I come from a Non target and I did a master´s in a target during which I did an M&A Corp-Dev internship. I started applying through my Uni to different M&A, IB, PE offers and i had a lot of interviews. Eventually i received an offer to work as an M&A and Portfolio mngmnt in a REIT with 2.5bn AuM.
I started one Week ago and yesterday the MD of an IB boutique that i did 4 rounds of interviews one month ago and offer me an analyst position. Keep in mind that this guy has been the MD of Lev Fin and DCM of one of the major banks in my country and eventually became the CEO of this bank.
He and 7 more professionals have create this IB (they also have PE like private credit too), this guys have from 20-30 YoE in the field and 45% of the equity is from 2 huge banks in my country.
He told to me that each analyst is going to be mentored by one of them and that we will do balance opps, LBO financing, High yield bond isuance, IPOs, Project finance financing, etc.
They offer me double what im doing now and a big variable comp. I will make a lot of money (I´m from Spain) and doing a lot of interesting work and working hand to hand with top tier professionals of the industry.
How do i approach this with my actual VP and MD? they gave me to and opportunity and now im leaving 1 week in.
how bad will i look?
im actually worried about my industry image and how it will affect me in the future since everyone in high finance knows each other and i dont want this come bitting me in the ass.
please i need advice and maybe im romanticing this a lot
This won't be the last time that this will happen. You need to take the emotion out of it and look at the data/facts. Ask yourself, why didn't the MD hire me before? Do they have junior resources or will I be worked to the bone? Will either of these guys make my life a living hell (I.e., are they good people). Yes, comp is higher but that usually comes with a price. I know you feel bad about potentially leaving but that is normal when your early in your your career. At the end of the day, you need to do what's best for YOU. That said, don't burn a bridge if you end up leaving and try to leave on a good note.Weigh the pros and cons and make an informed decision. Whatever it is that you choose I'm sure will be fine.
I’m in a similar position, got an offer for an Investment role instead of the valuation & advisory I am doing now. I’m two months in and just negotiating the contract for the investment role. I am going to jump ship. It’s my long term goal and there is a huge difference in doing acquisition modeling to basically asset management reconciliation. Yes I feel bad but in the long run the best way to learn is in the role you want. So I would ask yourself if this role is your long term goal or just a step to get somewhere else. Because steps are meant to be temporary.
How do you plan explaining your move? My VP can be an asshole..
To your VP at your current firm? Doesn't matter if he's an asshole, it's your life. I will tell them that I got an offer at my dream position and it's an opportunity I cannot pass up on. Or something along those lines. You don't need to lie or anything, just say it was an unforeseen opportunity and you're thankful for the time they've given but it's something you have worked towards and will be taking. If he's an asshole he might tear you a new one about loyalty etc but at the end of the day, if the firm was in financial trouble they'd cut people without hesitation. And it's your life and you need to grab it by the horns and do what you want. That's my 2 cents.
Just try to be as nice about it as possible because you want to burn as few bridges as possible. VP might be out of the question but your team mates hopefully will support you if it’s a dream position.
curious if you put this 2 month role on your background check for the investment role? contemplating if leaving it off would be a good idea
It sounds like your mind is already made up. You’ll always look back and wonder what if should you not take the role. Sleep on it and then walk in to your boss tomorrow and be brief but honest. It won’t look great and people sometimes react strange to this sort of thing, but a good employer will respect your decision.
I agree with the above, this job kind of sounds like a red flag... why didn't they hire you initially, did their first hire quit? These startup "IBs" can be really bad places to work with minimal exit ops if you're not careful, and variable comp is NOT guaranteed. It's also quite hard for these tiny banks to land deals right when they start, so factor that into your variable comp calcs.
If I were in your shoes I'd say you already accepted a job but would love to stay in touch, do a year at the REIT and see if they are still around/what their junior turnover and deal flow is, it's really not that hard to get a job at a tiny boutique IB and this is not a once in a lifetime opportunity. If this bank goes under and you only have a year or two experience there, you could be in a really bad spot. If you at least have some time in M&A at a big REIT on your resume before jumping to the boutique, that will help.
That said if you're set on it, the professional way to do this is to be honest - you got an unexpected offer in the exact field you want to do. You're very sorry but you will not be able to stay, and be ready to pay back signing bonus etc immediately so it's not a hassle for them.
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