) however, this year, the process was over two years in advance.

Private equity is a human capital game, and this results in a war for talent. PE firms want to hire the smartest and most driven analysts before their competitors do, resulting in a unique expression of game theory: should firms hire early based on resumes, or wait for analyst to have a few deals under their belts and hire for experience? If PE firms wait for their competitors to kick off recruiting, they might miss out on the most well-prepared analysts…

Frankly, we think hiring this early has gotten out of hand, and many firms agree. While megafunds like Apollo and KKR continue to interview as early as possible, other PE firms have opted out of the early on-cycle recruiting rush. Especially as last year’s August on-cycle kickoff showed, many analysts simply weren’t prepared for interviews and some PE firms did not end up filling their associate classes during on-cycle, instead deciding to hold off and conduct multiple waves of interviews on a “rolling admissions” basis.

If you missed the initial wave of on-cycle for 2026 start dates, don’t worry. There is still time to prep for upcoming interviews. We at OfficeHours have helped analysts navigate on-cycle recruiting since 2020, and we know how to help prepare efficiently with a hands-on approach from coaches who have experienced multiple cycles of PE recruiting. More resources for on-cycle prep here.

So the question becomes…

Is On-Cycle Right for You?

Pro Tip #1: Do NOT Accept Any Headhunter Calls if You Are Underprepared

The reality is that, especially amongst the top headhunters, it is a system of “one strike, and you are out”. These headhunters hold the key to your access across multiple top-tier job opportunities. Failing an interview/intro discussion doesn’t eliminate you from one buyside process, but rather, several processes in mere seconds. It is perfectly acceptable to deny an intro call (while respectfully asking to keep the door open for possible discussions in the future) while you work to figure out those “what’s” and “why’s” that I mentioned earlier in this article.

Pro Tip #2: Recruiting for On-Cycle is Easier than recruiting for Off-Cycle

Think about it…

They’re going to ask you behavioral questions, technicals, modeling questions, you’ll have a modeling test, they’ll probably ask you why you want to join, why you want to leave banking, why you joined banking, what’s your favorite portco, what’s your least favorite portco, why you picked your university… etc. etc. For the most part, the questions will be more about YOU and LESS ABOUT YOUR EXPERIENCE because you won’t have much career experience to share.

Pro Tip #3: No Experience? No Problem. It’s not expected!

When they ask you about your deals, metrics, did you hold the pen on the model, what did synergies look like on the M&A front, did you think through revenue builds, organic growth, inorganic means, etc. etc… What deals/metrics and model are you going to talk about since you’re only in training?! There is less for you to reference during an on-cycle process vs. an off-cycle process because of your limited experience!

You will be asked to tap into your summer experience and your understanding of PE knowledge, dealmaking, and their firm. PE firms are banking on the fact that you will get experience going forward because of your group’s reputation.

If you recruit later when you have more work experience, they have more to ask you about — simple.

Interviews TODAY will be easier. Interviews LATER will be harder.

We hear story after story about how some people hold all the power, and this can come in many different forms – it might be a bartender that just won’t take your order on a busy Saturday night, that ruthless MD that has a stranglehold on all the top client accounts, but trust me when I say, it can be absurd how much power the buyside headhunter holds on your post-banking recruiting journey.

Pro Tip Bonus: Do the Prep Sooner than Later!

Schedule a call with a coach today to go through the necessary steps you must take before working with a headhunter to kick off your recruiting journey. Make sure you don’t miss the next wave of interviews.