Gap period between IB and PE
Accepted an on-cycle PE associate gig for a summer 2022 start. Ever since taking the job I’ve felt checked out mentally, which has made me consider quitting early to go live up in the mountains all winter to snowboard.
Anyone have thoughts on if my new company would be fine with this and/or if it’d be worth it, even if it meant forgoing my bonus?
Way I’m looking at it right now is that it’s obviously not financially responsible, but would probably be the last time I could spend all winter in the mountains while still young.
Curious to hear thoughts on this before I start exploring it more serious and discussing the idea with my future employer.
Didn’t you just spend 4 years in college? And before that 4 years in high school? What were you doing then, getting your CPA?
If this is your mentality now, do yourself a favor and just leave the industry outright, or it’s going to be tough slog for you.
To answer your question, no of course they won’t be okay with you leaving your job early. Which I’m guessing you already know. I doubt you were telegraphing this vagabond snow bunny persona when you were interviewing. Instead you were probably playing the part of a blood sucking money hungry aspe cyclops.
They are hiring someone extremely well trained with 4 years worth of deal experience jammed into 2 years of actual experience and with a manic focus on winning and being the best. The type of person that even after they get a FT PE offer a year out, they’re still getting after it in their analyst program so they can squeeze in a few more reps and gain a tiny incremental edge to best their peers when they do land in their PE seat.
Not only are you not that, you’re the inverse of that. No judgement… there’s nothing glamorous about being a greedy robot on self destructive path… but that is the product you sold them… not the wanderlusting scuba instructor.
Your peers are going to crush you and use your hollowed out skull as a goblet which they would use to drink wine if they ever made it out of the office.
I would hate to work for you - people like you make this industry miserable. Are you going to think back fondly on your incremental deal experience in your 20s when you’re old?
OP - quitting now would be a bit aggressive assuming you’re just starting your second year, but I know plenty of analysts who quit from Feb-Apr of their second year and either (i) did a short term internship at a startup or something fairly chill or (ii) traveled / did something more random (e.g. culinary school). It’s your life so if that’s what you want and you’re comfortable giving up the bonus then do it. In the grand scheme of your career, a 3-4 month gap will be meaningless
Not sure what all the monkey shit or personal attacks are about. OP asked how something would be perceived in the industry. Now he knows. No one is justifying that perspective or saying it’s right/wrong etc. Thats just reality of the industry/people in it. That’s the game.
The question wasn’t what would YOU/I think and is it fair… the question was how will my future firm feel.. and that’s how they’ll feel.
If it makes you feel better why don’t you start another thread where you can discuss the nature of the industry, cultural pitfalls, work-life challenges, is it all necessary, is it all fair? What are your feelings words about it?
No one cares about your once in a lifetime window to go snowboarding. This is grown up land. People pay you money and you play by their rules. You’re free to not play by their rules, but then you don’t get the money. What you don’t get to do however is keep the money, play by your own rules, and say I can do it my way and still do what you need me to do. It’s hard to scale a business that way and theres an ocean of qualified candidates that will hit their bid if you want to do things your way instead of theirs. The job is to manufacture consistent uniform product. Everyone has to be a little green army man. There’s no corn rows and sabbaticals here.
Go work outside of high finance if the soul crush vs. money ratio is off for your personal sensibilities. Good, bad, or ugly, for the foreseeable future that’s the game.
This guy above is what bad culture looks like. Take notes everyone. Hell, OP it’s honestly a great test to determine if you are going to work for a place that blows or not. You need to be artful in how you sell it and the length of time, but it’s not outrageous.
For reference, I have friends who have taken breaks before some megafunds as well as also for more lower key shops. As for the above poster “Extra reps” you gotta be fucking kidding me lol. As though those extra 2 pitch’s and facilitating diligence is actually going to make any difference in an associates ability to do their job. Get a grip.
This 5’7” bozo wakes up every day and believes he is the biggest Chad for slaving away his twenties in pursuit of the moolah
Not gonna lie dude you sound extremely delusional and out of touch. Some personality disorder stuff going on here.
This is one of the biggest hardo cuck things I've ever read. I feel gross after reading this.
What fund do you work at? Asking so that myself and others will never have to work there
As someone who has worked full time in some capacity since I was 6 years old (farm kid) and am now in my 40s, I’d say take the time. My sister and her husband are full time ski bums. They have no stress in their lives and just live frugally. I’d try to do it and just be straight forward about it. Something like, hey, I’m thinking about taking a few months off to come into my new role fully recharged…would that create any issues? I wouldn’t say any more than that. If they respond that it is a problem, which they won’t likely, then you’ll have to reassess. I’d shoot your shot though as simply asking won’t get your offer pulled. You’ve already been trained, and they’d rather have you show up fresh than burned out is my take.
Totally firm dependent. I recruited off cycle, they advertised a non-immediate but near-term start, but wanted me to start immediately though (for obvious reasons as the workload was piling up). I wanted to take some time off, pushed for 3 months, they came back with a firm 2 month max, and that's where we settled it.
Best decision I ever made. Even though I was without pay for those 2 months, I never had as much financial freedom to buy things and go where I wanted. I saw so many friends I hadn't in a while and came to the role fully recharged, and honestly excited to go back to work.
If you get the opportunity, take it. Everyone knows these jobs are stressful, and your on the job performance will speak for itself.
This varies by firm. I also think it depends on how much time off we're talking about here.
Let's say you're an analyst with about 1 year experience and recruiting right now for Summer 2022 start. You get an offer and want to quit banking now and travel for the next ~9 months before starting your next job as a PE associate. That's not going to fly with most shops. Fully recognize overwhelming majority of learning curve and experience comes during first year as an analyst, and you're largely "over it" come second year when you already have next job signed up. That said, I think most PE firms would agree that the offer is being extended with expectation you've largely completed a 2 year analyst program (unless they're looking for an immediate hire and fully understand you only have ~1 year experience).
Now a slightly different situation. You're wrapping up your analyst program next summer and your PE job's start date is scheduled something like 4 weeks later. You've been through the ringer the past year and aren't quite out of the woods yet. PE firm gets it (rough hours, especially common if your a top-bucket analyst and a reputable bank). You'd like more than a few weeks off between jobs. This is especially true if you're also moving to a different city for the new role. If an associate hire for next summer explained this to me, asking if they could leave their analyst job ~2-3 months early to have a little more time off, I'd definitely be receptive to their situation and be open to something like this.
I am not as familiar with how and when analyst bonuses get paid these days across banks - I imagine leaving early is a lot more palatable if your bonuses are aligned with calendar year ends. When I was an analyst, most shops paid analyst bonuses in accordance time on job (so mid-summer after 1 and 2 years from start date). If that is still common practice, leaving a few months early and walking away from 2nd year bonus is a much tougher pill to swallow. I have seen some people do some creative things to navigate this though. For instance, save all vacation days accrued during analyst program and you can finish your banking program ~1 month early (take all vacation at very end of analyst program; this used to be common practice rather than getting paid out for unused vacation days). If you originally had a 1 month gap between two jobs, you now have 2 months off. If PE firm is flexible on start date (more common in MM than MF), you could potentially extend that a little longer as well.
I had ~3.5 weeks off between my analyst and PE jobs. I also had to move to a new city during that period. If I could do it again, I would have had done everything I could to get a bit more time off.
Took a gap year here to travel. Seemed a bit reckless at the time, but personally it was the best time fo my life. In earlier years when I interviewed, those travel stories added to my overall application than taking away. Maybe it was by luck and the perception varies, but I think if you use it productively to build character/experience, know why you did it and can explain it logically, it would be received well. Certainly never hurt my career prospects/advancement/earning to date. You just sometimes get that out of your system. Sometimes you get to get it all out during college, or maybe it hits you later in life like first few years into a job. No judgement here. Hope you find what’a right for you. As for the jobs - they’ll always be there. No sweat. Best of luck.