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For promotion to VP, you need to have enough votes from equity salespeople (ie. you are at least building a brand internally). 

For getting coverage, your Lead Analyst needs to have comfort that you can manage the complex relationships with the company C-suite, institutional investors, and equity sales for a small set of names. Usually you will cover 3-5 low-profile names to start. 

Back in the days, folks get coverage in 3 years out of college (think Bill Gurley got coverage really quickly), nowadays probably anywhere between 4 - 7 years either at your firm or a competing firm. 


Thanks for the insight here.

Not OP, but to clarify on your first point, is that true across banks? I haven't heard that before (not disagreeing, just think the promote requirements are vague so this is one of the first insights I've seen). 


I can't speak for all banks. Generally yes. You need to have enough partners (salespeople) who want to sell your product externally. It's not that different from any regular business that uses a two-tier distribution system (you -> equity sales -> institutional clients).

Of course, you need your lead analyst to vouch for you as well: do they have comfort in you fully managing 3-5 names in terms of C-suite and buy-side relationships and the analysis itself.

If enough salespeople are comfortable putting you on client calls and you got your boss' vote, Director of Research signing is a formality (the DoR doesn't know your personal capability nearly as well as your boss and the salespeople)


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