Internal move to PM position
How do you approach internally to step up from analyst position to PM role?
I have been at this pod shop for about 5 years and industry for 15 years. Pretty happy where I am but recently been getting a little bored at work and curious if I ever wanted to step up, how/who should I approach?
I would think it would be best to try the current shop first before other shops but I'm not sure who to even approach. Externally maybe it's not that different form analyst roles?
You approach your business head / founder or shop for a PM seat at competitor platforms. For best negotiating leverage (but also more work), you do both.
Head of business. Sorry to break it to you but if you don't know this already maybe not your thing?
You approach your PM and ask him to make you sub-PM. Most MMs are not going to entertain you side-stepping your PM and going directly to management, because otherwise PMs will feel like management is betraying them by poaching from within their team.
Citadel is one notable exception where incentives are in place for analysts to become PMs internally.
Thanks, that makes most sense to me, but why would a PM support you if they feel you are setting stage to leave? I can imagine many PMs not liking that, in that case is shopping around at other MMs the best option?
At many MM shops, PMs can keep you in their team as a "sub PM" where you are given an allocation that you trade independently while still contributing to the team.
Depending on the perspective, you're setting up the sub-PM to eventually leave, or you're satisfying his ambition in a way that will keep him from leaving.
Someone with your track record very likely when hired, was hired to do that specific job and do it best. Even paid up for you beyond a pool of talent.
So the first thing you need to do is figure out what you are “worth on the street”, may shock sometimes moving from experienced analyst to sub-PM does not mean higher comp right away in fact it could mean lower comp to start out. So as the above comment mentioned maybe your PM never saw this growth for you, maybe never saw the fit.
I always wondered about this. Are you saying that sub-PMs are generally approached internally by the PM to become a sub-PM?
Is it more relationship based at the pod shops?
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