The number of roles may fluctuate—but expectations are rising.

In today’s M&A hiring market, firms are hiring fewer people—but expecting each hire to have immediate impact.

What’s changed

• Greater focus on deal experience quality over quantity
• More scrutiny on commercial judgement
• Increased emphasis on communication and clarity of thinking

Where candidates fall short

• Listing deals without being able to defend their role in detail
• Over-focusing on technicals, under-delivering on insight
• Not having a clear view on the current market

What makes the difference

Top candidates:

• Break down deals clearly and confidently
• Explain why decisions were made, not just what happened
• Show awareness of how the market is evolving

A simple rule

If you can’t explain a deal simply, you probably don’t understand it deeply enough.

Final thought

Technical skills open the door.

Clarity, confidence, and commercial thinking close the process.

Introduction

In today’s market, the best candidates aren’t “on the market.” They’re working, performing, and being approached selectively. Yet many firms are still running hiring processes designed for 2019.

The result? Missed hires—and missed deals.

The Problem: Speed vs Quality

Top-tier candidates typically have multiple opportunities within days, not weeks. If your process includes:

• 4+ interview stages
• Long gaps between meetings
• Unclear decision-making

You’re already behind.

What Candidates Expect Now

From our work across M&A, PE, and Corporate Finance, the best candidates expect:

• A clear and defined process upfront
• Direct exposure to decision-makers early
• Fast feedback (within 24–48 hours)

Hiring processes often fail before they even start—not because of rejection, but because top candidates disengage early.

The Hidden Cost of Delay

Delays don’t just lose candidates—they:

• Damage your brand in the market
• Alert competitors to your hiring strategy
• Force compromises on quality

How to Fix It

The most successful firms are:

• Reducing interview stages
• Pre-aligning internally before going to market
• Partnering with recruiters who can pre-qualify candidates properly

Conclusion

Hiring in 2026 is no longer about volume—it’s about precision.
At Circle Square, we help clients secure high-calibre candidates before they ever hit the open market.

Introduction

You’re getting interviews—but not offers.
Frustratingly common. Completely fixable.

The Reality

Most candidates fail not on technicals—but on:

• Communication
• Commercial thinking
• Cultural fit

What Interviewers Are Really Testing

Beyond models and deal experience, firms are assessing:

• Can you think like an investor?
• Can you communicate clearly under pressure?
• Would they trust you in front of a client?

As outlined in typical IB/PE processes, multiple interview stages are designed to test both technical and interpersonal ability.

Common Red Flags

• Overly scripted answers
• Lack of genuine deal understanding
• Poor articulation of “why this firm”

How to Improve

• Focus on storytelling, not memorisation
• Deep dive into your deal experience
• Practice explaining complex ideas simply

Conclusion

Small adjustments make a big difference.
We work closely with candidates to refine positioning and convert interviews into offers.

Many mid-market advisory firms are growing—but hitting a ceiling.

The issue? Not Directors. Not deal flow.

It’s the Analyst and Associate pipeline underneath.

The Real Problem
Firms often hire reactively at junior levels:
1️⃣ Hiring only when deal flow spikes
2️⃣ Relying on CVs rather than targeted search
3️⃣ Competing on compensation alone

What the Market Is Doing
In 2025–2026, we’re seeing:
1️⃣ Increased demand for execution-heavy junior talent
2️⃣ Candidates prioritising development, exposure, and culture over salary
3️⃣ Strong Analysts moving quickly into Associate roles

As deal complexity rises, firms need people who can operate autonomously earlier in their careers.

The Consequence
Without a strong junior pipeline:
1️⃣ Senior staff become execution-heavy
2️⃣ Deal timelines slow down
3️⃣ Burnout increases across teams

The Solution
Top-performing firms are:
1️⃣ Building pipelines before they need them
2️⃣ Hiring “ahead of the curve”
3️⃣ Partnering with specialist recruiters who understand technical fit + cultural fit

Conclusion
Your next hire shouldn’t just fill a gap—it should futureproof your team.
We work with clients to build scalable, high-performing deal teams from the ground up.

Introduction

“Can I move from audit to M&A?”
It’s one of the most searched—and most misunderstood—questions in finance.

The short answer: yes.
But only if you approach it correctly.

What Firms Actually Look For

Hiring managers aren’t just looking for accountants. They want:

• Transaction exposure (even limited)
• Strong financial modelling fundamentals
• Commercial awareness beyond audit

The Biggest Mistakes Candidates Make

• Applying too broadly
• Waiting for the “perfect” moment
• Underselling relevant experience

What Works Instead

Successful transitions usually involve:

• Moving internally into Transaction Services / CF teams first
• Building modelling capability independently
• Working with recruiters who understand the move

Why Timing Matters

There’s rarely a “perfect” time to move—waiting often means missing the opportunity entirely.

Conclusion

Breaking into M&A isn’t about luck—it’s about positioning.
At Circle Square, we help candidates make targeted, strategic moves into advisory roles.

Most hiring processes don’t fail because a firm rejects candidates. They fail because the best candidates quietly disengage before the process ever reaches a conclusion.

In today’s market, top talent is often running multiple processes in parallel.
That means even small inefficiencies or uncertainties can quickly shift their attention elsewhere.

A few common patterns tend to cause this:

1️⃣ The role isn’t clearly defined
Candidates hear slightly different versions of the role depending on who they speak to. This creates confusion and raises questions about internal alignment.

2️⃣ The process takes too long
Strong candidates move quickly. If timelines drag or decisions stall, they will naturally prioritise opportunities with greater momentum.

3️⃣ Too many interview rounds without clear purpose
Candidates are willing to invest time, but they want to see progression. Repetitive or unclear stages can lead to frustration and disengagement.

4️⃣ Compensation or seniority isn’t aligned internally
If a fund is still debating level, scope, or package mid-process, candidates will sense the uncertainty — and often step back.

The best processes we see share one key trait: clarity from the outset.

1️⃣ A clearly defined mandate
2️⃣ Aligned decision-makers
3️⃣ A structured and efficient timeline

This keeps candidates engaged, builds momentum, and significantly increases the likelihood of securing the right person.

At Circle Square, we work closely with our clients to design and run hiring processes that are clear, efficient, and competitive in today’s market.

If you’re looking to secure top talent without losing momentum, we’d be delighted to support.

Many candidates go into interviews focused on the obvious areas:

1️⃣ Deal flow
2️⃣ Team structure
3️⃣ Compensation

All important topics — and rightly so.

But far fewer candidates ask about something equally, if not more, revealing:
how deals have gone wrong.

It might feel like an uncomfortable question, but it’s often the most insightful one you can ask.

Understanding:
1️⃣ What went wrong in previous investments
2️⃣ How the team responded in difficult situations
3️⃣ What they learned and how it shaped their approach

…can give you a far deeper view of a fund than a discussion around its successes.

Anyone can talk confidently about wins.

But the best teams are defined by how they handle setbacks — how they analyse mistakes, adapt, and improve their decision-making over time.

For candidates, this isn’t just about curiosity — it’s about understanding the culture, transparency, and intellectual honesty of the team you’re joining.

At Circle Square, we work closely with candidates to help them ask the right questions and truly understand the opportunities in front of them.

If you’re exploring your next move or want a clearer perspective on the market, we’d be delighted to have an informal conversation.

There’s rarely a perfect moment to change roles.

Careers don’t tend to follow neat timelines, and waiting for everything to align perfectly can often mean missing valuable opportunities. That said, there are usually a few signals that suggest it may be worth exploring the market:

1️⃣ Learning has started to plateau
If you’re no longer being challenged or developing new skills, it can be a sign that your growth is slowing.

2️⃣ The type of work no longer aligns with your long-term goals
Over time, your interests and ambitions evolve. If your current role isn’t taking you in the direction you want to go, it’s worth reassessing.

3️⃣ Responsibility isn’t increasing over time
Progression isn’t just about title — it’s about ownership, exposure, and impact. If those aren’t growing, it may be time to look elsewhere.

4️⃣ The team or environment has changed significantly
Leadership changes, cultural shifts, or strategic pivots can alter the experience of a role more than expected.

Importantly, considering a move doesn’t always mean leaving immediately.
Often, it simply means getting a clearer view of the market — understanding what opportunities exist, how your profile is perceived, and what “good” looks like externally.

Having that perspective can be valuable at any stage of a career. It allows you to make more informed decisions, whether that leads to a move now or simply better positioning for the future.

At Circle Square, we work closely with professionals at all stages of their careers to provide that market insight and perspective.

If you’re starting to think about your next step — or simply want to understand how you’re positioned — we’d be very happy to have a conversation.

Technical ability is usually assumed.

By the time candidates reach interview stage, most have already demonstrated strong modelling skills and deal exposure. So the real differentiation tends to come from how they think, not just what they can do.

Three things come up repeatedly when speaking to senior investors:

1️⃣ Curiosity
The best candidates go beyond the numbers. They ask questions about the business model, the industry dynamics, and what could go wrong. It signals genuine interest — and a mindset that aligns with long-term investing.

2️⃣ Commercial instinct
Understanding what actually drives value is key. Strong juniors can connect the financials to real-world drivers — pricing power, margins, competitive positioning — rather than just presenting outputs from a model.

3️⃣ Clear thinking
Private equity is full of complexity, but the best investors simplify it. Candidates who can break down a situation, articulate a clear view, and communicate it confidently tend to stand out quickly.

What’s consistent across all three is this:

The strongest junior hires already show early signs of thinking like investors, not just analysts.

That’s often what makes the difference in competitive processes — and it’s usually clear within the first few conversations.

In competitive areas like private equity, credit and special situations, good candidates rarely stay available for long.

The strongest individuals are often in multiple processes simultaneously, and in many cases, decisions are made in a matter of days rather than weeks. As a result, hiring processes that move with pace and clarity tend to outperform those that don’t.

The processes that work best usually share a few key traits:

1️⃣ A clear interview structure from day one

Candidates understand who they are meeting, what each stage involves, and how decisions will be made.

2️⃣ Decision-makers involved early in the process

This avoids unnecessary delays and ensures alignment from the outset.

3️⃣ Honest and timely feedback between rounds

Candidates stay engaged when they feel the process is moving forward with purpose.

4️⃣ A willingness to move quickly when the right person appears

Strong candidates won’t wait indefinitely — momentum matters.

The opposite tends to cause problems: long gaps, unclear timelines, and too many stakeholders joining late in the process. These are often the moments where top candidates quietly disengage or accept competing offers elsewhere.

Hiring great people is hard enough already. The firms that consistently succeed are those that treat hiring as a high-priority, well-managed process, not something that happens in the background.

Processes that create momentum don’t just move faster — they attract better candidates and keep them engaged throughout.

If you’re looking to hire and want to ensure your process is positioned to secure the strongest talent in the market, Circle Square works closely with clients to design and run efficient, high-conviction hiring processes.

We’re always happy to share what we’re seeing across the market and help you move quickly when it matters most.