Advice on Lateral PE Recruiting after 1 year?
I'm a second year analyst in IB in NYC, and I accepted a PE offer a few months ago at a UMM firm in Boston. At the time, I thought it would be a good idea to accept because the firm reputation / culture / exit opps are great. However, as the start date is inching closer and closer (I'm starting this July), I'm really starting to have second thoughts now. I love NYC and the fast-paced / young culture, and I heard that Boston is not as fast or lively. I also don't know a single person in Boston outside of the people I interviewed with, while I have several solid friend groups in NYC. More importantly, my girlfriend of five years will be staying in NYC. I definitely don't want to reneg, so I think my only option is to try to lateral back to NYC after (hopefully) one year. Does anyone have any experience with lateraling after one year? Is it possible, or are there not as many spots / the hiring market is not very strong there? When should I start reaching out to HH's about lateraling (at the beginning of my associate program, or a few months in when I have adequate deal experience that I can talk about), and is it important to network on top of talking with HHs? Would love to hear the pros and cons for lateraling, and any advice would be greatly appreciated as well!
Nah ditch the girl
The PE market is very hot right now, but not sure if that'll be the same a year from now when you start recruiting. Also, just as a heads up, you'll likely have to repeat your first year if you do end up lateraling.
Work with a different headhunter to get a last minute job now... they come up now and again and if that doesn't work, then focus on lateraling. Your firm will be less pissed at someone who never shows up as opposed to someone who shows up then bails early. Saves you the headache of moving too.
Really? I would have thought the opposite - they're more likely to be pissed at the person who renegs especially this late in the recruiting cycle...
They are going to be annoyed either way. Do what's best for you at this point and communicate as best you can with the current firm.
What are the chances the original firm finds out and rescinds they offer?
De minimis
Don't move to a city you'll hate and leave your girlfriend behind (potentially jeopardizing your relationship) because of dumb/outdated corporate norms. You owe your current employer nothing, much less your future one.
this... they won't hesitate to let go of your @** in a second if they needed to or tell you 'thanks for your service' and boot you out to b-school.
No job and no amount of money is worth your relationship
Agree with everyone else, just get a NYC job now - lateraling after 1 year is not easy. Tell the firm you signed with that you have to be in NYC for family reasons. I am super anti reneging, but there is a time and a place, and a GF of 5 years is a pretty significant thing to leave behind.
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