Just out curiosity what’s the fastest you’ve seen/heard of someone being promoted from an Analyst to a PM at large MM’s?
I know some (most) people never make it whether that’s by choice or skill. Also what’s the average promotion timeline to these seats?
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Fastest I know - 3 years from undergrad at non-big name MM (started as analyst). 5 yrs if you subset for the most "name brand" funds. Imagine it's slower on the L/S side of the world than the more derivatives/trading oriented roles at MMs. Many 5-7 YOE sell-side guys come in to run small books (myself included) and are PMs running 100-300mm books to start. Big difference in that seat vs 2.5bn at Citadel.
The speed doesn't matter, the skills/experiences you build far more relevant. The first person I mentioned (3yr) blew up after two years and left the industry. Would rather have a long career than be put in the seat too early.
Wise words.
I corroborate this. In Big 4 fastest I’ve seen is 5-6 years of overall buyside experience (public market facing so excludes PE or VC experience).
the "small books" you reference are the "100-300mm books"? surprised to hear that sell-side guys with no buyside / portfolio management experience can just parachute into running 100-300mm day 1.
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