What happens after the PE offer and acceptance?
Maybe this question has a simple answer but what happens after you receive a PE offer for the following summer? I assume the PE firm will go through the typical background check process on candidates that accept but when should I notify my current employer? Immediately or wait until a few months closer to starting. The bank I'm at is not as receptive to PE/HF recruiting so I don't want to damage any relationships with the people above me or hurt my chances of getting staffed on solid deals. Any advice would be helpful since this I haven't found another post where this is covered.
2nd year analyst heading off to a MF in a couple months and I still haven't started the ball rolling on my background checks. Additionally, you probably don't need to say anything unless you are asked about it. Particularly if you are at a firm that is less receptive to recruiting. However, if you are asked, I don't think you should feel a need to lie about it because integrity is important in this business.
Thanks that’s really helpful. I recently accepted a MM offer for next summer. Would you say there was a lot of communication from the PE firm between when you initially accepted the offer and now?
I wouldn't say there is all that much communication. HR reached out recently and will be reaching out again in May/June is what they told me to give better insight into onboarding logistics. Otherwise most of my communication has just been with members of the team who reached out to get to know me because we didn't get meet during the interview process or just to catch up. There's also outreach for incoming class events like drinks in the city. But I would not describe it as a ton of communication as there is a pretty large gap between on cycle and start date.
Wait on the background check until you've told your bank - assuming you're taking some time off between jobs, a month or two months notice is plenty of time to do background check. Most background checks are done on people starting jobs in 2-3 weeks, so you'll have plenty of time.
For notification I think your bank will figure it out when you don't accept A2A, and I wouldn't be taking on long term staffings in April/May if you leave in June. If you're headed out next summer, wait until a few others in your class tell them, or if not wait until early next spring.
This is just my personal experience, but I accepted a MF offer 3 weeks ago during on-cycle and they already kicked off my background check. Just as a contrary point to the 2 comments above.
Accepted an UMM offer during oncycle and already completed background check as well.
Personally I told a few people at my bank and word has spread - would rather give my group time to figure out recruiting if they want to replace me and leave on good terms
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