As this is the time of the year that many first years get into the swing of PE recruiting and begin to meet with headhunters, I've been wondering about the implications of getting a PE offer some time in the next few months, but subsequently getting laid off before your official PE start date. Would your future PE employer expect you to find another IB gig for the remainder of the two year analyst program? Or would they revoke your offer?
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This would have to depend on situation. Presumably, you get laid off for budget cut reasons, in which case your PE firm would likely be understanding. If you were good enough to get a PE offer, can't see why you would get laid off for any performance reason...
^ The assumption above premised upon that either being laid off or getting into PE is directly related to your abilities as an analyst - an assumption that is not entirely true in either case, and certainly not always true as far as both cases relate to each other.
This exact thing happened to a friend of mine. Got an offer at a megafund in March and got laid off in September. He collected severance, unemployment benefits, took vacation, and is starting early at the megafund this month. Pretty sweet deal if you ask me, but I bet that's not always the case.
Yeah, happened last year. Someone from a major HH freaked out when one of the analysts she placed at a PE firm got canned. Real bitch move on her part to throw a fit like that, and it seemed she was out to make sure the kid was replaced with a "better" candidate.
So what happened?
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