Apollo Global Management, a leading private equity firm, has made a significant change by halting its recruiting for the 2027 associate class, a move that defies industry standards. This decision comes amid criticism from banking leaders, including Jamie Dimon of JPMorgan. Apollo's CEO indicated that the rushed nature of current recruiting practices often leads to high turnover rates, emphasizing the need for candidates to take time early in their careers to better understand their passions and business opportunities. This shift reflects a broader critique of on-cycle recruiting norms in the finance industry.
Apollo, which manages $785 billion in assets, told would-be candidates for its 2027 associate class that it will not participate in recruiting for their cohort this year.
The move flies in the face of industry norms to recruit first-year investment bankers for jobs that won’t start for two years.
Apollo CEO cites rushed decisions and turnover as reasons for the policy change.
The letter said, 'As you transition to the workforce, we believe you should take time early in your career to deepen your understanding of the business world...'.
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