FT 2027 Recruiting Kicked OFF
FT 2027 kicked off for banking and buyside programs. This process is much different from summer analyst programs. Only the largest firms execute standardized recruiting processes, most recruit ‘ad-hoc.’
Ad-hoc recruiting means that only a few spots are open across select groups vs. hiring of entire analyst classes. Most firms recruit ad-hoc for full-time roles because they’re largely able to fill their classes from the SA programs. So, if there are 2,000 spots for summer analyst recruiting, there is only ~200 for FT recruiting.
This makes it 10x more important to Apply Early & Often to ensure that you’re getting your app to the top of the pile.
Our Premium Database covers 500+ firms across banking, buyside, and consulting so that you never miss an app. (ThePulsePrep—Stripe.com)
Recruiting Timeline:
Banking:
Where We’re At:
SA 2027: No new apps this week. 96 banks are actively recruiting for SA 2027. This process is 95% complete.
FT 2027: No new apps this week. 1 bank is actively recruiting for FT 2027.
If you need some interview support or just need a place to vent, check out our Coaching Program: Investment Banking Interview Coaching | The Pulse. 95%+ of those coached for the summer 2026 recruiting season received offers!
New SA 2027 Applications:
None
New FT 2027 Applications:
None
See below to gain access to our premium database, updated weekly, which houses the application processes for over 300+ banks/consulting/buyside firms! Gain an edge over everyone else by not having to spend countless hours tracking applications and deadlines.
Consulting:
Where We’re At:
BCG’s application should be announced within the next few weeks. In the meantime, continue to network and case prep!
SA 2027 released apps:
None
FT 2027 released apps:
None
Buyside:
Where We’re At:
SA 2027: No new apps this week. There are currently 84 buyside firms actively recruiting for SA 2027.
FT 2027: Parthenon opened its app this week. There are currently 5 buyside firms actively recruiting for FT 2027.
Buyside Associate Recruiting: Carlyle, Blackstone, MS Tactical Value, and more are actively recruiting for summer 2027 associates. This is a section dedicated towards providing updates for our post-grad Buyside Associate Recruiting platform: Buyside Recruiting & Interview Prep Platform | The Pulse.
If you’re a senior or first-year analyst looking to get the fuck out of banking—-you need to be on this platform. Live job updates and 14+ LBO modeling case studies with answers
New SA 2027 released apps:
None
New FT 2027 released apps:
Parthenon: LMM PE (FT 2027)
New Buyside Associate released apps:
Carlyle: Megafund PE (summer 2027 start)
Blackstone: Megafund PC (summer 2027 start)
MS Tactical Value: Special Situations (Summer 2027 Start
Premium Database:
The database is updated weekly and contains 300+ Investment Banking and Consulting internships/full-time positions along with:
Interview tips for specific companies
Interview prep material
Applications and deadlines linked so that you can apply with one click
Insider information about the application process
Professionals to network with
Buyside deadlines, interview prep, and people to network with for the sweatiest of students
We send the updated dataset every week with the latest banking and consulting job postings. We released our 148th update today.
Students we have been helping have already landed roles at Blackstone, Goldman, J.P. Morgan, Jefferies, Citi, and Solomon.
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Market Update:
Wars Make Strong Markets
Volatility has dominated the markets recently as the United States continues to engage in Iranian conflict. The price of oil continues to bounce around unpredictability and markets typically reflect inversely to the price of this commodity.
However, this is a narrow scope—as reviewed in last week’s piece: "The Pulse" -- #147 / Iran Update . This week, we review all major U.S. engagements since World War II and discuss the medium-term market performance surrounding those conflicts. Wars generally create stronger markets.
Wartime Returns (Source: Dave Manuel)
We want to remain apolitical in our review. This is intended to describe performance and avoid political rhetoric or any ethical debates of these events
-World War II-
Markets boomed during WWII due to high consumption, patriotism, and historically low unemployment. As in any war, defense stocks ripped through the roof due to exceptionally strong demand from the United States military.
Monetary policy throughout the war to cap wage hikes and price increases, while keeping rates low, served as a tremendous tailwind to economic activity. The ‘all-hands-on-deck’ mentality of this global conflict led to low unemployment rates as all citizens were needed to a). be deployed or b). work to aid the war effort.
A War Financed on Taxes (Source: Dave Manuel)
Also, during a major global conflict like WWII, people built a strong sense of patriotism and were contributing to wartime financing (ie accepting higher taxes). The economic tailwinds described boosted market performance for an extended period of time after the conflict subsided.
-Vietnam-
Vietnam was a different story. The chart above is deceiving. During Vietnam, markets performed well supported by similar forces that boosted markets during WWII. However, two aspects of Vietnam were drastically different.
The People did not support Vietnam en masse
Vietnam was debt financed, not tax-financed
Lack of public support made it challenging to raise taxes during the war, which ultimately led to money printing as a form of financing. Printing money does not have an immediate impact on the economy relative to other factors such as employment. Unsustainable money printing takes a few years to bleed through the economy in the form of rapid inflation.
The 70s were some of the most heinous inflationary periods in American history. Annualized rates of inflation were in the teens! Therefore, markets crashed in the 70s.
-Middle Eastern Conflict of the 2000s-
Unlike WWII and Vietnam, the Middle Eastern conflict was much more regional vs. global. Markets largely swung due to flux in oil price. Public support seesawed throughout and the financing need didn’t put significant strain on taxes or money supply due to the regional containment. Also, the regional nature of the conflict didn’t really sway employment or consumption.
Nevertheless, defense stocks ripped and the rest of the world figured out how to re-route or tap additional oil supply. Then, the housing market blew up and the market crashed during the war. So, the end point of the Middle Eastern conflict could not be individually tested.
-Iranian Conflict Today-
The Iranian conflict today echoes similar characteristics of the Middle Eastern conflict. It’s regionally contained, the market impact is largely oil-based, and public support is spotty.
Oil will come back around. Did the entire planet forget about what we just did in Venezuela?
However, our starting point in the market is GREATER than most prior conflicts.
S&P 500 P/E Ratio Source: Macro Trends
The S&P trades at ~27x, some of the highest non-recession levels on record. Despite the favorable backdrop where market forces are contained around a singular commodity, I ask myself “how much meat is on the bone?" You could swing a trade on oil to realize a return in the short-term, but the entry multiple will guide the medium-term return.
The S&P is down 8% over the last month, but still trades at 27x P/E. In the face of macroeconomic, commodity-based uncertainty —the entry is not very attractive.
Disclosure: Nothing written here is financial advice or should be used for investment decisions.
Learning Point of the Week:
Buyside Headhunters
We have written extensively about headhunter communication here: The Pulse Part 2: Buyside Associate Recruiting.
Three things to know:
Be direct. “I want to work in UMM PE in NYC ideally focused on industrials investing” is way better than “I’m interested in PE, but also interested in L/S opportunities.”
Headhunters want to know that you’ve done your homework and can clearly indicate your interests instead of being a tourist in the recruitment process. Don’t worry, being specific won’t narrow your pipeline. Headhunters will still send you a range of opportunities they think will be easiest to place you. These will be across strategies and geographies.
Respond early and often
If you want to see the best opportunities, then you need to be actively speaking with headhunters. Respond to every email. If you don’t like an opportunity, say “I’m not interested in this opportunity at this time. I’m focused on recruiting for X.” No matter what you do, don’t just ghost them or else your pipeline will dry up.
Always say you have plenty of modeling experience
If you’re not cracked at excel, headhunters won’t want to give you interviews. Every interview for Buyside associate recruiting will require some form of a modeling test. If you fuck this up, you will not get the job. If a headhunter asks about your modeling experience, just say you do plenty of LBO modeling. A little white lie is fine.
Do not be too honest and say something like “first year analysts do not really hold the pen on the model within my group, this is typically reserved for senior analysts and associates.”
Headhunters are the gatekeepers of every legitimate Buyside associate opportunity. Treat every conversation with them like an interview and remain in constant communication to see the best opportunities.
Going Forward:
Heavy Push on Our Buyside Associate Prep
On the Buyside, models + jobs = offer. We bring everything you need under one roof: Buyside Recruiting & Interview Prep Platform | The Pulse. High quality is what we deliver.
Please reach out to us with any questions about recruiting or if you’re interested in meeting the team! ([email protected])
We are happy to chat, review resumes, or help set up a coaching session.
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