All,
I am currently a first year analyst (started in July) and recently received an MBB offer in a different city (I am moving to be closer to my family). I will be taking the offer and exiting in the next few months.
I was wondering how to best handle the exit? I know there are a few threads on this, but I've only been on the desk for 6 months, so none were really applicable. Specifically, I was wondering:
(1) How much notice should I give my team?
(2) Who should I tell? My Staffer? A VP I trust?
(3) What is the best way to communicate this to my team in a way that's respectful and reasonable? (What do I say...?)
(4) What is the best way to maintain relationships through this process? I obviously value the relationships formed and have no hard feelings against my group and bank
Thanks for the help here. Never been in a position like this and any advice would be much appreciated.
Cheers
Bump following
Hey - pm me (would love to connect if you're in the same boat)
How did you manage to land mbb? Did you just apply or network?
In the same boat - is it different than pivoting to a diff. bank? Had someone in my group do that last year and it was pretty bad...
1) 2 weeks. They may or may not ask you to leave the day you resign, so make sure your desk is cleaned out before you do so. If you go to a competitor you're out same day, MBB I imagine they would have you finish out the 2 weeks but be prepared not to,
2) Tell your staffer, in person if possible. Then send an email to HR with staffer CCed confirming you are resigning. Make sure the email says your resignation is effective as of < date 2 weeks from now > even if your staffer says you have to leave today. They have to pay your notice period if they ask you to leave.
3) Staffer, wanted to let you know I will be moving on to a new role. This has nothing to do with < company >, I am moving outside of banking completely to an offer much closer to friends and family. Thank you so much for the opportunity and I hope to stay in touch.
4) Tell your favorite associates/VPs in person. Emphasize to everyone that you're leaving banking entirely and moving to be closer to your family. They will probably be peeved, but you're doing what's best for you. If the bank needed to cut analysts for some reason it would do so without a second thought, there's no loyalty to corporations.
Separately: Make sure you are prepared to pay back your signing bonus in full + possibly the tax on top as well (you will get a tax refund later for that amount if you have to do this). If your MBB isn't covering this payment, check your IB contract to see if there's a clawback, and then ask MBB to pay it as a signing bonus.
Wow - thank you for such a comprehensive response here!!
Also, would it be best to recommend a candidate to replace my spot? My group is really jammed on deals and I have a friend at a smaller bank who would be interested in a pivot
No, not your job. Can do that a few weeks after when you're on friendly terms with your team as an ex-colleague, not while you're still employed / leaving / before you start the new job
I'd recommend them to your analyst friends instead of directly. Casually recommend them to people in your class and they can move them along, just don't be involved
Unless your group already has a lateral job posted they have to go through a long process to get a new spot open (HR approval to hire, waiting period for internal hires to apply, etc) so your guy has a bit before the job even opens up
It sounds like you have a few months before your start date at the MBB. So I would wait until your background check clears and the start date is finalized before you submit your notice.
Great advice, thank you.
I recently left my EB for MBB after a year in banking so can hopefully provide some relevant guidance here.
1) 2 weeks notice is fine, though you may get some pushback from your staffer / more senior folks. I gave my notice when a huge wave of people quit and they begged me to stay longer. I had some flexibility (and wanted to hit the bonus clawback cutoff) so I ended up staying 4-5 weeks from when I gave notice. I think it gave me some goodwill and honestly things were pretty chill staffing-wise once everyone knew I was leaving.
2) Before I gave notice, I reached out to a VP that left recently that I trusted to ask for opinions on how to navigate the process and not burn bridges. You ultimately have to tell your staffer, who will then blast the senior folks to announce your intent to resign. You'll then have a deluge of senior folks commenting on why banking is great and if there's anything they or the firm can do to make your life more manageable (staffings, WLB, etc.). I had actually planned to tell my staffer later than I did, but he was about to staff me on a gnarly sell side I wanted nothing to do with, so my timeline was accelerated haha.
3) Like you, I was moving to be closer to my SO and was exiting banking entirely, so there was less bad blood. It's hard to argue with the family / personal life argument. Just make it clear that this is something you feel like you need to pursue now, and could even revisit banking down the road. My group was happy to keep in touch if there was any interest on my end to come back.
4) To maintain relationships, just don't exit in a blaze of glory. My offer to stay later as well as to coach folks who were getting staffed on my deals went a long way. Add the folks you care about on LinkedIn and send follow-up emails every few months or so. My group even has a private alumni group on LinkedIn where we chat still.
All in all, sounds like you have the right headspace here and will handle this with the right level of professionalism. I anecdotally am a lot happier in MBB than I was in banking so cheers to you for making a similar decision.
Were you post undergrad or mba? How did you go about pivoting? Network or just apply?
I was post undergrad (I started working in July). Got interviews through networking / formal applying. Helped that I had a reason to move to the city (not a SF / NY / Chi)
What are you thinking about doing after? i was at an EB and hated it, but ended up staying because I got a UMM/MF offer. Don't hate it as much but PE is so overhyped. But, from my friends, MBB is also pretty overhyped.
Quo cum et temporibus in tempore nulla nesciunt. Quo sit sit voluptatibus magni odio cupiditate vel.
Impedit et modi dicta aut provident et asperiores. Minus a qui quae autem molestiae aspernatur. Minima quo enim deserunt quos repudiandae. Quam sit sint dignissimos. Ducimus sequi aut aliquid autem exercitationem et id. Aut voluptates aut dolor fuga laudantium illo.
Quia inventore officiis veniam laboriosam. Aliquam temporibus velit non consequuntur enim excepturi sunt tenetur. Iure nihil voluptatibus tempore cum. Sed iure mollitia dolores omnis. Aut laboriosam aliquid qui. Sit aut id sed quia. Voluptatem sint consequuntur rem sed.
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...