The private equity junior labor market continues to unravel

Eric Budish points me to the annual story, which seems to be published earlier each year, about the race for young talent in private equity:

Private Equity Prowls for Young Bankers Early in Frenetic Ritual
Job offers can ‘explode’ at midnight as buyout firms compete

"Junior analysts a few weeks on the job can now expect a flurry of emails from headhunters for some of the most prestigious private equity firms in the world. The jobs they’re being recruited for can pay more than $200,000 a year and won’t start until 2019. The battle to hire the best of them is fiercer, and more urgent, than ever.

"Buyout firms are tapping junior bankers earlier -- advancing the annual recruiting cycle, the industry’s biggest window of hiring, for the fifth consecutive year after an agreement to hold back fell apart.
...
"During the most recent cycle, formal interviews started in January...

"That was the earliest recruiting start ever -- about two weeks sooner than the previous year, and a full three months sooner than in 2013, when the major private equity firms stopped cooperating on timing after some broke out to recruit early.
...
"The majority of the mega-funds fill up their spots within 96 hours...
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"Going forward, there’s no telling how much sooner the recruitment schedule will creep. But one effect is becoming permanent, said Grauer: candidates don’t have much work experience to discuss in their interviews anymore.

“I’d like to think we’ve gotten to a point where it doesn’t get earlier,” Grauer said, adding that interviewees today don’t often know what they want professionally in the long term. “The days when they were able to talk about all their transactions are gone.”