Bad mid year/first year reviews and improving after?
For analysts who got a bad or worse-than-expected mid year (or end of year) review, what was some of the feedback you received? Aside from bonus, do you feel like it affected anything about your experience?
Also wondering how realistic it is too turn things around after. From what I've heard, analysts tend to stay in the same buckets, so maybe its not worth all the effort to actively improve if people's perceptions of you don't change?
For what it’s worth I got a very average to below average review during my first mid-year review. “Needs more reps” “Still developing” etc. I wouldn’t say it motivated me, because I am an internally driven person, but I read it with a critical eye and many of the items among it were true. Truth of the matter is most analysts especially those that get thrown into the deep end like I was are going to struggle for the first 4-6 months, but in hindsight it was the best thing for me. I remember coming back in the New Year and things just started to click and I got much more comfortable. I ended up becoming top bucket and one of the highest rated across the bank. I tell you this because you can definitely turn it around. I did.
I think the first year or 2 is essentially irrelevant so long as you aren’t actively being managed out / it’s clear banking is not for you
My reviews for reference
A1 - irrelevant (I lateraled in the spring) - meh bonus (prorated was fine, bank was a huge upgrade, could tell me I would get 0 and I would still make the move. Think BNP - GS/EVR)
A2 - middle of the pack review, did some prying to figure out where I was and felt like lower mid. Obviously no early promo, firm said they “were thrilled to offer me a A3 position”
A3 - I literally did nothing different but played the political game a little different and just continued to improve, the absolute rockstars left or burned out. Got on all the best accounts as I was the best of the options. People decided I was actually very good. Top bucket.
Associate 1: Top bucket. Once I had enough reps everything became easy. Always have some sort of tangential precedent. “Mentor” the analysts and “manage” the vps.
Half of it is just saying “yes” and casually dropping your long term goals (can’t wait to be a career banker in this team!) even if they aren’t true. People love to pat themselves on the bank for mentoring juniors, but only help their favorites.
As real as it gets ^
I had a shit first year review. Was told that I really only made some improvement towards the last 3 weeks lol.
I moved to another team a few weeks after. Since joining the new team, my reviews have been glowing / very positive. Only feedback areas is that I could continue to improve on attention to detail, but this is a general comment which everyone gets.
Sometimes it's not really you being a bad analyst, sometimes it's just you are in a team and either the work is not really clicking / interesting (so you're taking longer to get up to speed), or the actual team is a mis-match.
You need to really think about whether the group you are in now is right for you insofar that you like your coverage and the people you are working with. If the answer is "yes", then just stick it out for a bit longer and see if things start clicking. If the answer is "no" then sorry things won't get better and you should think about what other group / product you might enjoy more because if you are working with people you don't like and doing a coverage / product you don't find interesting, you are in a dead end.
I was bottom bucket my first year in IB. Upon getting my review, I made a point of changing who within the division I worked with (focused on other sub verticals and thus worked with other people who covered those sub verticals). Ended up getting upper middle my second year, and that could have been higher if not for me leaving for PE (naturally they ranked those higher who were staying a third year).
Now a few years into my PE gig (in a more technical shop. Think distressed / deep value investing with broad mandate) and I’ve been ranked top of my class.
This all goes to show that often times it’s not you but it’s a function of your environment. I did well with certain teams and worse with others. There’s also people who will help mentor you and teach you skills on the way up whereas others who expect you to know everything day 1.
Just keep a good attitude, keep working hard, and find the people who will go out to bat for you.
Agreed look if the feedback is objective or not. If you are not missing deadlines or making serious mistakes, all good. Formatting nobody cares as long as good enough, just don’t get valuation and/or key analysis wrong.
Avoid seniors who make you pull all nighters to reformat pages.
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