Earlier this year, JPMorgan threatened to fire analysts who accepted future-dated job offers in an effort to curb the loss of junior talent to private equity.
The move prompted swift responses from other banks and PE firms, effectively ending the on-cycle process that once pushed analysts to secure PE roles just months after starting their first jobs.
While this shift has created uncertainty, it also opens the door for a more deliberate and sustainable recruiting market. Analysts now have time to deepen their experience and pursue PE roles with greater intention, rather than racing against an artificial timeline.
In our recent webinar — Preparing for private equity recruiting in 2026 — industry leaders shared five key insights on the evolving landscape and what it means for candidates targeting PE roles next year and beyond.
Speakers included:
- Wilson Ren, Vice President at RFE Investment Partners
- Dan Baker, Senior Director at ECA Partners
- Graham Banks, Head of Business Development at Cogenuity Partners
1. Recruiting timelines are slowing
With the end of aggressive on-cycle recruiting, analysts are no longer expected to interview for PE roles immediately after starting work. This provides both candidates and firms with space to approach recruiting more thoughtfully.
“It allows candidates to be more intentional and private equity firms to hire stronger talent,” said Wilson Ren. “The rushed recruiting mandated by the on-cycle process led to suboptimal outcomes for both PE firms and the associates ultimately hired.”
The rushed recruiting mandated by the on-cycle process led to suboptimal outcomes for both PE firms and the associates ultimately hired.
Wilson Ren, Vice President at RFE Investment Partners
Apollo CEO Marc Rowan summed it up in a letter to potential recruits: “When great candidates make rushed decisions it creates avoidable turnover — and that serves no one.”
In our webinar, Graham Banks noted another advantage: candidates have time to build more relevant deal experience before applying. “We much prefer someone with a couple of years in banking who’s done a few reps in the industries we focus on. When candidates have lived experience, that benefits them and the team.”
Extended time in banking offers broader exposure and a stronger narrative during interviews.
2. Be ready to hit the ground running
Private equity teams are lean, often comprising just a dozen people, and new associates work directly with senior partners from day one. This creates a steep ramp-up period.
Ren explained: “The expectation is that everyone who comes on can fundamentally drive processes and not require six months of hand-holding. It’s a challenging pivot from investment banking, where there is generally more support.”
Baker added: “You could be looking at five companies under the same brand and be tasked with finding synergies. You’ve got to show that you’re comfortable dealing with messiness, communicating a plan, and building a vision of where the business will be in the long term.”
You’ve got to show that you’re comfortable dealing with messiness, communicating a plan, and building a vision of where the business will be in the long term.
Dan Baker, Senior Director at ECA Partners
While these skills develop over time, candidates who demonstrate adaptability, curiosity, and comfort with ambiguity consistently stand out during recruiting.
3. Big-picture thinking sets candidates apart
Technical skills, including modeling and analysis, remain essential but no longer differentiate candidates. Top performers excel at communicating insights clearly and tying analysis to the broader investment thesis.
Ren emphasized the importance of executive presence: “Seventy-five percent of this job is effective communication, both internally and externally. Demonstrating communication skills, even in something as basic as an email summary, is essential.”
Candidates must convey key takeaways to stakeholders, from deal team leaders to portfolio company executives. With multiple live projects and large volumes of information, the ability to distill what truly matters is invaluable.
Seventy-five percent of this job is effective communication, both internally and externally.
Wilson Ren, Vice President at RFE Investment Partners
Baker highlighted the need to switch between detailed analysis and strategic overview: “Top candidates can zoom in on specifics and then step back to show overall objectives and why the work mattered.”
4. Business development is increasingly important
Business development (BD) and proprietary sourcing are growing as core components of private equity, and candidates who show initiative in originating deals can differentiate themselves.
“BD and deal origination has grown tremendously as a practice in PE over the last decade,” said Banks. “GPs want to see that candidates can turf up deals using different methods, rather than just receiving a CIM from a bank.”
He shared an example: “A person on our team was hired over two other exceptionally strong candidates due to our belief that he could contribute effectively to BD, and he has already demonstrated that ability.”
GPs want to see that candidates can turf up deals using different methods.
Graham Banks, Head of Business Development at Cogenuity Partners
Baker added, “Candidates who can envision how businesses might work together to create a more valuable platform demonstrate the kind of strategic thinking firms need.” Spotting value creation opportunities, including revenue synergies and adjacency expansion, is increasingly critical in today’s competitive market.
5. Relationships and internal champions matter
Strong relationships and endorsements often carry just as much weight as technical skill. Ren, Banks, and Baker emphasized cultivating allies both within firms and across the industry.
Banks suggested developing internal champions early: “If candidates focus on gaining someone on their side at their bank, that can advance them significantly. This is a small industry, and everyone knows each other to some extent.” Well-placed advocates can vouch for character, work ethic, and deal experience in ways a resume cannot.
This is a small industry, and everyone knows each other to some extent.
Graham Banks, Head of Business Development at Cogenuity Partners
Baker noted the importance of quality over quantity in networking: “A strong referral from a board member can open a lot of doors. It’s about leveraging existing connections and building authentic, long-term relationships.”
Own your path in private equity recruiting
Private equity recruiting rewards candidates who are proactive and intentional. As Ren noted, “The best candidates take ownership of their path, know what they want to achieve, and prepare carefully to show it.”
Focusing on these five insights will position you for success when the next recruiting window opens.
