How to Quit ASAP without Losing My Bonus?
I'm a first year analyst (technically second year now) at an EB. Recently received an immediate start offer to a buyside role that I intend to accept. It's been a rewarding (and busy) year at my bank but I can't wait to leave. A key question right now is: how should i quit without affecting my first year bonus????
Some context: I have gone through performance review and received very positive feedback. My bank conveys the bonus number around early August; but usually pay the bonus with the last August pay check (8/31). Based on the employee handbook: I need to put in a 30 day notice before leaving the firm (although the bank can decide to put me on paid leave or waive the notice period). The buyside firm that I am joining is a direct client to our group.
How / when should I tell my bank that I am leaving? Can I tell them early August after hearing my bonus number and hope to leave sooner? Or should I stay till the money is in the bank then tell them? In which case should I inform the new firm that I need to stay for 1 - 2 months to wait for my bonus and clear the notice period? Any other clever solutions?
Appreciate anyone's advice as I believe others have faced similar situations before. Thanks yall!!
Based on the most helpful WSO content, here are some strategies and considerations for quitting your job without losing your bonus:
Timing Your Resignation
Wait Until Bonus is Confirmed:
Notice Period:
Communicating with Your New Employer
Practical Steps
Prepare for Immediate Exit:
Do Not Disclose New Employer:
Additional Tips
By carefully timing your resignation and communicating effectively with both your current and future employers, you can maximize your chances of securing your bonus while transitioning smoothly to your new role.
Sources: Quitting time - views on how to leave your job, Quitting time - views on how to leave your job, How to leave your IB analyst job?, How To Quit Your Job (And Still Win), https://www.wallstreetoasis.com/forum/investment-banking/how-soon-can-i-leave-1st-year-ib-analyst?customgpt=1
Bump. Interested as well
Look through you're contract for clawback periods as well. Even is the bonus is in your bank acc, if there is a clawback period you have to pay the firm back.
Never leave before the bonus clears pending in your bank account, if they have formal notice you’re leaving you WILL not get it lol.
There is likely a clawback period which is shitty but reality. Leaving midway through the program they are likely going to make an effort chasing you for that signing bonus, so be prepared to pay that back or play the lottery of ignoring them and seeing how it goes (bank dependent)
OP here. There’s no language on clawback for year end bonus in the contract or employee handbook. There is clawback of signing bonus if leaving before 1 year, which I already past. So seems like clawback won’t be an issue.
But I think I would wait till 8/31 to see cash in my account before telling them I’m leaving. Does that sounds right to u? Thanks a lot for the advice
You should be fine then after the cash hits your account and is NOT pending anymore. I would put in your resignation a bit after that imo
Could ask buy side firm to cover clawback in return for an immediate start so you can leave your bank with peace of mind
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