How do I leave banking for my 2024 Summer MF PE
Hi all,
I'm a current 3rd year analyst at an EB Tech group that just received a 2024 PE offer at one of my dream funds. While I am super excited about this, I am not as excited about the fact I have to stay in banking for another 1.5 years. They didn't provide any options to start early, unfortunately.
I read through my offer letter, and the only clause there is that I must have at least 2 years of IB experience (which I currently have 3 years of).
My question for this forum is when is a reasonable time to quit banking in this case? Ideally, would love to leave in August after bonus (and take a year to travel and work on some family issues) but understand this might be perceived poorly by my future employer.
Any thoughts / advice / anecdotes would be much appreciated!
Best,
Rick
TLDR: I want to leave banking well before my 2024 PE start date and am trying to figure out if it is possible as a 3rd year analyst
Talk to your future employer. I had the on-cycle gap too with more than normal amount of work experience at time of offer receipt. I told my future employer I wanted to take a different job in a different area of finance for a year and then take a few months off to travel. They said that was fine. Doing so has paid massive dividends to my career and personal relationships I was able to nurture during that time.
Thank you so much for the reply! Great to hear that this have been done before. My fear is that because this fund is a relatively traditional one with a structured Associate program that I would not have as much flexibility. Additionally, I don't want to rub anyone the wrong way at the fund and have them think I'm just going to mess around for a year.
I'll speak with my point of contact there with your approach above and keep you posted!
Hey - any chance you can pm me about your experience?
how hard is it to adjust from IB to PE in terms of work products; is the work vastly different? making slides in PPT to investment committee, working through excel making models looking at data rooms. just curious what the learning curve ramp is like and whether PE is collegial or you just have to figure it out yourself
Following
Can I ask what fund this is? Currently recruiting for 2024 so wanted to know who was on the market.
This will obviously depend on the fund but if one of our future Associates reached out in your situation, I don't see that we would have any issue with it. You've already got the required experience that we want for our incoming Associates, and another year of banking experience is of somewhat limited value. As long as you frame it correctly, think you've got a very good chance of being allowed to do whatever you wish with the time between now and your start date.
You could ask to do a nine month “internship” at a portco and then take a break before your actual start so you can get a flavor for management style etc
Just a thought
Omnis provident totam voluptate rerum. Dolores dolores tempore labore repellendus sint animi. Temporibus quod nisi quia vitae voluptatem aut.
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...