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HR will notify your manager once you make it past first round interviews. You don’t want your manager finding out from HR.
NO. Do not tell. You will get penalized in reviews if you tell. Your manager won't know until you tell them. You get asked if your mgr knows and all you have to say is that I'll tell them when the time is right. It doesn't mean you have to tell them
MS had the same official process as GS but somehow everyone who mattered found out about others interviewing for internal mobility roles so better you tell them yourself and then make it happen or be ready to quit as your chances of doing well in the current group start going down the day you start thinking about internal mobility
I went through the same thing. It's in your best interest to be semi transparent with your manager. Be careful with the way you phrase things. Don't say you want to leave your role. Just be like "I'm open to considering new opportunities now and am interested in learning more about this one role etc and wanted to hear your thoughts." If your manager is already not supportive of it, then you're better off leaving the firm altogether. If your management is not supportive of your internal pursuits, it will be really difficult to actually transition internally. Trust me, it's happened to me multiple times.
HR doesn't tell them. They expect you to tell them. I went through this already and have moved internally.
Being from GS but everyone can have different situations... I was able to get through almost the entire interview process, manager wasn’t notified until the last round when the new team wanted to solicit real-time feedback (aside from a performance review). HR notified me this was about to happen and urged me to speak with my current manager then as it was so close to the end and in most cases they won’t go that far unless there’s about a 95% chance you’re getting the transfer approved. If all goes well then it should workout for you
And if you don't get an offer this year you can get screwed in your ratings next year.
It all depends on how powerful your MD is
They screw you a lot in ops. That's been my experience anyway
Process varies firm to firm but the main thing is timing. If you move (or announce you're moving) just before or during comp (Oct to year end at GS) you're almost surely going to fuck yourself because your old group does the numbers. Even if they like you, they are not going to spend capital (political or real) to fight for your promotion, quartile, or bonus.
It always amazes me how many analysts do this to themselves every year. Worst time is beg Dec because the transfers are frozen anyway... The internal role will still be there in Jan waiting for you. This is January business.
I got my offer Dec 1 and I started the new group Jan 1. Sure I didn't get a bonus, but my current salary is higher than top bucket bonus/salary in my old group so it was a win win for me.
Year end comp can adjust based on performance. You shouldn't induce internal moves it's a net loss to the firm when you account for the overhead of internal mobility
I guess you'll make to make a decision based on your relationship with your boss. I was pretty close with my manager and trusted that I wouldn't be screwed.
I had ~7 rounds of interviews for a job. I didn't tell them until after the 7th round. After the 7th round the new team needed to speak to my old team and that's when i told my mgr. I hadn't received an offer, but finished the last round and knew they were interested bc they asked to speak to my old team
This is why I think the HR rules are bs!! I started my gig in Jan and didn't even express my concerns about the lack of a bump until February. Then by march I got a 20% raise
OP, we don't raise comp for internal moves. That would be... shady IMO. I support internal mobility but not outright recruiting and inducements (internally).
At heart end you go thru same process but with a new team. This can be difficult, you don't get protected necessarily like if you change firms and get a gtee. Some ppl it works out great. We had one outstanding AN xfer out this yr and he's *killing* it in his new group. I had another vp xfer out and get crushed in quartiling to the point that I took the unusual step of complaining to the new Mgr's boss.
Thanks all for the responses. But it seems like everyone has had different experiences. I purposely waited until my end of year reviews have completed as well as receiving my bonus. Its the perfect time now to pursue this but at the same time I dont want to burn any bridges. And I definitely wouldnt want my manager to find out that im interviewing through HR. Would HR really reach out to my manager about my interviews without my consent? Thats crazy.
JPM2 - did you inform your manager after you secured an offer or prior to the interview? Could you share your experience? I appreciate it!
^thank you both for sharing your experiences! Much appreciated. How did you go about comp? Were you able to negotiate? Understand that this strictly depends on the role but did hear generally that salary negotiations during internal mobility is rather difficult. Is this true?
I didn't negotiate but got a really sweet bump. The best time to move is at year end bc then your new comp goes into effect, otherwise you're working a new job with your old comp for most of the year. I only worked one month on my old comp and new comp kicks in next week