PE Implications of Getting Fired as an IB Analyst
Sort of a unique situation perhaps...I might be getting fired, but I have a signed offer for a PE firm. If I do get fired:
1) Does it matter if they find out? For instance, would they rescind my offer over that?
2) What kind of jobs should I get in the meantime? It would be a while until I start at the PE firm if I was fired soon so I would likely want to get another job but not sure the best way to go about that.
Any insight would be very helpful, thanks!
The PE fund is likely to find out. Whether they rescind depends on what you did to get fired. What did you do?
Agree with above, they will definitely find out - either now, or down the road when your background check says you ended many months earlier than expected and aren't eligible for rehire.
Why are you getting fired? Whether they rescind is highly based on that. If you were just laid off due to broad cuts in your group, the firm would likely be understanding and may even let you start early or spend some time at a portco. If you were fired for "cause" - some reason or misunderstanding, or pure underperformance, you will likely lose your PE offer
Either way I would tell them sooner than later. Would be unfortunate to lose the PE offer months down the road
Yeah I kinda figured this was the case but was hoping it wasn’t. If I do get fired it would be for cause. Would quitting make it show up differently on a background check & keep me eligible for hire?
I mean quitting is definitely better than being fired but it still is basically being "allowed to resign" - chances are that is what will happen anyway, unless you were doing something legitimately illegal and they want to ruin your life, your BB isn't going to formally fire you but instead negotiate your resignation - if they truly fire you there is a lot of FINRA paperwork that shows up on brokercheck and follows you around. I have only seen this happen 1 time out of many people who got fired
if you are about to be fired for cause you will still not be eligible for rehire if you quit
I would still be honest with your next job. even if they rescind, better now than in a few months when you're assuming you will be fine
Quit now, maybe? Better than getting fired
OP, why are you refusing to answer why you're being fired? That is the only thing that matters here and will determine whether there's a straightforward workaround or not.
I'm going to avoid coping about the reasoning and just keep it simple: it's because of underperformance. If I resign though I will have a period of time that I can still claim that I am employed which seems like the way to go because it'll make landing a new job easier.
100%. Nothing to be ashamed of in that respect, so long as you can learn from the shortcomings and better apply yourself in your next role all will be well.
Kid from my school got fired from his job after a year, didn’t tell the firm he signed with during PE recruiting, and they ended up rescinding shortly before he was supposed to start - just a data point
Yeah I don't think I want to keep it a secret, that would stress me out way too much leading up to it.
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