Non-Compete for a New Grad
Hi, I recently received a graduate offer from a top HF/trading firm. They have a long non compete (around a year), and I was wondering if anyone had any advice on how this would affect my career going forward if any (getting future jobs etc), or if this is just industry norm and not something to worry about.
Pretty normal but it can present problems if you want to switch firms but not industry.
For example, your pod pm disappoints and you want to move firms to another pod in the same sector. Hard to get hired as a relative junior because the other pods would prefer not having someone relatively interchangeable start 1-2 years later with that person also losing touch with the market in that timeframe. Know some people that sat on the sidelines with no job in hand when they resigned and have to wait until the period was almost up to look for another job.
Not nearly as big a worry if you see yourself going to school or switching industries instead.
mine is closer to 2 💀💀
And if my goal was to stick in the industry, in that specific asset class even?
Then you better become a rock star, be someone that a competitor would buy out, wait 1-2 years for.
Similar situation. Another data point my non-compete for a +bn SM is one month.
Something worth remembering is that is likely not enforceable. If there is litigation, you'd likely win on the merits.
Now, that doesn't mean a lawsuit would benefit you...
6 months is seen as ok on juniors. 1 year not impossible if top shop but not a good EV trade imo.
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