Jr vs senior analyst

How does it work for SMs that don’t have the analyst/associate layer that citadel or a platform has? Do jr analyst report up to senior analysts, or is it flat where they all report to the PM/founder? Advantages/disadvantages of the layered vs. flat structure?

In a flat structure what differentiates a jr from senior analyst? More autonomy/working on own names vs. PM names? Comp/equity?

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