Do I have to skip forgo my ib bonus?
So I recently landed a MM pe offer after going through on cycle after my second year and signed it on the spot just based on the name of the firm and culture. However, they recently have been in contact with me and are very strict on having me and the rest of the associates start on A specific date in June this year.
However, my bank pays bonuses in august and it didn’t hit my bank account until September last year . Given that the start date on the pe firm is non negotiable, is there a way I can get a pro rated bonus for completing 10/12 months at my current bank?
Lol. Yes I’m sure the firm you’re quitting will be willingly to pay you your bonus early, pro rated of course.
Like how in the heck do kids like you get coveted PE offers and think the above is plausible.
Thanks for the resp, I recently heard stories of people who lateraled from a bank after their first year late not receive any bonus
Would you pay someone who quit your bank if they left before bonus was paid? Cmon man. Keep it real.
were there no discussions around bonus make whole?
As was already noted by others, what incentive does your CURRENT firm, that you are quitting, have to pay you a bonus? Put yourself in the shoes of your MD, the head of your group, head of your bank, you have someone who has decided to leave your firm before the bonus is paid out, why would you pay them?
The firm with the incentive to “make you whole” is the firm hiring you, if they want you to start on a specific date. Usually the conversation goes:
candidate: “yes I love your PE firm and I want to join, but if I leave 2 months early I lose $X”
firm: “we really want you to start on that date”
candidate: “alright, well it’s a lot of money, I really want to start but need to get at least $Y”
Usually a firm will do this, they have common sense and understand that giving up that much money isn’t fun. Other option is they’ll delay your start, as again, they understand what that amount of money means to a junior employee.
Your current firm has 0 reason, obligation, or incentive to pay you. The only time I’ve seen this happen is if they want you to stay a few more months or are asking something extra from you (I.e. let’s say it is June, you are leaving but your bonus is paid in December, they’ll say, well if you stay until Sept we’ll give you a pro-rated bonus, or even a full bonus). Always think about it through the lens of the firm and think about who is incentivized to do what. These are businesses, they are focused on making business decisions.
Thanks it or helps I also started early at this bank, may instead of august like everyone else but I guess that hs no effect
Has no impact. Again, if the bank needs something from you or if it is in your contract they’ll pay. Other than that, go back to the simple question, what is their incentive to pay you?
When you first started was a bonus given for that year in August?
If i’m not mistaken, isn’t the analyst program under contract for two years? As a SA i remember being bombarded with second year farewell emails right when i started, and they all got full bonuses if they stayed their entire analyst program which ended around late june. Also remember seeing somewhere on here that firms usually don’t shaft second years who leave for pe, as they like to keep those relationships so that they can hopefully bring business back in the future lmao
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