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).
I wouldn't risk it, too much money on the table. Buy her a new bag or something, she'll forgive you :P
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.
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.
I mean that's cool and all but typically an unlikely scenario. Basically you got lucky - this isn't a blue print for success.