Leaving Analyst Role 6 Months In for a MUCH better opportunity? Unethical?
Currently an analyst in corporate banking at a BB, love my team, the work life balance, etc. Pay is pretty good too.
However, let's say out of the blue you make a connection with someone and are offered a route to VC/PE. Yes, from corp banking. Apparently this can happen.
This is obviously a huge jump from the current position, but at the same time I feel like I "owe" my first employer a year - especially since we have a great relationship. The other end of the spectrum is of course, increase in pay scale and a opportunity that sort of fell into my lap. Would you take it without blinking once? I am scared of burning bridges. What would be the best way to approach this matter?
Thoughts?
You will regret not taking the new opportunity. Your current team won't like it, but they will ultimately understand.
In 2008 and 2009, I saw analysts with less than 6 months experience get fired as part of large scale retrenchments. The same happened across the industry.
Your bank would likely do the same to you if they faced a similar (corporate) life changing event.
You owe your bank no more loyalty in the face of your potential life changing opportunity.
Not unethical. If the new opportunity is a sure thing, I would go ahead and take the plunge. Good luck.
On the same topic, I knew an associate from my firm who quit after a very short amount of time (even shorter than 6 months, I believe) on the job. The reason was due to "personal/family reasons." Apparently, this person's immediate family back home had become severely ill and he/she had to take care of them since they were an only child, etc. It was a pretty convincing story until I actually ran into this person in the city. You can imagine how the awkward exchange went...
Me: "__________ , is that you? I thought you went back to _________ ? What are you doing in New York?"
Quitter: "Oh, yea... um... I'm back in the city! Yea... um... haha... (nervous laughter)"
Turns out they got a gig in PE. For the time being, I don't think anyone else from our firm knows, so I guess one can argue that no bridges have been burned yet. Unsurprisingly, this person deactivated their linkedin account not too long ago...
Yes, I definitely don’t think lying is an option for me. I am staying in the same city and plan to be here for a while. My goal is to leave with as much gratitude as possible because I genuinely am thankful for my experience here and didn’t expect leaving so soon at all.
Would it be fair for me to just straight up tell them about this opportunity and ask for advice? I feel like most people knowing the drastic difference would say to go for it. Don’t you think? Or maybe I’m being naïve…
I guess I am confident I want to take this when it comes down to it, but I just have no clue how to approach the situation.
I know people (analysts/associates) who encouraged returning interns at their banks to renege for better offers - if you have good relationships with people in your group it may be wise to chat to them about it candidly
My sincerest apologies. I was not suggesting that you lie. I realize from re-reading what I wrote that it could be construed as such, but I was merely serving up an interesting (or not so interesting) anecdote.
I would be very careful about discussing this opportunity with your current employer until you are 100% sure you are going to leave. However, you are the best judge of the people in your organization. If you have a trusted mentor-type figure at your firm, by all means, sit down with him for a chat.
As soon as you have made all the arrangements, sit down with your direct supervisor and/or someone from HR and give them your 2-weeks notice. These people have been in the industry for a long time so they are used to people coming and going. As long as you act professionally throughout the whole process you should have nothing to worry about.
Great advice! Thanks very much. I guess I gotta do what I gotta do. Hopefully, this is the right move.
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