No associate promotion
Currently halfway through my second year as an analyst and just got told I won't be getting promoted to associate this summer. My bank has a 3 year analyst program, but good performers get promoted after 2 years. I'm hearing that early promotions might be limited this year due to the economic environment. Pretty bummed out about this after working very hard and getting positive feedback. Feels like my team and company doesn't really value me or my career growth, just want to use me as a resource (I know, what a surprise).
Not sure if I'd be excited to stay as a third year analyst with the same team, and really considering lateraling to another bank now that I have a few closed deals across m&a and financing. Have any of you guys dealt with disappointment after not getting a promotion when you expected, or feeling like your team let you down? How did you get over it or grow from it?
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We're looking at the impact of 2+ years of over-hiring and promoting everyone that has a pulse. This will be the norm over the next couple of years so I wouldn't take this personally. I doubt many 2nd years in your class get the early promote this year.
If you like your team and see yourself having a future there - stay the course. If you don't like your team - feel free to test the lateral market but be aware that it isn't as frothy as it once was and grass ain't always greener.
is it worth it to lateral from a (Baird, Lincoln, Piper Sandler) to aBBby late2024, given the current state of theeconomy and organizationalstructure within the bigger banks having over-hired? wondering if its worth it to better position forPErecruiting and general long term career outlook assuming only staying max 2 years at theBBbank
Bump
Lateral by late 2024? So 22 months from now? Have you even started your job?
Just focus on doing your job well and network while on the desk.
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Learn moreHonestly this is just my personal view but I think it's totally fine to do 3 yrs as analyst and be set up well for your associate years vs rush into being an associate and be below avg.
Agree with the VP above. I learned the hard way that the grass isn't always greener as I switched banks twice before going to thebuyside. Sounds like talking to my old banking colleagues that your situation will be the norm. Better than being at a place that doesn't have the 3rd year option and being let go due to the low promotion rates
Also some groups might be hesitant to hire and promote you simultaneously (i.e. hire someone wrapping up their second year as an analyst and take them on as an associate). At least this came up in some of my interviews and some groups definitely took the view that they wanted me to do some time as an analyst in their group before promo (so you end up basically doing the third year anyways)
Just other things to think about
is the buyside much better? and do you see yourself staying in it for long term? feels like promotional cycles are slightly easier inIBthanPEdue tofund economics
早期促销更c更加困难hallenging years. There are also a lot of factors outside your control that impact whether a group will decide to promote anyone early (i.e., if they only have 1 spot and 3 people who deserve it, they're not going to promote anyone early because it can be a disaster for overall team dynamics).
It really shouldn't be something you take personally or that should be seen as the group not supporting you. There are just so many things that could be happening behind the scenes.
From what I've seen, deal flow and head count play a decent part in why analysts get early promotions, it's not necessarily all just merit. Seen good analysts do the full three years because there's a full class of associates ahead of them, and on the flip side other good ones get it because there aren't enough associates at the time.
Buy side vs sell side is moreof a question of what do you want to do for the rest of your life vs what's the best for career development. What do you want your career to be? Probably should sort that out first
it is actually hilarious that the junior class is "surprised" or "disappointed" that early promotions, pay bumps, good bonuses and perks aren't the norm.
exactly bro, if they don't make you an MD in 5 years, they don't deserve you. don't stay a second longer. every second you're an analyst there, you could be an MD somewhere else making millions.
Unless you're a URM, woman, or some affinity group you have almost no chance. Alternatively if you're a high performer at a shit tier bank it can be used for retention (since the talent pool is likely worse)
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