I've decided to quit my IB job to work on a start up my friends and i made full time.
the only thing left to decide is: when?
if i quit immediately i realize i forfeit my bonus, correct. so when do i quit? the day after bonuses are handed out or what? any way to secure a good chunk of change from my hard work while minimizing the time i still have to stay?
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Check the fine print, and the second your bonus money is untouchable, wear a hawaiian shirt to the office while singing "Hey heyyyy, good bye!"
Better to wait like 2 weeks after the money hits your account just to be safe.
Bonus - when is it safe to leave? (Originally Posted: 01/17/2012)
Once your bonuses is distributed according to the date on the sheet, when is it safe to leave (and retain bonus)? Day of? Day after?
It's safe when the money is in your bank account.
Are you completely retarded? When the money is in your account it's yours...then you can leave.
Not true. Although I guess if you're a first year you're ok.
Your sign on has specific clauses and if you're an asso or even 2nd year an at some banks bonus has clawback clauses ... welcoem to banking in 2012
.
I know that signing bonuses have clawbacks...at least in my contract but do year end bonuses as well?
"I know that signing bonuses have clawbacks...at least in my contract but do year end bonuses as well?"
the deferred portion will have performance related clawback or vesting provisions. the cash portion is cash.
When is it ok to move on? (Originally Posted: 11/16/2015)
Hello all. I have been working for my current company for a year now. This is my first Investment Banking job, but I have learned enough within my own company to move up from Analyst to VP of corporate finance. The job has been great, and I have worked deals across multiple industries, but things are starting to slow. Due to circumstances out of my control, work has slowed here, and our Principals have hands in other companies, so a lull here doesn't effect them as much as it effects me.
My question is, when is a good time to make the switch, and would I be best served staying in Investment Banking, or would something else be better? I enjoy the work I do, but I love the interaction with clients more than I do the number crunching. I enjoy explaining to people seeking financing how we can help them, and laying out options, and making the match between capital seekers and investors. I have no problem bringing in clients, and I have no problem selling their needs to investors. Is there an area of finance where I can do that and still be financially rewarded?
Like I said, I have worked here for a year, but with the path the company is on now, I feel I need to start looking now before the fire hose shuts down to a drip.
Any advice?
Well, no matter where you go you'll likely be taking a step backwards in terms of role. No bank or semi-serious place will allow you to lateral so you'd be looking at going back to being an analyst which doesn't sound like what you want to do. You'd probably be best to stay where you are or try and move corporate in order to get more "credit" than you've earned, ie "move down" to a manager-type position rather than an analyst role.
I'm not opposed to moving down if its to a bank where I can move back up. I have no problem starting back at the bottom, the work doesn't scare me, its the running out of work that scares me.
Is it possible to talk to the principals about going out yourself and trying to source more deals? May be tough sledding but it sounds like the sales aspect is appealing to you..
Vp In a year huh? Move to valuations, make director, then lateral back into ib as as a VP.
Boom, life hack.
Here is my dilemma, I would love to move, but my fear is my education. I didn't go to a big school, and I don't have an MBA. I networked into this position, but just by looking at my resume, you wouldn't think I was qualified to do what I do. How much experience do firms look for before they will forgive you for not having the credentials of a typical Investment Banker? I have worked on over $100M worth of deals so far, so I have the skins on the wall, but not the pop in the resume.
You should probably stick to used car sales.
2 weeks between the bonus pay-out date and the first day of school... (Originally Posted: 01/27/2014)
So I have a dilemma. I am starting an MBA program this coming fall, and I realized that the first day of school is 2 weeks before the date I am supposed to get my annual bonus. Because I'm expecting a promotion this year, I'm expecting a sizable bonus...
1) am I doomed? 2) should I try to use my vacation days between the first day of school and the bonus pay-out day? This is something one of my fellow consultants suggested.
What's your take? Anyone with a similar dilemma in the past? Thanks.
Does your company not know you're going to business school? If they do, they might be cool or they might try to hose you, but either way it seems like it would be out of your control.
I haven't notified the company yet, still more than half a year to go... only a couple of former supervisors are aware, since they wrote me letters of recommendations, but of course they will keep it confidential.
Yeah, that's what I'm trying to figure out, whether using my vacation days is going to fly. I don't want to burn any bridges or make partners in my group mad. I have no problem working all the way up to the last week before school, since my family and recent baby put a financial strain on my shoulders :) A couple of months of salary might not sound big in the long run (especially given the tuition I would be paying for the next two years), but those few thousands are still precious for me, and the possibility of getting the bonus really makes it worth it for me. @BGP2587 do you know if it's customary to give a very short notice before quitting in consulting? FYI i work at one of the Big 4 firms.
Thanks for your responses, guys... I figured that this problem might be pretty common within consulting (for those leaving for school) but maybe not as much as I thought.
Man that really sucks. Maybe you can take the first week as a vacation then skip classes the second week for the bonus? Did you put in your 2 weeks notice?
Ouch. Tough spot. If you can get away with it, I'd try to use your vacation days until that day. I figure that you're at a big firm, meaning that you probably won't just be able to ask them to pay you a bit earlier, as you may be able to do at a smaller firm. At a big firm though, I actually think you might be able to get away with it.
When I quit a big firm, I literally told my project team my last day with them, and then emailed my HR rep to tell them my last day with the firm. I easily could have said 3 weeks later to HR and taken PTO for those three weeks, probably without anyone really noticing. I think it will work, but definitely depends on your company and the structure.
One other problem: even if you want to take vacation and you have a decent amount built up: do you really want to work until (approximately) a week before school? That sounds exhausting. I plan to quit 2+ months before, which is less than I want, but hard to turn down paychecks for much longer than that. I guess it depends how big that bonus is.
PM'ed because of some personal details in response.
I think it's not that common of a problem because most ex-Big 4 people I know going to school plan to quit between now and March (many of whom will do an externship or something else), so they're not even going to get close to that pay out date.
Any other feedback please? I'm stuck on this dilemma... :(
Call HR as an anonymous employee to find out the process and procedures are, or call another big 4 HR - policies are probably similar.
If your bonus is for prior work they should give it to you regardless. If it's for your promotion, then you don't deserve the bonus so I don't think you should screw over your employer for a few thousand bucks. Integrity is worth more than that.
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