How to leave your IB analyst job?
Currently a second-year at a MM, satellite office with a smaller team. I've recently accepted an off-cycle MM PE associate role in my industry vertical and I'm going to start in July. My bonus pays last day of June, and for logistical reasons I'm going to have to relocate for this new job the first week of July. This essentially means if I were to inform my MD post-bonus, I'd have to leave that day. Right now he assumes I'm staying on for my 3rd year.
So my dilemma is: Do I inform my MD before my bonus and serve out a 2-week notice period, and potentially save a bridge? Or do I burn this bridge because it's not worth the risk of being let go before the bonus? I don't think he'd force me out beforehand, but it's a big risk and I'm not sure how valuable this bridge even is (my team has real shitty deals, not winning pitches, MD near retirement).
What's the expectation for analysts in your firm/office/group? Most analysts at BBs or EBs are not asked to stay on as Associates and are expected to leave after 2 years, perhaps 3 in some cases.
Have other people been open about recruiting?
So our group had 2 analysts above me (one in my office, one in another) give notice months in advance, but they were finishing out their third year and our group was cool with it. Since I'm not doing my 3rd year like our MD / group head expects me to, I'm not sure how he will react (been casually told I'm on associate track).
Firmwide it's mixed - some gave notice early and served out their 3rd year, while some bounced immediately after 1st or second year.
I would as much as possible ask the PE firm to delay the start by 1 week. Quite sure they will be okay without you for a week (unless its like a 3 man shop and they hired you cause theres a deal in july 1st week lol). I know the norm is to wait till cash hits the bank, even though banks should not take bonus that is already declared... better safe than sorry yeah
Yeah it's less of the PE firm pushing me and more personal timing / logistics and moving with my SO. That first week of July has the 4th on Thursday, so really I'd be giving them like 3 days notice tops if I wait until after the bonus lol
I wouldn't risk it, too much money on the table. Buy her a new bag or something, she'll forgive you :P
Dude, just push back the start date and work around the timing / logistics.
Don't they ask you to leave the firm immediately after figuring out that you will work for another finance company? At least that's how I seem external departures. You get escorted out within 15mins.
Only if you are going to a competitor. Going from IB to PE is different. They may want you to stick around and help transition whatever you are working on.
I would talk to the PE firm, let them know your bonus timing, and ask if you could get a couple weeks of wiggle room on your start date.
Then, don't quit until your check clears. Read and re-read your confidentiality agreement / non-compete with your existing employer. I guarantee that you signed something when you joined. It's best to know exactly what they can do before you make any move (claw back past bonuses, enforce notice period, etc.).
At the end of the day, your PE firm won't make you miss your bonus (unless they are willing to make you whole, which they likely won't do). If your SO needs to move before you, that's fine. Tell them to go ahead and you'll meet them in a week or so when you clean up your old job in an appropriate way.
Did you already reach out to the PE shop you’re joining to explain the situation? Could just ask if you can start 2 weeks into July. Highlight that: (1) bonus hits the bank end of June, (2) you want to be respectful to current firm and provide the 2 week notice at end of June.
100% do not tell you boss. This is a non-starter. I repeat do not tell your boss.
Upside downside risk is way too high. I've learned these lessons the hard way.
Ultimately it is what it is and frankly if they dont understand they dont really care about you anyway. Just be apologetic when you leave but get that bonus before you tell them.
So you are doing this not for your career but almost solely for your S/O?
Just hire movers, arrange to wait the two week notice period if needed and meet up with them a little later. I bet you won't need to stick around the full 2 weeks anyways. You are making this much more complicated than it needs to be.
I highly doubt that you have a contractual notice period as an analyst. It's surely just at-will employment, so not fulfilling the customary two weeks has only reputational risk.
Always look out for #1, so my recommenadtion would be to not say anything until the money hits. Then walk into the MD's office early in the morning and say "I'm outta here"
Don't say anything to your boss. He's not the only person at the firm, and once he informs HR or whoever else (which he'll have an obligation to do) he won't be able to help you if the bureaucrats decide to make your life difficult. BTW, and this is not irrelevant, doesn't your firm make some kind of formal communication to second years as to whether they are or aren't being offered a third year? If you haven't gotten that, ideally in writing, you shouldn't assume anything. And you should point this out if anyone complains that they were blindsided by your departure.
100% do not inform your MD. Make sure you get the money, and then apologize profusely to your MD if necessary to salvage the relationship. He should understand there was nothing personal about the decision.
I had a similar situation at my prior firm -- bonus was getting paid out in ~2 weeks and new job started in ~2 weeks but needed to relocate for the new job.
I ran the scenario in my head over and over and everything told me it was a down right stupid idea to tell my MD's / Partners. After a few days of thinking I couldn't stand the thought of having enemies in the industry (even though I would imagine they would do the same). I finally went to my MD, told him I got a new job and that it started in 2 weeks. I also reminded him of how much I worked for him and that I hope my honesty and transparency would allow them to pay me the bonus I earned and worked my ass of for.
End result, MD thought about it for a few days and then told me he was not only giving me my expected bonus, but a 30% increase on top of that for all the work I did for him and the firm. To this day I have a good relationship with him and see him when we are in the same town.
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