I am a 3rd year analyst at a middle market investment bank. My boss just told me that there might be an promotion freeze this year. Is it happening at the other MM/BB shops too? What should I do?
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Instead of cutting some of the second/third year analysts, they just didn't promote them. I've been hearing that some 1st years will not be getting 3rd year offers either, but in my bank, first years were laid off. So who knows.
Start looking for a new job?
Look, if you're that good, they'll find a way to promote you.
Are you at a MM or BB?
BB
get off your high horse and be happy you have a job. people are getting laid off, left & right.
if you are so unhappy, then actively look for another position, but you know how the job market is right now.
good luck
No one wants to be a 4th year analyst...it's like having loser written all over your forehead.
4th year analyst? What the hell are you talking about?
Well...if 3rd analysts dont get promoted and not laid off, what do you become?
Your contract would expire come June / July, thus effectively being "laid off."
While that's most likely true at BBs, it could differ at MM banks.
No, it's absolutely true at BBs, and at every other respectable shop. At the end of your analyst stint whenever that may be, you're either promoted to associate or you're done. That doesn't mean you're laid off, you're just not invited back.
unemployed...except with some sense of pride that you weren't laid off and maybe even a half-way decent bonus
Are you not even allowed to shift coverage?
MMs are also up-or-out. Two year stint, with possibility of 3rd year, then either promote or time to move on.
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