6/28/11

Hey guys,
I'm heading to a bschool that sends a ton of kids to top banks each year. I am looking to head into banking and was wondering:
If it's so tough to make VP from an associate, what do other associates do?
- Do they head to other banks as VPs?
- head to hedge funds?
- do corporate?

I've heard entering PE is very tough for associates because they're way behind on the path, but if you wouldn't mind, can you please tell me of your own experiences? And assuming the prestige of the bank is the same (ie, Goldman, MS, JP, Evercore, etc), how do the exits vary by product/coverage type?

Thank you so much, as always

Comments (6)

6/28/11

if you do banking as an associate, you must really suck to not make VP. It's making the MD/Principal level that's tough. Just abuse your analysts, take all the credit from the summers/full time analysts, run the VDR checklist and check for that period at the end of the footnote and you will make it to VP.

joking aside...(kinda)

you see a lot times BB associates head to MM as VPs.

Not so much to PE because you are too senior by the end of your associate career, unless you are willing to move down 2 years and become a "senior associate"

A lot also do corporate

Associates don't go to hfs from what I have seen...(actually, I haven't seen anyone personally going to hf as an associate).

You still want to execute deals and especially M&A deals. If you are in TMT, you get the choice to go to a lot high tech start-ups / large F500 companies as a corp dev guy.

- by a bitter analyst

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6/28/11
Ricqles:

if you do banking as an associate, you must really suck to not make VP. It's making the MD/Principal level that's tough. Just abuse your analysts, take all the credit from the summers/full time analysts, run the VDR checklist and check for that period at the end of the footnote and you will make it to VP.

joking aside...(kinda)

you see a lot times BB associates head to MM as VPs.

Not so much to PE because you are too senior by the end of your associate career, unless you are willing to move down 2 years and become a "senior associate"

A lot also do corporate

Associates don't go to hfs from what I have seen...(actually, I haven't seen anyone personally going to hf as an associate).

You still want to execute deals and especially M&A deals. If you are in TMT, you get the choice to go to a lot high tech start-ups / large F500 companies as a corp dev guy.

- by a bitter analyst

That joking statement is quite accurate. There are some absolute dumbasses for associates who never do the heavy lifting or anything technical, abuse their analysts and take all the credit on their way to VP promotions.

I do know of ONE associate who jumped to a hedge fund, but he was an analyst-to-associate promote. I personally don't know any post-MBA associates who didn't do banking pre-MBA and still jumped to the buyside.

6/28/11
whateverittakes:
Ricqles:

if you do banking as an associate, you must really suck to not make VP. It's making the MD/Principal level that's tough. Just abuse your analysts, take all the credit from the summers/full time analysts, run the VDR checklist and check for that period at the end of the footnote and you will make it to VP.

joking aside...(kinda)

you see a lot times BB associates head to MM as VPs.

Not so much to PE because you are too senior by the end of your associate career, unless you are willing to move down 2 years and become a "senior associate"

A lot also do corporate

Associates don't go to hfs from what I have seen...(actually, I haven't seen anyone personally going to hf as an associate).

You still want to execute deals and especially M&A deals. If you are in TMT, you get the choice to go to a lot high tech start-ups / large F500 companies as a corp dev guy.

- by a bitter analyst

That joking statement is quite accurate. There are some absolute dumbasses for associates who never do the heavy lifting or anything technical, abuse their analysts and take all the credit on their way to VP promotions.

I do know of ONE associate who jumped to a hedge fund, but he was an analyst-to-associate promote. I personally don't know any post-MBA associates who didn't do banking pre-MBA and still jumped to the buyside.

Can't agree more. Some associates in my group are complete jokes. They don't understand anything technical and get panic when you are on vacation and senior ppl are asking questions related to the projects because they don't know any shit (since all they do is to push all the work to the analysts so they can go home early and fuck around).

So happy that I am getting my fuck out of banking this summer...

6/28/11

That helps alot.

It's funny that you say I may head to a start-up afterwards because when I actually came from a start-up background (GS Portfolio) and when I left, the guys on my team (ex bankers, lawyers) jokingly said "see you in a few years". Now, I understand why.

6/28/11

^Agreed, banking is so over-rated.. now if it wasn't for this pay.

11/16/12

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