The hiring restart came just as first-year bankers returned from the winter holidays. Firms began outreach for 2027 associate roles they had originally planned to fill in the summer, before banks cracked down on the practice. In recent years, the timeline had crept steadily earlier, with 2024's process kicking off in June, before many analysts had even hit the desk.

Blackstone, Apollo, KKR, and Thoma Bravo were among the more than a dozen firms that interviewed candidates and extended offers, according to people familiar with the process. Some firms declined or did not respond to requests for comment. But sources said the cycle's customary theatrics — late-night interviews, exploding offers — were back in full force. READ MORE