Do Analysts have 2 year contract which needs to be renewed?
Do Analysts have 2 year contract which needs to be renewed for them to be able to be promoted as Associate?
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It's not that formal. There are really 3 options
1. Analyst leaves at end of stint for PE/another job (most common)
2. Analyst is extended and accepts an associate promotion
3. Analyst stays on for a third year. This can happen for several reasons... you want another shot at PE recruiting but don't want to do it as associate, you lateraled from another firm, or maybe you're bad and your firm is willing to give you another year to find your next job
It doesn't really happen that the 2 years is up and the contract ends and you're out
I heard from a friend that in her bank an Associate 0 was not extended an offer to become Associate 1 and was just let go on last day. That's why wondering if there is something like a contract. If not that would mean layoffs are coming.
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