Didn't get promoted to Associate
Based in the U.S. and didn't receive a promotion to Associate as a 2nd-year analyst at a BB / EB with a 2-year analyst program. I like my BB / EB but do not like my coverage group. Ideally, I would have wanted to get to associate and then lateral to a more interesting group. Should I lateral to another BB / EB that has a 3-year analyst program to try and avoid the embarrassment that I currently feel? Or is it too little too late?
I am sorry to hear that man - hope you are able to get through this. Do you know why this was the case?
A combination of office politics and not getting on the more marquee projects at the start of my 2-year stint. This then snowballed into receiving all the lacklustre projects that were less wanted. Those projects were also led by another office so our team ended up just being a satellite that barely touched valuation. Wasn't able to develop the technical skills as much compared to the other analysts that got the better projects.
That sucks. Did other analysts get the promotion or did no one did? If it was the latter then might be lack of headcount. Anyways, in general (don’t know about your firm), anyone who wants the A2A gets it - the firm would rather have an analyst than a MBA associate. Hence, I would assume the future within the same organization looks bleak. Would start recruiting ASAP for roles that start a couple of months or sooner from now. You’ll have to explain why you don’t want to stick at the current firm but I think changing the industry group is a good reason why. This changes when you get pushed out and have to explain the employment gap - hence I would reiterate the importance of moving as soon as possible. Still lots of openings across banks so a good time to be looking for roles. From my experience you might have to spend a year as an analyst but that shouldn’t be the biggest worry for you. Changing firms gives you a clean slate and the ability to really show this was a result of unfortunate events lining up.
As everyone has said, get out as soon as possible (there should be plenty of opportunities if you have a good pitch for why you're looking at xyz firm). That said, for you to succeed in this career you'll need to be more introspective. After two years as an analyst you should undoubtedly be seen as "safer hands" than any first or second year post-MBA associate. If you're not, you need to figure out why that is. I don't want to pile on but the A2A bar isn't super high so what I'm taking away from this is that there's not a single person you've worked with who, during the review cycle, said "yes, this guy can do the job and is a safer bet than some random new hire". That's a problem. You don't need to be everyone's favorite but if there isn't a single person who went to bat for you then you need to go find a new job where you can make a new first impression.
Almost any BB/EB, even those with a 2 year program, will take you on as a 3rd year analyst and bump you up to ASO after 1 year - standard practice. Most laterals don't get the 2 year promote so you will be one of many 3rd year analysts.
Honestly I wouldn't even let on that you didn't get the promote, just act like you recently decided to stay in banking but want to switch banks/coverage for the long haul. Should be a pretty easy jump. Dust yourself off and get recruiting.
Appreciate the insight ASO3
Excuse my ignorance and anyone can chime in here but isn't typically an ASO spot available to anyone who wants it? Maybe not after 2 years for everyone, but don't they bump you up to a third year analyst and then anyone who does at least minimal work can get an associate promote?
Not always.
No
Like others have said, it's a pretty big sign to move ASAP.
I've heard stories of analysts not getting promoted to associate but never seen it in person cause its extremely rare. Really need to know what went wrong and make sure to fix after moving to a new place. Banks usually promote all analysts to associates cause of high turnover. I've seen pretty weak analysts get promoted to associate with no questions asked. Not sure if you pissed someone off or make a major mistake somewhere.
Do you work in a satellite office or something? That's the only reason I could of that others got the promotion and you didn't. Maybe they don't want to take more than a couple A2As?
Does anybody knows what happens to the bonus if A&A isn’t an option? Would I just get a 0?
Preferably I land a PE role and not go to another bank.
Would depend on the bank I imagine, but usually it should be a normal bonus. But given no promotion, probably on the lower end of the range.
Got it. I’m curious if it would be in the same amount for those that will be leaving to PE and it’s already known.
This just means you performed poorly in comparison to your colleagues, you should join another BB/EB
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