How to leave your IB analyst job?

Currently a second-year at a MM, satellite office with a smaller team. I've recently accepted an off-cycle MM PE associate role in my industry vertical and I'm going to start in July. My bonus pays last day of June, and for logistical reasons I'm going to have to relocate for this new job the first week of July. This essentially means if I were to inform my MD post-bonus, I'd have to leave that day. Right now he assumes I'm staying on for my 3rd year.

So my dilemma is: Do I inform my MD before my bonus and serve out a 2-week notice period, and potentially save a bridge? Or do I burn this bridge because it's not worth the risk of being let go before the bonus? I don't think he'd force me out beforehand, but it's a big risk and I'm not sure how valuable this bridge even is (my team has real shitty deals, not winning pitches, MD near retirement).

 

So our group had 2 analysts above me (one in my office, one in another) give notice months in advance, but they were finishing out their third year and our group was cool with it. Since I'm not doing my 3rd year like our MD / group head expects me to, I'm not sure how he will react (been casually told I'm on associate track).

Firmwide it's mixed - some gave notice early and served out their 3rd year, while some bounced immediately after 1st or second year.

 

Yeah it's less of the PE firm pushing me and more personal timing / logistics and moving with my SO. That first week of July has the 4th on Thursday, so really I'd be giving them like 3 days notice tops if I wait until after the bonus lol

 
Most Helpful

Only if you are going to a competitor. Going from IB to PE is different. They may want you to stick around and help transition whatever you are working on.

I would talk to the PE firm, let them know your bonus timing, and ask if you could get a couple weeks of wiggle room on your start date.

Then, don't quit until your check clears. Read and re-read your confidentiality agreement / non-compete with your existing employer. I guarantee that you signed something when you joined. It's best to know exactly what they can do before you make any move (claw back past bonuses, enforce notice period, etc.).

At the end of the day, your PE firm won't make you miss your bonus (unless they are willing to make you whole, which they likely won't do). If your SO needs to move before you, that's fine. Tell them to go ahead and you'll meet them in a week or so when you clean up your old job in an appropriate way.

-- sm
 

100% do not tell you boss. This is a non-starter. I repeat do not tell your boss.

Upside downside risk is way too high. I've learned these lessons the hard way.

Ultimately it is what it is and frankly if they dont understand they dont really care about you anyway. Just be apologetic when you leave but get that bonus before you tell them.

 

I highly doubt that you have a contractual notice period as an analyst. It's surely just at-will employment, so not fulfilling the customary two weeks has only reputational risk.

Always look out for #1, so my recommenadtion would be to not say anything until the money hits. Then walk into the MD's office early in the morning and say "I'm outta here"

 

Don't say anything to your boss. He's not the only person at the firm, and once he informs HR or whoever else (which he'll have an obligation to do) he won't be able to help you if the bureaucrats decide to make your life difficult. BTW, and this is not irrelevant, doesn't your firm make some kind of formal communication to second years as to whether they are or aren't being offered a third year? If you haven't gotten that, ideally in writing, you shouldn't assume anything. And you should point this out if anyone complains that they were blindsided by your departure.

 

I had a similar situation at my prior firm -- bonus was getting paid out in ~2 weeks and new job started in ~2 weeks but needed to relocate for the new job.

I ran the scenario in my head over and over and everything told me it was a down right stupid idea to tell my MD's / Partners. After a few days of thinking I couldn't stand the thought of having enemies in the industry (even though I would imagine they would do the same). I finally went to my MD, told him I got a new job and that it started in 2 weeks. I also reminded him of how much I worked for him and that I hope my honesty and transparency would allow them to pay me the bonus I earned and worked my ass of for.

End result, MD thought about it for a few days and then told me he was not only giving me my expected bonus, but a 30% increase on top of that for all the work I did for him and the firm. To this day I have a good relationship with him and see him when we are in the same town.

 

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