MY PE Offer got Rescinded
For context I might be the biggest retard on this forum. I have no mentors and no family in the industry. I was laid off in September due to market conditions from a no name shop but have great experience. Closed 3-5 deals to well known public companies. I got 1 IB offer 1 Corp Dev offer, I decided I was done with banking so I accepted the corp dev offer from a top 5 consulting firm. They did the background check and noticed I have not paid off my last semester of school (had to pay for all of school alone with no help) although I completed all my credits they decided that was enough of a reason to pull my offer. (Told them I would pay it off before my start date)
Fast forward a few months, I pay off my last semester and get my actual degree. I get my first PE associate offer and I am thrilled. I fail to mention that I have been laid off but I did not think it would be an issue. I was very wrong HR reaches out after the background check and asks the situation and today just got a call from the team that it was not an issue I was laid off it is just an issue that I was not transparent.
I have had Super Days with pretty much every Top 10 Investment Bank and Top PE shop. I am burnt out, I feel like a retard and I have no guidance on what I should do next or next steps. IB recruiting is literally dead and PE is PE please help with guidance/next steps
Kind of confused. You recruited with the PE firm while laid off but they never knew you were unemployed during that period?
Yes
you thought it wouldn't be an issue to tell a PE firm that you worked at X bank when you, in fact, did not work at X bank?
This is not an offer being rescinded, it's completely your own fault... it's basic recruiting 101 / common sense that you can't lie about currently working somewhere you are not. This is straight-up lying. You were laid off in September, 8 months of lying about working there and you didn't see any issue with that?
The fact you've had 2 offers pulled on background check is really quite concerning and you need to check all of your docs carefully for your next job.
Fix your resume to reflect the actual last date you worked at the previous firm (you can include any notice period if applicable) and just try to find a finance job. It won't be IB or PE but that is going to be the price you pay for this. Work your way back up over time.
On a side note. If you get laid off at your firm but get severance for say 2 months and are on payroll. Over that period of time, can you say you are employed or do you have disclose that you are laid off?
Afaik you are still "employed" until the end of the severance period.
You're fine to say you're employed through that date + put it on your resume through that date.
If you find something really quickly and start quickly that's fine.
Where it gets dicey if your background check takes forever, they drag the interview process out etc... as they'll find it on background check if you get too far past your end date. If you get past your "last day" and are still interviewing I think you need to tell people - in this environment layoffs are common enough that people know they're not performance related
Hold on do they start background check already while you’re still interviewing?
How long can the process take usually?
Thanks!
NO
Unless it specifically says your termination date is the last day of severance, you are NOT employed. Theres a different between working through a notice period vs severance
Sorry this happened to you, and I really hope things work out. I don’t think you’re the biggest retard on the forum, but I also don’t think you can blame lack of mentors and family in the industry.
You don’t need family in IB or billionaire mentors to know that (1) you have to pay your university in full to officially get your degree and (2) if you mislead companies about your current employment status, you risk losing an offer.
But look, you’re not dumb you just operated in gray area and got unlucky, and risk/reward didn’t pan out in your favor. People outright lie about their education and employment status and an hundred other things every day and get away with it, hell sometimes straight to the c-suite; they just get lucky. The fact is you’re smart and hirable seeing that you secured not 1 but 2 separates excellent offers during this market, which means that you can and will do it a third time now that your docs and story is in order. We do work in a heavily scrutinized industry. Good luck!
Not a gray area. This person lacks integrity.
Wait... companies can rescind offers if you have personal debt?
No, they rescinded it because he did not have the degree he said he did on his resume. The reason he did not have that degree is that he did not pay the university. Had he used debt to pay the university, it would have been fine.
Your degree is not issued until you pay your school to attend. It's totally okay if that is through loans or debt, but this guy still had an unpaid, past due balance with the school for a semester he'd already completed... thus he had no degree. Really silly reason to let an offer get pulled, he could have just taken out a personal or educational loan for a short time
You are a retard
Bros I'm pretty sure the OP knows he fucked up - do y'all feel good about yourselves piling on somebody in a shitty situation?
Chin up man, learn from this, and play it straight next time. You clearly have the resume to get offer(s), so just have to keep grinding. Check out some of the lesser-discussed recruiters on here: WilcoxBerry just launched a job board with open PE/banking roles, and the COO of Harrison Rush group puts out a weekly newsletter that has open banking lateral spots.
I can confirm this is natural selection at work
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