In Private Equity and Investment Banking, the definition of a “top performer” is often assumed to be straightforward.

Strong academics.
Solid technical skills.
A track record of working hard.

But in reality, it’s rarely that simple.

At Circle Square, we speak to hiring managers across IB, PE, and VC on a daily basis—and the answer isn’t always what you’d expect. As the market becomes more selective and hiring more precise, firms are placing increasing emphasis on qualities that go beyond the traditional checklist.

So what really separates the top performers from the rest?

Is it technical ability—the foundation every candidate is expected to have?
Is it commercial judgement—the ability to see the bigger picture behind the numbers?
Does it come down to work ethic and hours—still a defining feature of the industry?
Or is it communication and influence—the skill that turns analysis into action?

The reality is that the answer often depends on the firm, the team, and the stage of the investment cycle. But what’s clear is that expectations are evolving—and understanding what matters most has never been more important for both candidates and hiring managers.

We’re currently running a poll on our LinkedIn page to gather perspectives from across the market.

???? Have your say and vote here: https://www.linkedin.com/posts/circle-square-talent_activity-7453031584401625088-C8XX?utm_source=share&utm_medium=member_desktop&rcm=ACoAACoUrJkB_MxDZ-UlVcdgXmsWzWjx9NoaU4c

We’re particularly interested to hear from professionals across Investment Banking, Private Equity, and Venture Capital.

What do you think defines a top performer in today’s market?