Hi, just a little help in understanding
1. What's the difference between being an analyst, an Associate 1 and an Associate 3 in banking?
2. What are the differences in responsibilities?
3. Are there any differences in hours?
4. Difference in facetime required?
Thanks!!!
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First, biggest differences between Anal 1 and 3 is the importance of the work you are doing. As Anal 1 you will do more of the BS – like the chitty pitches, and chitty tasks like making company profiles and dumb research tasks. Whereas Anal 3 will usually be first pick to be staffed on deals and for the most important pitches. As Anal 1 hours will be like 70 – 90 hours on average, with odd 100+ hour week every couple/few months. This is usually down to about 60-80 by Anal 3 due to you being staffed on less of the chitty work that requires you to do all-nighters and work weekends.
Regarding differences between Ass 1 and Ass 3, Ass 1 year can be tough because in some ways you’re still kind of seen as an analyst, so for example Ass 1’s at my bank get staffed on deals where they have to be both the Anal and Ass – so crunch the numbers and do the processing, but also be able to discuss them and present them to the client, and actually be capable to providing insight to the client - though these are the kinda deals were you actually need some brainpower behind the analysis - not just the typical processing Anals do.
As you progress up the ranks role becomes a) more delegation rather than doing the grunt work yourself, b) more emphasis on being able to generate and present the ideas to the client yourself and actually being able to give the client advice rather than just being a number cruncher/processor. Ass 1’s in my team works like between 55-65 hours per week on average, Ass 3’s work like 45-55 hours.
Think facetime becomes an irrelevant concept when you get to Ass 2/3. At that level nobody gives a monkeychit where you are/how long you're in the office, as long as the work gets done on time. At my bank, it's only at the analyst level were you're sort of expected to still be at the office into the evening.
One more difference I have noticed is the staffers tend to match Anal & Ass by experience, so Ass 1/2s tend to be staffed on work with Anal 1/2s, etc
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