Competition for talent on Wall Street is fierce. Banks, hamstrung by regulators on compensation and battling the stereotype of an onerous work culture, have seen a talent flight to investing firms and Silicon Valley. For their part, alternative-asset managers have experienced massive growth and a flood of inbound capital, requiring an ever-larger stable of investment professionals to manage the load. There’s a perfect storm for hiring in private equity right now, and firms are starting their hunt for the next crop of young analysts each year. Making the right hiring decisions has rarely been more critical.