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 after they've graduated college and started at desks on banks across Wall Street. And by the end of the year, many of them will likely be interviewing at some of the biggest private equity firms on the Street.
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. Recruiters for major firms told Bloomberg that they wish the season would start later, but every year someone inevitably jumps the gun.
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 when all is finalized at the end of the grueling, months-long process, only a small percentage of thousands of junior investment bankers will make the jump.