Bad time to switch jobs?
Going to piggy back off of the “Bad time to search for a job?” post. It’s that time of year where bonuses are getting paid. A lot of us who went through buyside recruiting have new roles lined up and are ready to give notice when the market started to turn last month. Everyone has their own view on how temporary or long-term Covid-19 and its impact to the markets/economy will last but regardless, business on the buyside will see contraction with some already feeling the near-term impact more than others.
This gets exacerbated because firms where these exit opps are located appear to be WFH indefinitely. I’ve anecdotally heard some firms offering to be flexible with start dates (i.e. doesn’t make sense to onboard someone for a new job if nobody is back in the office yet). Some juniors are also teetering with the idea of forgoing their exit opps completely and sticking it out for a 3rd year in IB, but this is the exception rather than the norm (first time funds, lower MM shops with $1bn aum, etc.). The old “Last One Hired is the First One Fired” saying seems applicable.
Anyone else weighing their options or hearing anything from the respective new firms? Obviously, recruiting is on hold for the foreseeable future but curious to hear what analysts with jobs already lined up are hearing or how they're navigating this environment.
As someone in the industry that knows several individuals in the position mentioned above, most of my peers (except 2-3) have chosen to stay until this summer and leave at the completion of their 2nd year. Given the market volatility and WFH initiatives, most funds do not want to onboard someone at the moment. The consensus from my network is the following: funds are approaching the situation with a mentality that once the pandemic begins to subside, many strategics may choose to re-evaluate their divisions (aka carve-outs and acquisitions). Overall, I think opportunities will be out there, as long as the debt markets actually re-open, and buyout activity should resume by mid-summer. As a result, most current banking analysts will just sit tight and make the jump this summer rather than navigating the current uncertainty.
Per the caveat above, this is what I've heard from my small sample size and may be completely different from the things others are hearing.
I'm starting to hear similar things as your peers. Sounds unlikely that roles will be rescinded completely, but the summer may tell a different story depending on how the next few months shake out.
Hopefully things take a turn for the better. Positive piece of news: 2 friends received emails from the funds they will be joining (1 MF, 1 MM) reaffirming commitment to incoming 2020 associates.
Front page worthy clip right here. SBed.
Appreciate it. Also spoke to my future fund recently. Same news as above - all 2020 associates are safe.
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