Loyalty to Group
First year analyst at a boutique seeking some advice –
I’m approaching my first year as an analyst at a small boutique in NYC. The hours are brutal, but I expected that. We recently lost one associate due to mental health reasons, and one of the two other analysts (my only friend at work) plans to quit in a month.
Most of our deals are small, but we recently secured a significant one (relatively large and company is universally known). I don’t want to stay for another year and aim to lateral to a more well-known MM firm for better exit opportunities. After the other analyst quits, I’ll have a much heavier workload. I’m seeking input on two points:
- Should I wait for the large deal to close (potentially by year-end, could be longer or fall through) before making my move, as it might help my lateral?
- Should I inform the group head of my intention to leave before my two weeks to help find a replacement, even though it might seem counterintuitive? I want to leave on good terms with the group and avoid compounding the issues of an already strained team.
The team being strained is not your fault nor is it your problem. Feel free to do whatever you want but do not mention leaving until you have another offer in hand.
Agreed, don’t plan on leaving without something in hand
The only things that should be prioritized at the analyst level 1). Exit Ops/Promotions, 2). Bonuses, and 3). Experience.
If you start interviewing and get a good offer, it makes great sense to leave as soon as you can, assuming you don't screw yourself on bonus timing. Large deal or not it will most likely never matter in the long run if this deal closes. Plus there is no guarantee it closes anyways.
If my top priority is exit opps, why would it not matter if the deal closes? It’s seems like relevant and tangible deal experience that I can speak to are my best chances for a successful lateral to more well known firm. Which in turn should provide more exit ops. For more context, most of our deals are in the 10-20m range and this specific deal is 300m-400m
1. You can recruit with it on your resume and speak to the parts of the deal you are responsible for
2. Realistically, you are probably not going to get better exit ops because of one large deal, maybe it moves the needle in recruiting, but IMO having someone who can speak and clearly was "hands on" with a small deal is just as impressive
3. You don't know if a deal is going to close or not. Why wait around to see if something blows up in 6 months from now when you could start recruiting today?
Again, barring you are approaching your two years and are not fucking yourself out of a bonus, I don't see a reason to start recruiting.
If you want to leave just start recruiting and see where it takes you. With the depressed lateral market right now, it may take a while to get another offer anyways. Best case you get a great offer and switch shops, worst case you don't get any offers you love and can stick it out and see if the large deal closes. Finally, you don't owe any loyalty to your shop as an analyst. If you have an offer secured and want to inform them prior to two weeks' notice, that is perfectly fine but be aware that they will likely have you stop working as soon as you tell them you are leaving.
I hate to be a party pooper but in my experience across 4 firms (IB/PE), you should never trust the 'team' / group heads or seniors and instead trust individuals with nothing to potentially gain from your decline (peers in different verticals / geographies for example). This is quite cynical and I'm sure there are exceptions, but I've had an experience full of back-stabbing and sabotage leading me to conclude this it's better to be safe, than sorry when it comes to your career and progression.
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