Office hours

06-27-2023 Newsletter: Murmurings of On-Cycle 2025


Connect with an OfficeHours Coach for an update on what we’re hearing live!

On-Cycle is a rather ridiculous concept as a whole… however, we’re not here to displace what has happened historically — we’re here to help you prepare for it…


On 8-16-2022 this is what we had published when everyone was asking the question…






8/29/22: Full interview processes underway

We’re confirming PE firms have kicked off recruiting. Partial list of confirmed interviews happening TONIGHT below and more being added as we go. Strap in and get ready to ride:


  1. Apax
  2. Berkshire
  3. Bain Capital
  4. H&F
  5. Insight
  6. KKR
  7. New Mountain Capital
  8. Thoma Bravo
  9. More being added…


A friendly reminder about how on-cycle works:

  1. Long interviews: If you’re called in to interview tonight, it’s very possible you will have multiple hours worth of interviews and a yes/no decision before you walk out of the firm. Interviews will consist of behavioral questions such as “Why our fund? and “Why our strategy?”, as well as technical questions including LBO, Case Study, Project Experience, and Business Intuition questions.
  2. Force rank firms: You should force rank you dream firms in order of priority. Since many of the firms are conducting interviews at the same time, it is not physically possible to interview everywhere you are invited (Hermione’s time turner would be clutch here). It’s better to go to your top choice first since spots are filled on a rolling basis.
  3. Cutting your losses: If you feel an interview is not going well tonight and you get invited to another firm mid-way through a current interview, it’s worth cutting your losses and exiting the bad interview and taking another shot on goal with another firm.
  4. Should I interview today?: If you are not 100% ready to interview, I would not recommend interviewing tonight. There will be spots left over for off-cycle. If you mess up with a firm today, they might not interview you again.
  5. Off-cycle spots open: Pre-COVID, the megafunds filled the majority of their class during the on-cycle rush. For the last two years during COVID, more spots were left open for off-cycle than normal. Given how early interviews kicked off this year (analysts literally just finished training), we expect there to be off-cycle spots open at most funds this year too.


So where do we stand today…


On-Cycle Buyside Recruiting UPDATE FOR 2025

Headhunters, including Henkel and Gold Coast, are already reaching out to incoming analysts about on-cycle buyside recruiting. The demand is building, and it’s crucial to be proactive in preparing for these opportunities.


Early Start Dates

Last year, on-cycle recruiting kicked off before Labor Day Weekend, making it the earliest private equity on-cycle kick-off in history. Stay prepared for potential early start dates by being proactive and diligent in your preparations.


Waves of Recruitment

On-cycle recruiting occurred in waves last year, with not all spots being filled during the first wave. Expect a similar dynamic this year due to staggered analyst start dates. Stay vigilant and seize the opportunities that come your way.

We understand the significance of headhunter interviews and the need for meticulous preparation.To ensure you’re fully equipped, we recommend a minimum of 50 hours of preparation for on-cycle recruiting. Focus on mastering headhunter conversations and sharpening your LBO modeling skills. As the interview kickoff dates approach, be prepared to tackle verbal and written case studies with confidence.



Our program supplements self-studying with a hands-on approach on everything you need to know to get the best chance of getting a job in Private Equity.


Self-study on the platform and then receive 1:1 coaching to master your understanding.

This course will include:

  • Lifetime Platform Access
  • Headhunter coverage list and interview guide
  • Paper LBO video walkthrough
  • Two statement LBO guide
  • Three statement LBO from scratch video walkthrough
  • 5+ LBO modeling tests
  • Tech specific modeling guides
  • Growth equity cohort and cap table models
  • Case study frameworks
  • Business intuition guide for verbal cases
  • 5+ case studies


This PE Crash Course’s intended audience is current investment bankinganalysts and consultants.

• We assume you have a baseline knowledge of excel and powerpoint given your day job

• We also assume you have a high level understanding of what PE is and why you want to pursue it

• The goal of this course is to help you drill down on specific interview prep in the most efficient way possible and ultimately secure a job offer

• We developed a customized set of training materials that we pair alongside 1:1 coaching with real buyside professionals to help differentiate yourself from the competition



In the coming weeks, we will be releasing step-by-step guides covering all aspects of on-cycle PE recruiting. If you’re interested in receiving these guides, please respond to this email (or quickly fill out our form here), indicating your interest, and we will provide you with the specifics.



Preparation is key.

Our July Cohort is almost full! Inquire today to see if you qualify for discounted 1-on-1 Personalized Coaching!


Reach out to one of our team members here to see if you’re eligible for BIG discounts! Generally offered to high achievers (high GPA, high test scores, 2+2 individuals, M&T, student-athletes, etc.).


Do you plan on recruiting for On-Cycle 2025?

Survey Respondents will be eligible to win Free PE Platform Access!




Check Out Our Articles about On-Cycle







Visit the OfficeHours Blog and follow us on our social media accounts: InstagramLinkedInYouTubeTikTok, and Twitter for our latest updates.



OfficeHours is a career development company catered towards investment banking analysts and other finance professionals who just kicked off their careers.

Our career coaching service matches you with relevant coaches to help you excel on the job, achieve high reviews, get promoted, and earn top bonuses.

OfficeHours coaches come from 100+ premier institutions and many have exited from banking into various industries including private equity, hedge funds, startups, and corporate development. They provide actionable advice on how to succeed on the job you currently have and share firsthand experience on how they thought about next steps.

If you are already set on recruiting for a new job, our interview prep service matches you with a coach in your target industry to help navigate the job search process, from application to interview to offer. We’ve helped individuals prep and place within private equity and other jobs within finance.



After you complete an initial survey, our technology matches you with a coach based on a variety of factors including job experience and career objectives. The goal is to match you with a relevant coach who has been in your shoes and faced similar challenges under similar circumstances.



We hand-select coaches on a per call basis. Our coaches specialize in topics in which they have deep expertise and which they enjoy teaching, ranging from technical calls, behavioral calls, networking and outreach strategy, case studies, industry specific calls, and more.



Coaching sessions vary by topic. For LBO walkthroughs, coaches will walkthrough one of our model prompts you’ve attempted and answer any questions. For case studies, they give you feedback as if you were interviewing at a fund. For mock interviews, they grill you in an interview setting and provide real feedback to improve.



Our customers get jobs that pay $200-$500K. We certainly think so.


Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts

Accelerate Your Finance Career

Get Started With OfficeHours