MBA Applications Surge, Private Credit Is Overvalued, What is Recruiting Season (and did I just miss it)?

“So. Monday. We meet again. We will never be friends — but maybe we can move past our mutual enmity toward a more-positive partnership.” ― Julio-Alexi Genao

Good Morning,

• If you are looking to hire, please contact me [email protected] .
• The Graduate Management Admission Council reported a substantial 12% increase in MBA applications for 2024, with full-time programs experiencing an unprecedented 32% surge, primarily driven by domestic applicants responding to contractions in the white-collar employment sector and technological disruption concerns. Leading institutions, including Harvard Business School (+21%), Columbia Business School (+27%), and Wharton, documented significant application volume growth, while simultaneously observing a decline in traditional international applicant streams from key markets such as India and China. Despite robust overall U.S. employment figures, the major white collar workforce reductions has catalyzed professionals to pursue an MBA as a strategic hedge against market uncertainty. (WSJ )
• Pimco's CIO Mohit Mittal warns that private credit markets, despite growing to $1.7 trillion since 2019, are showing concerning signs with 40% of companies unable to cover interest expenses and deteriorating fundamentals in leveraged segments, while current return premiums (190bps for leveraged loans, 50bps for investment grade) fail to adequately compensate for illiquidity risks.?(Yahoo Finance )
• CEO Charlie Scharf said Wells Fargo may lose $2 billion to $3 billion on its commercial real estate office loan portfolio. (Reuters )
• Sales of previously owned homes fall to lowest level in 14 years (Fox )
• Do you have a college-age student trying to break into investment banking? We can help! Andrea Benson was the former head of Global Campus recruiting at Bank of America and Morgan Stanley. Book a session with Andrea today! She is super-affordable.

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How to Break into Investment Banking

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What is Recruiting Season (and did I just miss it)?

The?investment banking?recruiting?cycle differs by bank but generally happens at the same time every year. The recruiting season also differs greatly depending on whether you are an intern, new hire or a lateral hire. The best way to understand when to start recruiting is to understand when interns, new hires and laterals are on-boarded.?

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Recruiting Update

If you are looking to hire, I can be reached at [email protected] .

Please CLICK HERE to follow PRP on linkedin .

Recruiting is starting to slow as we approach the holiday/bonus season. I have new roles in Energy Transition, Healthcare M&A and FIG (asset mngmt and spec fin) M&A for elite boutiques that must be filled ASAP. Please review the detailed job listings and desired qualifications by clicking HERE .

Talent Market Evolution & Deal Experience Premium

• Post-bonus exodus should be expected among high-performing A2As-A2s, VP2s, with firms aggressively targeting experienced bankers
• Technical modeling capabilities and closed M&A execution now outweigh brand in hiring decisions
• Too many hung deals (particularly >6 months old) can actively damage candidate profiles; hiring firms are laser focused on closed (M&A) deals
• Market remains deeply challenging for RIFs, H1Bs, and STEM-OPTs with strong preference for candidates not requiring sponsorship
• Interview processes showing marked increase in technical rigor and closed deal experience

Compensation & Strategic Environment

• Goldman's compensation dynamics (9% YTD increase vs 1% headcount growth) pointing to highly selective rewards
• M&A volumes remaining 13% below decade average (improvement from -25% but insufficient for broad bonus increases)
• 2024 bonus expectations should be managed downward; strategic focus shifting to 2025 positioning
• Critical pre-bonus talent retention window opening for managers, requiring targeted intervention for flight risks

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Investment Banking Lateral and Global Campus Recruiters List

We have curated a list of 67 key recruiting contacts specializing in investment banking lateral hires and global campus recruitment. Each contact includes their name, title, the firm they represent, and their LinkedIn profile, making it easier for you to directly connect and foster meaningful professional relationships in the investment banking sector.

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How to Land a Summer Internship in Investment Banking

Prospect Rock Academy introduces a cutting-edge course tailored for the next generation of investment banking leaders. This program equips ambitious undergraduates and MBA students with the strategic acumen necessary to secure a summer internship in investment banking.

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The Ultimate Guide to Bouncing Back from No-Return Offer

Meridith Dennes, Managing Partner of Prospect Rock Partners, and Andrea Benson, Managing Director at the firm, discuss critical strategies for investment banking interns who did not receive a full-time offer post-internship. Andrea shares insights from her 15 years on Wall Street, including 11 years in campus recruiting, on how to professionally handle the disappointment, utilize reflection and feedback, and develop a plan to reenter the industry.

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