How to motivate analysts? What makes a good associate?
I will be starting as a first year associate at a BB next year. One concern I have is how I could work with my analysts effectively. I've heard horror stories on how uncooperative they would be (since they are with the bank only for two years and do not see themselves there over the long term).
I would like some advice (from the analysts as well as associate/VPs' perspectives) on how I can motivate my analysts effectively.
I also want to hear from the analysts on what makes an effective associate.
I'd say you have to find a medium between giving the analyst too much responsibility and none at all. My three associates all have different ways of dealing with things, but in the end, always include me in what they're doing. It's a little daunting (for first years) to just get something from an associate with a few words like "please make and send back to me." I think you, as an associate, have to be willing to help and teach. Then again, as a first year at a BB you might not know what you're doing either so it won't be much help...
Bottom line is: Don't try to push all your work onto an analyst because in the end you might create more work for yourself if the analyst doesn't know what he/she is doing. Be patient and try to involve them in what you're doing. I've been lucky in that all my associates are very hands on and are always bringing me to meetings/conferencing me in on calls etc. At the same time, they'll let me take a first crack at a model or a presentation and then sit down with me later to show me how to do it more effectively.
As an analyst, I think what makes an assoicate so much better is time management. Give them as much notice, if they can stay later one night earlier and not rush, you'll get a better job in the end. Also help them see the big picture, it's easy to get lost in the repetitiveness of some of the tasks.
Also, talk to the analyst about the business and about how things work. You don't want your analyst to think of you as a staffer/work checker. You want to go beyond that, that way your analyst feels better and will put in that extra effort.
Be constructive with your feedback. point out the things they did right, in addition to things they did wrong. It really helps.
as you starting as an associate, an analyst will probably run you for a while before you get the jist of what an analyst does!
the s&t side of the biz is a bit different....but i wouldn't push the title thing so hard at first. it's a bit like the kids who come in out or ROTC as officers and deal with enlisted personnel who have much more experience(though there are many differences especially as the enlisted personnell can be older than them)
the analysts can probably teach you a thing or two especially at first.
One thing to remember as an incoming associate (especially if you don't have prior banking experience) is that 2nd and 3rd year analysts have been in banking longer than you, and you can probably learn something from them - at least at first (1st year associates do not normally get paired with 1st year analysts, that's the blind leading the blind). Don't get caught up in the title of analyst vs. associate, just because you have an MBA does not make you their "boss." Analysts have too many bosses already, everyone on all of their deal teams is their boss. Treat them like a peer, get up to speed as quickly as you can and as soon as you earn their respect (which unfortunately means pulling the hours and being there just as late as them, learning the models and getting fast with keyboard shortcuts, as well as your ability to manage the deal team upwards - pushing back on senior guys when necessary and acting as a buffer) then they will work hard for you and look forward to getting staffed with you.
There's nothing worse than being on a deal team with a bad associate, one that talks condescendingly towards you and dumps work on a consistent basis so he/she can go home earlier. Another bad associate I had would split up work but was so ineffecient that he would end up having to dump more work on me. Once you are on par with the analysts in terms of your technical skills, your main job becomes checking the work the analyst does thoroughly. This is how you and your analysts' work is reflected upon the most.
I agree with GameTheory 100%.
a 2nd and 3rd year analyst is on his way out and presumably not as motivated about his work as when he first started. I heard from some associates that these guys are especially hard to work with. They "disappear" even though a book may be due the next day. How does an associate deal with this?
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