Recruiting while unemployed
I'm a Sr. Asso at an UMM/MF. Was told that I was generally tracking towards VP for first 2 years, then in winter was told it's "not likely to happen" and I should look for work elsewhere. I'm fairly stressed about the job market, which has been generally shit - getting ghosted despite interviews going well, only a few processes even ongoing etc. I'm hoping things will pick up in Q3, but then I'll be unemployed as my Sr. Asso stint ends in August. Anyone lateralled while unemployed? May need to move back home for a bit and just recruit separately. I think my background is pretty solid - target school, MBB, flagship deal closed - and my recs are good as well. Maybe I'm being too pessimistic and will find something in 4 months, but the job market just seems like garbage right now...
Same boat
You’ll be fine. Yah it’s not ideal but it’s not the end of the world. If you do wind up unemployed for a stint please don’t just spend the entire time recruiting. Take a month and travel or do something for yourself. You’ll regret it if you don’t. Spending a few months in between jobs is a rounding error in a 20-30 year career.
I think his question is how bad does it look
It’s fine. Happens all the time.
Took me three months to the day when I recruited while unemployed. Honestly think I would have gotten it done in 2 months if I had a job during that time. Would have been harder to travel for interviews but being out of a job really limited my top of funnel. This was in early 2023, so similarly bad market. You arguably get more shots on goal while employed. Just an unfortunate but common preference. Unless your story is 100% solid I would push through and try to get something locked down in the next couple months just so you’re not in that position. Best of luck man hope you find another seat.
Thanks man - very helpful and I think that makes sense. The question is no longer why is he oppurtunistically looking and more so, why did his last firm kick him out.
Any advice on how to increase the top of funnel for oppurtunities? Wondering if I should network aggressively with cold emails or something.
Given you aren't clandestinely recruiting, I'd think about asking senior professionals you are close with at your firm for help with opportunities as well. Also would expand headhunter coverage as well as processes can often times be a bit less structured / with less well known headhunters than on-cycle recruiting.
Lastly it will be helpful if there is only 1 or no VP promotes in your class (assuming a few others are in same position as you).
Are you set on just doing UMM / MF buyouts or are you open to other opportunities like structured equity, special situations, growth, GP led secondaries, etc.?
following
Bump
Any updates?
Landed a Sr. Asso offer at a large cap hybrid fund
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