Buy-side firms hire most of their talent from banking and consulting firms, which are widely considered as great training programs. Recruitment for entry roles on the buy-side takes place well in advance of placement, meaning that successful candidates receive offers at the start of their banking or consulting stint. The expectation is that they will complete 2-3 years in banking or consulting, before beginning with a buy-side firm, typically at the associate level.
Almost all buy-side firms work with a single headhunting firm, who is hired to identify and screen candidates before official introductions are made with the firm and internal interviews are conducted. In exchange, headhunters take a staggering 20-40% cut of the candidate’s first year salary upon placement. Certain larger recruitment agencies represent a handful of the biggest and most prestigious buy-side firms, placing multiple candidates with them annually. Buy-side firms spend millions of dollars annually for an incredibly limited service.
The buy-side recruitment process occurs earlier every year. Currently, candidates interview and receive offers almost two years prior to their start date. The squeezed timeline means that candidates have not finished training by the time they are referred for interviews. Headhunters select candidates with no full-time experience, relying on a restricted field of relevant information: a candidate’s bank, group, university, GPA, etc. As such, headhunters increasingly act as overpriced referral systems instead of critical screeners and talent-matching agencies.
We believe there is a better way…
The TSP portal revolutionizes the sell-side to buy-side recruitment process. At TSP, we simply don’t believe in the value proposition posed by headhunter firms. It is our view that the process is outdated, gatekept, relationship-based, and has become inefficient and overpriced for all parties. Torana Search Partners makes the recruitment process more efficient, transparent, and affordable for both candidates and firms.
To do so, we have built a web-based solution that streamlines the initial selection process, circumventing the service provided by incumbent recruitment firms. Our platform localizes a selection of the most qualified candidates and provides firms access to this talent pool. This enables firms with access to a larger and more diverse selection of top candidate profiles. Firms can easily view candidates with precisely the same background and qualifications as those referred by headhunters while candidates avoid a gatekept, relationship-based placement process that fails to serve their best interests.