Looking for advice - career transition

Little bit of back story - my finance is a med student and we’ve made the decision for her to apply to residencies all across the country. The city we live in now is good, but not great for us. Ultimately, we just don’t really feel ready to settle down yet and are excited to have a chance to venture to a new place.
 I have no qualms at all about this decision, but am having a hard time navigating the timing of finding a new job in whatever city we land in, mostly because we don’t know where she’ll be accepted. For anyone unfamiliar, the match process that med students go through isn’t like the job interview process. You get a single option for where you do residency (if you’re lucky enough to get one at all), and you either take it, or defer to apply again a year later. We expect her to match, and think there’s a good chance she lands somewhere other than the city that we live in, but won’t find out where until late March, and ideally I’d like to start a new gig sometime in either June or July.  Little bit about my professional background: I currently work as an associate at a LMM boutique IB focused on M&A advisory . The job is great - interesting work, great coworkers, competitive pay (in good markets/good years). Have genuinely enjoyed my time at the firm, but don’t want to make decisions about where we live based strictly on my employment. 
 Before this firm, I worked in consulting, and developed a solid skill set but didn’t find it as meaningful or interesting as the M&A work we do at the bank. With that said, I’d really like my next gig to be in finance rather than consulting. I’m exploring buy side options, but am not necessarily holding my breath given the competitive nature of those roles, the structured recruiting, and my untraditional background (not BB, finance major from target school, etc.). I think I could be competitive for some kind of buy side role given my experience (niche industry, others have exited well, etc.) but don’t know a ton about the crazy recruiting process that you hear so much about. 
 The way I see it, I have a few options: - Start contacting firms (buy side or sellside) now, to try to get in their associate interview process, even though I have no idea where I’ll be moving. For what it’s worth, I don’t think this is a good idea given the uncertainty. I’m sure anyone would have a hard time finding my interest compelling if I told them it was predicated on my fiance matching to a program in the city. With that said, I keep wondering if I need to start the process now to have any chance.  - Wait until we know where we’re going to start reaching out to firms. Would obviously be more targeted, probably more appropriate, and could possibly even leverage some contacts at the firm that I work with now. I expect the transition to be fully supported by the team I work with - it’s something I’ve been transparent about from the beginning of my employment and has been discussed freely. My concern here is that I might be late to the party for buy side, and therefore be relegated to either a sell side (if I’m lucky) or back to consulting, which I’d prefer to avoid. 
 Anyone been through a similar transition and have any lessons they’ve learned? Any thoughts? Also, first post, so don’t hesitate to lmk if I’ve somehow broken the code of law here. 

2 Comments
 

Based on the most helpful WSO content, here are some insights and advice for your career transition:

Options for Transition:

  1. Start Contacting Firms Now:

    • Pros:
      • Early engagement might give you a head start in the competitive buy-side recruiting process.
      • You can begin building relationships and understanding the market demand.
    • Cons:
      • Uncertainty about your future location might make it difficult for firms to take your interest seriously.
      • Potentially wasted effort if your fiancée matches to a city where the firms you contacted are not located.
  2. Wait Until You Know the Location:

    • Pros:
      • More targeted and relevant job search once you know the city.
      • Leverage existing contacts and support from your current firm.
      • Higher likelihood of firms taking your interest seriously when you have a definite location.
    • Cons:
      • Risk of missing out on early recruiting cycles, especially for competitive buy-side roles.
      • Potentially limited options if the market is saturated by the time you start looking.

Additional Advice:

  • Networking:

    • Start networking within the industry now, even if you don't apply immediately. This can help you build connections that might be useful once you know your location.
    • Attend industry events, webinars, and use LinkedIn to connect with professionals in both buy-side and sell-side roles.
  • Skill Enhancement:

    • Continue to enhance your skill set relevant to buy-side roles. This could include advanced financial modeling, understanding different investment strategies, and staying updated with market trends.
  • Flexibility:

    • Be open to various roles within finance, not just buy-side. While buy-side might be your preference, sell-side roles or other finance-related positions can also offer valuable experience and opportunities for growth.
  • Consulting as a Backup:

    • While you prefer to avoid consulting, keep it as a backup option. The skills and experience you gained in consulting can still be valuable and might offer a smoother transition if needed.

Lessons from Similar Transitions:

  • Adaptability:

    • Be prepared to adapt to new environments and roles. Transitioning to a new city and job simultaneously can be challenging, but adaptability will be key to your success.
  • Communication:

    • Maintain open communication with your current employer about your plans. Their support can be crucial during your transition.
  • Timing:

    • Timing is critical. While you don't want to start too early, waiting too long can also be detrimental. Find a balance that allows you to be prepared without rushing the process.

Conclusion:

Given your situation, it might be best to start networking and preparing now, but hold off on formal applications until you know your future location. This approach allows you to build connections and be ready to act quickly once you have more certainty. Good luck with your transition and your fiancée's residency match!

Sources: Exiting a Family Office - help/advice?, Advice: Transitioning from Csuite healthcare -> PE, Who here is trying to transition careers?, corporate development regrets?, Seeking advice - Decade of experience in niche sector and laid off

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

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