Associate Struggles with Modeling
I'm an associate 9 months into the job but never did any complex modeling work. I'm currently on a project that requires very complex model building and my analyst did everything. Now the Director and VP think I'm incompetent. I told them I'm learning and never had a chance to do a model before but they didn't seem to buy it. I'm re-building the model on my own from scratch to quickly ramp up (I'm a CFA and have worked in financials services for many years before banking and have good excel skillsets. I don't think modeling is difficult, I was just too busy with other work streams that I never get a chance to build a model on my own). I don't want to find excuses and it's my weakness that I'm working on, but seems like the Director and VP have formed impression on me. I'm concerned that my career hit a dead end in this group. Really appreciate any advice and help!
Funny, it is a CFA admitting their weak modeling skills. Mostly it’s them trying to sabotage or badmouth fresh MBAs.
Modeling isn’t your job, you are supposed to oversee it. Just get hold of basic concepts which allow you to quality check. Unfortunately, you are in a group where VP / D likely started out as Analyst and lack perspective on the Associate job and consider it as Senior Analyst rather than VP in training. Learn to manage multiple streams and delegate as much as possible. If they don’t let you do that then a**holes are gatekeeping and don’t want you to progress as easily to the next level. Besides if you are at a balance sheet bank, modeling should be done by M&A team. No glory in taking on extra work you don’t need to. Just play along and lateral at the 1-year mark.
I was one of the people with best excel skills at my previous job but at my current team, they are making me feel that I’m terrible at excel because I’m an MBA associate. I’m at a boutique, and you are right both the VP and D started as an analyst. I was checking analyst’s work for this project but the D and VP said it’s not enough and they expect me to do the model myself.
Change shops. They will make you split half the work and treat you as if you are below the analyst. If you do as they say, you will become a great analyst but a poor VP. Not your fault, I have dealt with a**holes like that. Just lateral. Let them rot for 12hrs+ working directly with Analysts who will disappear randomly and refuse to work on Saturdays often.
Don’t listen to this idiot. If you actually want to succeed at higher levels (from what I’ve seen) and be respected you need to know how things work at a granular level.
You will be viewed as incompetent, insufferable, and high performing juniors will absolutely make it known if you are purely a “delegator”. At least in my group, these people do not last long.
You are doing the right thing by rebuilding your analysts model and getting up to speed. If you can prove yourself as capable on another file, you will be fine. Or else you will be running away from your problems and lateraling each time you are viewed as being incompetent (which won’t stop unless you figure this out).
High performing junior lol. What is that? Most of the analysts barely get any modeling reps; you are just eager monkeys willing to jump at the tantrums of a VP. OP you need to politically out maneuver these low life analysts by building relationships with seniors. Just work directly with ED/MD, get 1-2 files done. After that VP will fall in line, and the “high performing” junior won’t matter.
You really must be awful at your job
No point at becoming a great modeler unless your an analyst shooting for PE.
Associates and VPs just need to know enough to help the analyst and check things.
Besides, with AI modeling will be a useless skillset within 2-3 years. Very likely the people with good social skills and project management skills will be the most important going forward.
It’s almost impossible to break out of impressions once someone has developed one about you. I would honestly just look at switching teams or shops tbh bc I know how vindictive people in this industry can get, and as long as they remain your bosses, you are never shaking that off you.
Being competent at modeling is a plus as an associate, but I know so many associates at BBs that don’t know how to model either, and they don’t get burned for it. It seems like you got unlucky with having two superiors that started out as analysts.
Thank you! I agree my career at this group might not go well. Since I’m still more than 2.5 years away from vp promotion and I’ll switch shops eventually, think I’ll stay here for a few more months to learn as much as I can before I leave. Don’t want to join a new shop and then ppl think I’m incompetent again.
I do wanna master modeling. I’ve rebuilt most of the model my analyst built for that project, and it’s not that difficult at all. Plan to get a few more reps and leave
del
Yeah, feeling very unsupportive.
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