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to be clear, the hierarchy varies by company depending on the size and industry. for argument's sake, im assuming a SFA -> Mgr -> Sr Mgr -> Director -> VP structure here. Most people stall out at Mgr or Sr Mgr. Breaching this point is a mix of many variables - competency, timing, politics, luck, willingness to take the lead on projects others don't. Examples - For those working in CF, it could be managing a integration project. For those in Corp Dev, it could be sourcing/closing a big deal. For those in Strat, it could be building out and executing a strategy to penetrate a new market or product. Usually you need one (or more) of these experiences + either somebody to leave or the company to have a hiring need for an additional VP due to business growth (both functions of timing/luck) + being aggressive/opportunistic and marketing yourself to the appropriate people for the promotion.
One thing to note is the math of all of it. I did some digging into the spread of the finance people in my company (F200 A&D) and found the percentage breakout as follows:
62% are individual contributors (all levels of analysts) 31% are managers (some don't have any direct reports, but most do) 7% are directors 1% are VPs
So being better than 62% of the company isn't too hard. You have to have a lot of things go well to be in the top 7%, and getting to the top 1% is going to require the perfect storm.
Based solely on what I have seen in the 2 companies and 3 locations I have been at, this is what I have noticed about the average worker in each of the categories below:
Analysts/Sr. Analysts: This group is populated either by young people who are getting experience and are likely to rise, or by middle aged/old people who barely know how to use a computer and/or have some kind of attitude that makes them hard to work with. No smart, competent, likable people are going to get stuck as an analyst or sr. analyst forever.
Managers: This group is generally populated by the people who were likable and competent enough analysts. There are always exceptions, but I've found that managers don't have to have the best technical skills and don't have to be the most competent people, they just have to be likable and competent enough. I'd say that you can get to this group if you are decently self-aware, decently competent, and have enough experience. Being better in one area can make up for having less in another area (i.e., being more self-aware and competent can make up for less experience)
Directors: This is the group where the best people generally end up. You have to be very self-aware, very competent, and very experienced (either by quality or quantity of experience). There are a few other factors too, like your willingness to relocate to diversify your experience or to progress your career. If you are driven enough (don't wait too long for promotions, make sure you are always getting new experiences) and you are very self-aware and competent, you should get here.
VPs: Considering the fact that directors are already a group of top-performers, differentiating yourself to get to VP seems to be very difficult. It seems like the biggest factor for getting to this group is luck- a position opening up that happens to perfectly match your experience, someone taking a liking to you, some amazing opportunity opening up to differentiate yourself while you are a director. It seems like politics and luck play a much heavier role in getting to VP.
Not in this industry so take my comments with a grain of salt. Most people top out in a number of industries because they just get tired of climbing the ladder. You can continue moving up if you are willing to move, go to smaller or bigger shops, lateral for a bit and otherwise keep grinding.
What happens if you get a family, make good money and just get limited, either by your own desire or family restrictions and stay at the current employer and clip a coupon.
Real tough to uproot your wife and kids and unless you’re in a major metro, the number of places to hop to are going to be limited.
Want to flip everyone's thought process here for a second.
It is much much easier to make VP.....would you rather rise through the ranks working 60 to 80 hours per week to become MD or would you rather take it easy at 40 hours per week the corporate route.
Correct, your probability of becoming a corporate VP at a big company is low. However, lifestyle-wise, it is a much less difficult route. One of the things that's frustrating about banking especially at the jumping point to a higher rank is that you give up so much of your life to get there. So, if you don't get the promotion, you are physically and mentally destroyed.
In the corporate world, if you never make it to VP but collect a good paycheck and work a 40 hour week, there isn't much to complain about.
True. However, how many hours you work is highly dependent on Company culture. Plenty of companies where Directors and above are working well over a 40 hour week.
That said I know a couple of Corporate VPs at F1000s who probably work 50 during the work week (8-6:30/7 with an hour lunch) and a few hours during the weekend answering emails on average.
Pretty nice life considering what they are paid, but it’s usually a 20-30 year slog to get there.
Also many of the more successful corporate folks I know had a couple of years where they had terrible w/l balance because they were working on a merger integration, IPO, ERP implementation, division sale or restructuring etc.. Those experiences helped them get to where they are at but they were more demanding than your average corporate day to day.
All to say that while it is generally true that you work less hours in corporate than in banking, most people don’t coast at 40/week all the way to the C-suite.