During the downturn, ive noticed that many associates got let go after a couple years
What criteria do you think people use to layoff associates? (perception....prior analyst experience....prior relevant experience....potential to climb the ladder and bring in deals....type a personality...looks...etc?)
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i want to know too ..
because everyone is probably from a good school, smart, hard working, etc....and most sr bankers dont really get to know associates too well, which makes me wonder what criteria is used
I would assume that the persons communicating the actual "performance" of the associates to the ones making the decission should know the associates pretty well.
From those I've spoken with, it is personality. Many nerds can break into banking as analysts and even associates, but to progress you have to be a salesman, a glad-hander, someone people want to be around. Often, those personality traits are mutually exclusive and, while many can be taught/learn the technical aspect, you can't teach social skills (and if you try it will be noticeable).
i think banking is good as an analyst cuz u can leverage that to do other stuff
banking is bad as an associate unless u got the personality. if u dont have the personality, you are just setting urself up for failure and a layoff
with personality, i dont think its just pure being 'type a'
u need more than just a "type a" personality......u can be nerdy and be a good banker if are good with networking, trustworthy, thick-skinned, building relationships, mature, ability to hold a conversation, professionalism, aggressive, ambitious, etc.
A friend of friend managed to land a gig in energy trading at Citi in 2008, only to be laid off at the end of the year because he was "last in, first out".
I guess they didn't see him as a LIFOr.
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