I Did It Boys - Now How do I Play This Hand?
Gonna start off this post with a nice humblebrag - I secured a MF PE offer a couple weeks ago after a roughly 5 year journey through various finance roles (non-target —> corpdev —> shitty valuation boutique—> top MM IB). I’m straight buzzin with this outcome after enduring the doldrums of off-cycle recruiting for the past 9 months, but the question now becomes: how do I play this hand?
I am probably going to get promoted to associate in January 2024 at my IB, which entails a pretty fat signing bonus (with clawback), one month sabbatical, and base raise. My PE job isn’t supposed to start until later on in 2024, so realistically I have to stick it out here for a few more months.
My questions for you guys:
- How do I not get fucked over by the clawback?
- Should I tell my MD I’m leaving in my year end review?
- Should I ask my new job if I can start earlier to avoid the whole situation?
- Is it chill if I use the sabbatical time then dip a few months later?
- Anyone have a similar story?
- Is it worth trying to maximize what I can squeeze out of my current bank, or not worth the personal liability/destruction of relationships?
Appreciate the help fellas.
based
What would Gregg Lemkau say?
Bump
Bump
Impressive journey, congrats!
Congrats on the offer and making it! I'm in a similar situation so following. Obviously it hasn't happened to me yet, but here's what I was initially thinking. Open to anyone's thoughts
1. I've read that if the clawback is triggered in the same calendar year that you get the signing bonus (it sounds like you get the bonus in 2024 and have to pay it in late 2024), then your employer will send you an amended W-2 and it should clear things up. When clawbacks trigger the calendar year following receiving payment is when you can get fucked over
2. I don't think I'll tell my MD in my year end review coming up in a few months...I'm planning on doing really great work until I leave in less than a year and not outright coasting / pushing off all work. My thought is I wouldn't want them to not give me the aso bump / good bonus for it
3. I would think you should wait until you get the aso bump and do that for a few months (which it sounds like you're currently planning on)
4. It would leave a bad taste in people's mouth if you did the sabbatical...I have the same opportunity but won't take it. Again, I'm doing high quality work and trying to pull as least amount of late nights as possible
Congrats on the offer but:
Why in the world would you not take the sabbatical? It's earned time off and should not affect your relationships you've built unless the bank you're leaving is particularly toxic. Complete waste of an opportunity to decompress before starting the PE position which will be intense.
100p take the sabbatical. Literally nobody will care or remember when you’re gone and it’s free time off.
Multiple people have taken the sabbatical and then came back like with a job offer and nobody hates them for it except maybe the staffer
Do you plan on ever mentoring kids? I’m a non target and was seeking advice
Take sabbatical - it is a total no-brainer
Always assume the bank will fuck you:
1. They're going to claw it back.
2. No - unless there is a very specific reason as to why you should
3. Probably not
4. Probably - some people might not be happy about it, but if you're leaving some bonus on the table then I think it offsets
5. --
6. Up to you
Every time a non-target makes it, I die a little inside.
Because you failed?
No because it’s sad when people stupid and/or or poor succeed in life, it annoys me.
I had a clawback when I left for PE. Spoke with HR and said I didn’t have the money anymore and that I would need to pay them back at a later date.
Guess what - no firm is going to sue an employee of a client. I never heard anything about the bonus and I never paid them back a dime.
Have a bit of commercial courage and you will end up richer.
holy balls lmao
lfg brotha !!
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