Think I may be getting fired....
Hi All,
I recently started at large well-known NYC based MM early in the summer coming from IB at an elite boutique (LAZ/Everocore/Centerview) and think I may be getting fired soon... My PM hasn't been happy with my work product and hinted at it today (she's also notoriously tough / kind of a dick). My ultimate goal is to go to b-school but i'm still about a year out from applying. After that I was hoping go into VC (I have a tech / CS background and work in a tech pod now).
Any advice you may have in case this does end up happening would be much appreciated. Obviously i'm going to do everything I can to avoid that outcome, but think that it would be prudent for me to think about all scenarios.
The other thing to consider is my fund has a lengthy non-compete, which makes it a bit difficult (but not impossible) for me to move to a different fund.
Appreciate the help
Cheers
Sorry to hear that. It is what it is and there is no use of stressing over it. Can't comment on other things but the non-compete: 1) if you get fired, I don't think the non compete still is in play; 2) in the state of California, non-compete doesn't mean shit. Why not trying to find a job in tech VC in California and skipping all the steps in between. Best of luck.
As prior commenter said, non-competes are useless in CA. I'll add that in NY, they're tough to enforce. They have to be reasonable in scope and time. So for example if you're quickly going to another hedge fund that would value the trade secrets that you learned at your first fund, then there can be some enforceability. But if it's not a fund, or a meaningfully different strategy, or a long time after leaving, then NY judges get very tough on that which also means firms are reluctant to sue in the first place.
As someone who worked at an EB and a hedge fund and is still junior, you should have a lot of different kinds of employers who value your skill set. Don't think inside the box. The prior commenter's suggestion of tech VC is a good example of something else you could do. I think at your age it's good to just "stay in the game" so to speak. So whether that's VC, corp dev, even going back to IB . . any kind of high-end role keeps building your experience and maintains your flexibility.
If you've been there less than 6 months, I think odds are you've overblowing the situation. Firing people is not something any manager takes lightly, so I would focus on thinking constructively, having a positive mindset, and figuring out how to improve your performance, rather than assuming its a done deal (which cannot possibly be useful for you). If you have a lengthy non-compete, there's nothing you can really do now in terms of finding a new job anyways.
Tough situation. I was in a very similar position as you, but I actually was the one who quit after one year. Came from an elite bank and transitioned to a multi-manager.
Try to figure out why you think you may get fired. Talk to your PM and ask how she thinks you can improve and say you will try very hard to do so going forward. Then in the meantime look for other opportunities or apply to business school.
I quit the multi-manager fund for a startup single manager fund that fell apart after a few months. Was unemployed and worked hard to get a job at a distressed focused HF where I have been at for a long time now. It is not the end all be all if you are let go, especially if they keep paying you when you are on a non-compete.
Wrote about my experiences here if you are interested.
Thanks everyone, this is really helpful.
I understand what I'm doing wrong, but i feel like the expectations are a little unreasonable / unclear. I've made a few small mistakes, but feel like they are being blown out of proportion (obviously trying to avoid this kind of stuff at all costs).
In terms of looking for other opportunities - won't headhunters think its weird if i reach out only after starting a few months ago?
i worked for a PM who was very intense...expected perfection..no mistakes...got very angry when people messed up. (goldman alum)...don't take it personally...just do your best and double check your work
Bro, most PMs (whether you like it or not) are like this in the HF space. They’re maniacs when it comes to being as accurate as possible. Do your best but don’t take it personally when they get angry when you make mistakes.
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