Urgent: Need Advices | Leaving a Job after 1 year - How to get into IBD?

BitiProno2014's picture
Rank: Chimp | banana points 10

Hi guys,

I didn't technically leave, I was laid off but HR allowed me to say I quit. At the moment, I am trying my best to get into IBD - but telling my story would be so difficult since without a reference, interviewers are bound to think I get fired.

My story will be along the lines of: being very motivated to break into IBD and so networking, applying and meeting people takes up significant amount of time and I am not able to do that since I need to be at work 99% of the time, trying to reassess my career and position myself effectively. What do you guys think about this? If I manage to get a reference then there shouldn't be a problem, right? But if not....

Thanks guys for all the suggestions/advices.

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Comments (12)

Aug 18, 2014

Keep it simple. Had a great experience at the past firm, but looking forward to do something [your reason for IBD].

"I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature."

Aug 18, 2014

focus on why the switch, not why you are leaving.

"I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature."

Aug 18, 2014

Was your previous experience in IBD?

Aug 18, 2014

No It was not IBD, it was FO at a boutique bank - don't want too many details on here - but not really related to IBD.

So since I was not from IBD, I need to more time to learn, network and interview, as well as time to reassess my career my make sure this is 100% what I want to do - does this sound reasonable to you guys? Basically, my story is that I want to get into IBD and I am very determined by risking leaving my job while still on good terms (before I start to compromise my reputation by being off the desk too often) in order to work my way into the industry.

How can I ask my boss for a reference after I was laid off?

Aug 18, 2014

You can ask your previous boss for a reference by asking him for a reference. He can say yes or no but there's nothing lost by asking. And being laid off is very different than being terminated for cause. You get laid off because you get caught in a numbers game when a company is reducing headcount or reorganizing. You get terminated because you really messed up or wildly underperformed.

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Aug 18, 2014

I wouldnt believe a word of that and think you were fired and didnt want me to know about it (which makes me think it was something you did/or you suck). I think the better move is say you were laid off because the firm isn't doing well/the group is downsizing and then give the typical answers for why IBD.

And if you think your ex boss will give you a recommendation just call and ask him and then you can follow up with an email.

Aug 18, 2014

To be honest, I was not sure whether I was laid-off or terminated. All I know for sure is that on paper HR allowed me to say I quit and the firm will confirm the start or end dates.

I didn't want to call my boss since he is usually busy during the day and I don't want everyone to hear the conversation. Moreover, he was not so nice to be on my last day so I sent him an email. So if I have the reference then I can go ahead with my story otherwise it is a no no right.

Aug 18, 2014

Do you think you were fired for cause? Did you fuck up badly?

Aug 18, 2014

First you need to determine if you were terminated for something you did or didn't do or were actually laid off (forgetting what HR said about being able to say you quit). Typically being laid consists of more than one person (in this case, you) being let go but if the place was small enough maybe they laid one person off.

Second, did you have a good relationship with your boss before your last day? If so ask him. If you pissed him off on your last day by lighting your desk on fire and throwing your monitor in the trash you probably shouldn't ask him. More seriously, some companies have a policy that they won't do anything more than confirm you worked there or not for liability purposes, and that's for HR and all employees, so your ex-boss may not be able to say anything other than "he worked here from 8/13-8/14 in the role of analyst."

In general though, if HR is just going to confirm employment dates and allow you to say you quit, I'd go with @"AllDay_028"'s strategy of saying there were layoffs, you wanted to leave to explore IB opps anyway and I want to be a banker because I don't really care if I have friends, enjoy working all the time and not sleeping.

Aug 18, 2014

I didn't think I fucked up badly like messing up work for clients, losing money etc... I have done some really good works and had some mistakes here and there (some formatting mistakes - nothing crazy crazy in my opinions). But my boss never said anything serious about my performance. It might have been a compliance issue.

If it was underperformance then they wouldn't let me say I quit or resign right?

Aug 19, 2014

Might have been a compliance issue?

Aug 18, 2014