The Shifting Landscape of Private Equity Recruiting for Junior Bankers
If you're an incoming junior banker aiming for a role in private equity, you might assume Jamie Dimon, CEO of JPMorgan, has given you an advantage.
After Dimon announced that JPMorgan would no longer accept first-year analysts who join with pre-arranged private equity offers, many U.S. PE firms began stepping back from their longstanding practice of locking in junior hires early. However, recruiters say this practice hasn’t disappeared entirely.
“Private equity firms will still be hiring this summer,” says Anthony Keizner of Odyssey Search Partners. “It’s a very competitive market for talent, and they aren’t going to sit on their hands.”
Early Offers May Still Be on the Table
Keizner believes junior analysts could start receiving PE interview calls at any moment.
In past years, firms like Apollo, Carlyle, and KKR launched intense recruitment drives, targeting new analysts before they’d even begun their investment banking jobs. The process often involved:
- All-night interviews and LBO case studies
- Offers made for PE roles starting 18 months later
- Hiring completed even before banking training started
This is the kind of practice Dimon is pushing back against. In response, Apollo, General Atlantic, and TPG have all stated they will pause early recruiting.
But the Race May Still Be On
Keizner warns that despite these pledges, many other firms are ready to act. Once one private equity firm resumes interviews, others are likely to follow quickly.
Last year, this early hiring activity began around this time. One candidate reported flying into New York for interviews at 2:30 a.m. and 7:00 a.m.—before they’d even started their banking role.
Evolving Approaches to PE Hiring
Despite the fast pace of the process, some shifts are already occurring. PE firms are now:
- Hiring later in the cycle
- Diversifying recruitment methods
- Training their own analysts internally
- Increasing MBA recruiting
Keizner notes that the traditional approach is fragmenting, and a broader variety of recruitment strategies are being tested.
A Contrast with London’s PE Market
In the UK, private equity recruiting has always followed a slower rhythm. Junior bankers usually:
- Work in banking for 12–18 months before interviewing
- Receive offers close to their move-in dates
- Leave after receiving their bonuses
“The brutal one-night hiring exercise is a U.S. phenomenon,” says Rupert Bell, CEO of PER, a PE recruitment firm.
What Should JPMorgan Juniors Do?
Even with Dimon's policy, some insiders warn that junior bankers who skip early interviews may end up at a disadvantage.
“If you're joining JPMorgan and want to interview for a PE job, don’t mention it,” says one recruiter off the record.
He adds that many incoming hires only joined banking to access the buy-side—and that changing the rules after they’ve signed offers is unfair.
“A lot of these people only wanted to work in investment banking so that they could get to the buy-side. To be told they can't accept PE offers just as they're joining is therefore harsh and career limiting. The rules of the game were changed mid-match.”
