Will hedge fund wait for candidate with non compete(middle/back office role)
Currently work for a local hedge fund with long non compete clause for middle/back office(not SWE) role, which is up to 12month. Will other hedge fund/prop firm willing to wait for candidates like me for a middle office/back office role ( for trader I think it is totally fine) for a year or so?
Wtf 12month for back office
Are you Bobby Jain?
I'm curious to know what kind of secret your local hedge fund is trying to hide that much
If the fund doesn't ask about a non-compete during the application process they certainly will before an offer is made so speculation isn't going to have much utility.
It will definitely be discussed prior to an offer.
Ultimately, it depends on how much emphasis they put on traders. If significantly, then yeah they may be open to waiting, but otherwise, then no.
Why do you wanna leave? Seems like it could be a lateral move, and it doesn’t seem the best time for it
I'm assuming you're early or mid career? If you're truly middle/backoffice, there is a good chance your old company will negotiate a deal to let you out early, maybe sit out 3 months or something. But you have to leave on good terms -- I'd approach your boss and say you'd like to wrap up things nicely and you're willing to give them several months notice to find a replacement in exchange for reducting the non-compete period. I think there's a decent chance they'd let you go free after 6 months or so (maybe 3 months of working at your old company while you train your replacement, and maybe 3 months of non-compete after that).
As for your new company -- don't lie about the non-compete if asked, but if they don't ask, I wouldn't bring it up until after they make an offer. Once they've agreed to make an offer, they will feel psychologically committed to you enough they'll at least *consider* waiting for your non-compete; but if they have to think about the non-compete before making the offer then they won't even make the offer. If they ask, tell them the truth: "It's a one-year non-compete, but I have a good relationship with my boss and I'm hoping I can negotiate something shorter."
That long of a non-compete is unduly burdensome for a non-revenue generating role. Hire a lawyer and tell him to find a way out of it. As mentioned above, try to leave on amicable terms but use the lawyer as a fail safe if things go south and they want to enforce it. Surely, foregoing a year's worth of compensation is excessive. If they are willing to put you on garden leave then clip the pay stub and chill for 12 months. Start a new search in 6 months. Land offer 3 months thereafter. You're living well.
With that being said, there is always middle ground.
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