So I just made the switch from HF to IB...or at least about to (accepted verbal offer).
Since I don't have a formal contract in hand yet, I've been reluctant to tell my current firm that I'm leaving. However, my start date is approaching and I will most likely only be able to give them the standard 2 week notice. Unprofessional to give so little time in the world of finance?
Its not like I am doing BO work where it can easily be transferred to someone else in the matter of hours/days. I actually have a decent amount of responsibilities that would put at least some strain on my current employer if I leave, given that it would be somewhat difficult to get someone else in and up to speed within 2 weeks.
Other option is I tell them ASAP (like tomorrow), but WITHOUT having anything concrete in my hands. I feel somewhat uneasy about doing this (maybe because of all the offer rescinding talk that has gone on here). At the same time, I feel like whether or not I have a piece of paper with the word "offer" on it won't make a difference if the IB truly changed their mind on hiring me.
If it makes any difference, the IB firm is top notch and I haven't heard any talk of them pulling offers (at least on these boards).
sounds like this hedge fund is bullshit. you start in 2 weeks and haven't signed a contract? that doesn't sound like an offer to me.
Learn to read buddy..he's going from a hedge fund to a well-known IB
I would say go ahead and inform your immediate boss of your situation. Be candid about it, but appreciative of the time you spent at the HF.
No boss should hold this against you--- musical chairs is the name of the game in this industry. Explain that you wanted to help them offload the work to someone else. If in the 0.00001% that the IBD firm does not come through (it wont happen), then just explain as such. No biggie.
They will probably say goodbye on the spot. High finance is not like other industries. Unless there is some extremely important work that they want you to transition they will most likely tell you to pack you shit and get out.
When I left my first position at a BB, I told them about my discussions before a weekend, and told them I had accepted the next tuesday. Basically, they let me say my goodbyes over the course of a day and do my HR stuff before I left. This was considered EXTREMELY cordial by industry standards.
So, don't tell them until you have signed a written offer, then expect to have a few hours to get out. They shouldn't take it badly if you have a good relationship with your firm, but they won't want you around (usually).
Thanks for the responses.
PowerMonley: First time I've made aware of this. Did you know they'd do that?
I think I'll keep it to myself for now.
Mezz, really? I wouldnt be surprised if you were given a box and 15 minutes before being escorted out of the place, which is fairly common. I would have the offer in hand before informing your current boss.
Any particular reason you are going from HF to IB? Do you not like your group, role or product? Seems a bit unorthodox but good luck!
I still don't understand how you're supposedly starting in less than a month but have yet to sign anything. I don't care how reputable the bank is, that just sounds sketchy.
off cycle hire, they are hiring to fill a need now, and just finished interviewing him and paperwork will come soon.
junkbondswap, I came into HF thinking that I took a short-cut (straight u-grad to buyside)...however, after being here for little under a year, you kinda realize that people do banking because it builds a valuable skillset (something I lack). I've also realized I'd prefer to be in a transactional role (PE > HF for me). Plus, this IB firm gives me brand name, which I think would help immensely if and when I decide to take the next step (whether Bschool, PE, CorpDev, etc...). In my mind (and I could be wrong), its something like this: IB -> PE, or -> HF, or -> Bschool, or -> CorpDev, and the list goes on however, HF -> HF, or -> HF, or -> HF, or -> HF ...you get my point.
Other than that, I enjoyed my time here. Lots of responsibility. Great team that was young and energetic. Got to play with a small sector of the portfolio. Different things happening everyday (especially during these times). I learned a ton, and I am sure a few years down the line, I'd be able to really mix these skills (idea generation, critical analysis, thinking like an investor, etc...) with what I pick up in IB to set myself up for PE, or at least I hope.
Exactly. Finished process less than 10 days ago.Yeah if you read Liar's Poker, you'll remember how they fired Ranieri and then didn't let him enter the building. I think it's common that if you're laid off or if you quit, they will want you to pack up and get out ASAP so they don't have any possible liabilities and so you can't take any confidential stuff with you.
The head of my desk quit to pursue another job a while back, and he was also asked to leave immediately. This completely makes sense, because if not handled like this, he could have made some horrible trades and walked out the door...so my guess would be your HF would handle you similarly.
Not to poach the threat, but it's semi-relevant. What is your expected pay after quitting? I understand that you would receive your back vacation pay, but do they still compensate you as if you HAD worked those two weeks? I mean, you're quitting, but you still want to work, so it's sort of like a preemptive firing. Any ideas?
Good question. But knowing how this industry works, I'd doubt they'd give you even an extra penny.
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