Resignation by the end of probation period (PE job)
Hi everyone!
I am in a relatively difficult situation to assess and would appreciate if I could get some help from fellow members who might have been through something similar.
I am Senior Associate in a very large fund that I joined a few months ago. The job is great and there is no doubt I like what I do, but... they have lied to me on so many levels (i.e. poor deal flow, no possibility to originate, no promotion while I was explicitly told I would make it to Principal in 2018, salary freeze, bonus much lower than told, etc.) that I am seriously considering my options.
For all these reasons I am thinking about resigning by the end of my probation period whether I can find another job in PE by then or not. I have a pretty strong CV with many great experiences and no hole in it, but I am worried what recruiters / HH might think of it when they see I have left my job after 6 months (i.e. has he been fired?) while the probation period should work both ways (i.e. does the employer like you and do you like your employer?).
Any comments from people who have been through the same situation would be much appreciated.
Thanks in advance!
Camondo
Have you started looking?
I would leave as a resignation (two weeks) with another job available instead of being let go.
Not sure I got your comment, especially re the two weeks.
He's recommending that you find another job, then tender the standard two-week notice to your employer rather than quitting after six months then starting your search for a new role.
I recommend that you start looking now. Buy-side roles at your level of seniority generally take a long time to get into. Leverage your network. I'll paste a portion of a longer reply I made in another thread at the bottom of this post.
You need to a) find people who are receptive to your story (and that's very likely going to be people you know from either school or as a previous coworker) and b) make sure they realize you only want to move, not have to.
If you look like you're in a rush, they'll get the impression you're about to get fired or something bad. If you look like you're simply trying to optimize via a better role, they'll be more receptive. It's like dating; no one wants the desperate person. I agree with the prior poster, you want to secure a new job before leaving your current one.
In terms of approaching headhunters, I believe you ought to try going through your own network at first. See my comment below on how to approach this procedurally.
Your employer has failed to commit to the conditions that were set out in the beginning. It shows a complete lack of loyalty from their part. When you're facing your next interviewer, this should be leverage, not a set-back. Your next employer will know that screwing you is not an option and that loyalty goes both ways.
I'm confused. You joined six months ago and were told that you would be promoted already in 2018? That seems odd. And there is already a salary freeze? Sounds like they whiffed on a fundraise or something.
In any regard, have a job locked up before telling your current employer. I don't think if you explain what's happened that a prospective employer would care (if you're a quality candidate they should be happy to have you).
@APAE: Thanks a lot for your answer, that's extremely clear and I agree with the approach.
@ Kallester: That's indeed the case. I seriously need to think about the way I'll phrase it during interviews.
@m8: I was an Ass3 when I got approached and part of the deal was to get promoted to Principal in Jan-18 assuming the team was happy with my performance (got the confirmation by the Head of the team they are extremely happy). No problem with fundraising as we still have over $6bn of dry powder to invest. They probably thought that they could lure me easily given how prestigious the name is...
Bottom line, I need to move on but secure a job before leaving the firm. Thanks all for all your precious advice. It's very much appreciated!
As much as you want to fuck off - stay where you are until you have another job. Looking while unemployed is hell.
Yep. Much, much better to be in a position of relative strength (particularly when it comes to headhunters).
Interested on what you ended up doing.
Others have offered great advice. All I can add is hang in there! You are clearly a very qualified and talented person. I know several people who ended up in this situation and unfortunately, in this economy, it has become more and more common. Don't take it personally or to heart.
One of my friends was at a boutique firm for 4 months and was let go - she was devastated at first, but she ended up at a much better investment banking role at a bulge bracket and has been thriving.
Porro sed est omnis consequatur. In quasi dicta voluptatem voluptatem dicta delectus similique. Aut et alias est aliquid dicta est quod.
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...