Turning down a promotion
I got tapped for a VP promotion at the next bonus cycle but am planning to leave for a HF role.
Any advice for gracefully navigating this such that
1) Bonus is paid out in full
2) No bridges are burned
Trending Content
Career Resources
I think the big thing for not burning bridges is giving adequate notice, and not being a crap employee during that period between handing in your notice and you actually leaving.
There’s nuance though depending on the culture. Have there been similar people in your position or above that have left? How did they do it and how was it received?
Once you get your bonus, I would express that you plan to move on in x amount of weeks. The more notice the better, and then state that you’d like to help with the transition in whatever capacity they’d like.
Appreciate the comment. So your advice would be to wait until the bonus hits?
Do you think there is a way to give notice prior to the bonus payout/promotion happening? It feels like it would be a bad look to wait to get a title change and then immediately put in time.
In my opinion, it’s entirely dependant on your relationship with the seniors.
Yes, it’s a better look to tell them before the bonus hits and you get the promo. But if you tell them early they can give you a reduced bonus or a big 0. Depending on what # you’re expecting you can weigh the pros / cons yourself.
In theory the bonus is there to compensate you for the work you have already done, but it’s entirely discretionary and some firms won’t want to give it out to people that they know aren’t sticking around.
At my firm we had a VP leave that gave 2 months notice, and he still got his full bonus. But the culture at my shop is unique for IB. They’re very chill around people leaving if you provide decent notice and will give references even before you’ve left.
Based on the most helpful WSO content, navigating a situation where you're planning to leave for a Hedge Fund (HF) role after being tapped for a VP promotion requires a delicate balance. Here's how you can approach it to ensure your bonus is paid out in full and you leave without burning any bridges:
Timing is Key: Wait until your bonus is securely in your bank account before making any moves. This is crucial because once you've announced your intention to leave, the dynamics with your current employer can change rapidly.
Maintain Professionalism: Continue to perform at your best level until you officially leave. This demonstrates your commitment and professionalism, reinforcing a positive image of you.
Plan Your Conversation: When the time comes to announce your departure, request a private meeting with your direct supervisor. Express your gratitude for the opportunities you've been given, including the VP promotion offer. Be honest but diplomatic about your decision to move on, focusing on the new role aligning with your long-term career goals rather than any negatives of your current position.
Offer Support During the Transition: Propose a reasonable notice period and express your willingness to help with the transition. This could include training your replacement or documenting your current projects and responsibilities.
Stay Positive: Throughout your remaining time, stay positive and avoid any negative discussions about the company or your decision to leave. This helps in maintaining good relationships with your colleagues and superiors.
Express Gratitude: Before you leave, consider sending a thank-you note to your team and superiors, acknowledging their support and the opportunities you've had. This gesture can go a long way in leaving a lasting positive impression.
Network: Keep the lines of communication open with your soon-to-be former colleagues. Networking is crucial in the finance industry, and maintaining good relationships can provide mutual benefits in the future.
By following these steps, you can navigate your departure in a manner that preserves your professional relationships and ensures you leave on good terms, setting a positive tone for the next chapter in your career.
Sources: No VP Promote from Sr. Associate - Seeking Advice, No VP Promote from Sr. Associate - Seeking Advice, Changing Jobs - Hold ON!
I would give notice that you want to leave after if your fund is performing / large enough where the $ doesn’t matter. If firm is collapsing, keep your cards close to your chest
When is your bonus day?
And is your new group flexible with your start date?
Bonus/promotion end of June, new team is flexible if I want to start any time between now and say September.
Sounds like this aligns with what your goals were in the op then
Assuming new team is flexible on your start date, I’d wait till after the bonus. Like the other comment said as long as you give reasonable notice and aren’t a pain in the notice period, nobody is going to knock you for waiting to get your bonus. Everyone does it, its a known thing. And assuming you have a good relationship with your seniors, they’ll want you to get paid. Its only a real vindictive person who wouldn’t. They’ve all done the same thing multiple times.
If your new team isn’t flexible though, and you do need to leave before you get paid, you can let them know you’re walking away from a bonus and ask them to comp you with a sign on bonus. This has happened to me twice and worked out both times. Just be up front about your bonus expectations (don’t inflate thinking you’re pulling one over on them), and they’re likely to be accommodating. Assuming you’re a good hire and have been nice during the interview/offer process. Obv YMMV if your going to some MMHF in a less niche pod where they have dozens of qualified applicants.
Wait till you get your bonus and accept the promotion. Then quit immediately afterwards.
In finance (and corporate America broadly) you have to look out for yourself first and foremost. If you tell them you’re leaving they won’t lose a wink of sleep burning their relationship with you and paying you a dogshit bonus if you get one at all. Take the money and promo and then quit - they know how this game is played and if they’re upset about it, then that’s because they’re upset they weren’t able to screw you out of your bonus before you quit not because you did something unprofessional.
Maybe too cynical, but I don’t trust anyone in this industry.
This.
Albeit anecdotal, I've seen it done multiple times before with no bridges burned.
It really comes down to how you handle the communication as to your leave, including ample notice.
Get your bonus first. Period. Full stop.
Sounds like you have time to receive your eoy bonus and then move to your next group given you can start your new job btwn now and sept
Molestiae aut minus odio nam eum omnis minima. Dolor fugiat distinctio quia voluptatem nemo. Perferendis delectus nemo doloribus reprehenderit eius et et.
Et praesentium maiores error et eum animi dolorem. Sapiente quos recusandae quia impedit rerum vel sed. Voluptas autem aut aliquid fuga facere unde voluptatum.
Aut sit labore ducimus aut. Odit mollitia fuga tempore officiis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...