Buy or Sell: VP is the most useless position in banking
Don't get me wrong, I totally get along with all of my VPs and hopefully will be one in short order. I just feel like that position is relatively useless (especially when you consider how much they cost).
Analysts are initially a time drain mostly, but once they get some experience they're great for churning out menial yet time consuming tasks that frees up bandwidth for the rest of the team.
A good Associate can more or less manage/run the heavy lifting & admin work that comes with running a deal process (CIM/Model/Deliverable production) and should be able to interface directly with clients.
MDs bring in the deals and manage relationships.
A good deal team with an MD, Associate and Analyst pretty much has no need for a VP imo. They're basically just more expensive Associates or MDs in training. Now I'm certainly GLAD that there are so many VP positions on wall street because it bodes well for job security, but unless someone shows potential to be groomed into an MD, I really don't get why there are so many of them.