For those seeking a dynamic and lucrative work environment, Apollo Global emerges as an enticing option, especially for those not in the tech or quant fields. The buy-side firm has undergone a significant transformation in recent years, transitioning into a more employee-friendly space with substantial hiring initiatives.
During Apollo’s investor call last week, CFO Martin Kelly disclosed that the firm made 350 hires in the past year, marking an impressive 9% increase. Notably, half of these new recruits were based in North America and Europe, while the other half found opportunities in Mumbai. Looking ahead to 2024, Apollo plans to continue targeted hiring, with a focus on Mumbai and a strategic emphasis on scaling origination, expanding high net worth coverage, and exploring new products and product creation.
CEO Marc Rowan, speaking on the same call, emphasized Apollo’s remarkable growth since 2008, boasting a 14x increase. Rowan highlighted this growth rate surpassing industry giants like Apple and Microsoft. The firm’s expansion, however, comes with a significant shift in culture.
In the past, Apollo was known for its demanding and intense work environment, with reports of grueling 20-hour days and high-pressure expectations. In 2021, the firm responded to employee concerns by reportedly increasing associates’ pay by $100,000 to $550,000 per year. A contributing factor to this challenging culture was attributed to co-founder Josh Harris, known for his rigorous management style, including demanding responses within minutes and a reputation for driving young analysts relentlessly.
However, under the leadership of CEO Marc Rowan, who assumed the role in early 2021, there has been a noticeable cultural shift. Reports suggest a move towards a more cerebral atmosphere with less micromanaging and a focus on diversity. According to industry insiders, Apollo is now viewed as a less aggressive and more inclusive workplace, attracting individuals with a low-ego and friendly demeanor.
While external observations indicate a positive cultural shift, some associates at Apollo may still contend with demanding work hours. One Wall Street Oasis contributor claimed last year that despite changes, the hours remained “insane,” with 80-hour workweeks and being on call during the night as the norm.
Apollo Global secured a notable fourth-place ranking among the best private capital employers in an Ideal Employer report. However, it was perceived as less conducive to employee well-being compared to its peers. Despite this, the firm’s ongoing transformation and robust hiring plans signal a commitment to fostering a more balanced and accommodating work environment in the financial industry. Apollo Global did not respond to requests for comments on this article.
