Just wondering: I’m a 1st year that just started and I suck at my job, I hate the job too.
Only in it for the money.
Once I finish my second year what happens ? Do I just automatically get promoted to Aso or do I get fired ? How does it work ?
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Shit analysts get fired. Heard of a few analysts in my group who were fired for underperformance. Also heard that a few associates in my group may be next for the same reason.
With promotions, I think it's entirely firm dependent. I know there are banks / groups which have a 2 and out analyst program (believe this is true with GHL, Laz RX, etc). Other banks may do a one year analyst contract extension (so you would be a 3Y analyst), during this period they determine if they want to give you the associate promote. I don't think it's as "automatic" as people have said on here, but at the same time I think firm's would rather promote internally than hire an MBA associate given the difference in skill level.
Want to echo the point above; shit analysts being seen as untouchable until their two year mark is a thing of the past. This market has encouraged banks to fire anyone that isn’t producing from the senior to junior levels. In a good market shit analysts could coast until the end but not get promoted but not now.
Depends on the bank
As many things, there’s “levels to being shit”.
If you are doing pitch work and don’t check your work and sometimes forget to include the latest options in the Q in the FDSO count, miss a logo on a logo page, mess up a benchmarking page by not PF multiples for a divestiture, then yes you’ll get promoted.
If you go unresponsive, forget about deadlines, don’t listen well, aren’t coachable, then yes you wont get promoted.
A surprising amount mature after a year or so, realize they actually enjoy the job and try their hardest over the next year to turn things around. Sometimes it works, sometimes it doesn’t.
always heartbreaking to see someone give it their all year 2 and not make it because they’re too far behind their peers
That’s why it almost hurts me to stay in banking. At its core, I really enjoy the job & the comp. Hate the bullshit in between but it’s making me second guess trying to leave to buyside as an ASO as the job at a high level is very interesting once you get to more senior levels where you’re basically paid to give your opinion
Usually they have a common last name with a VP/MD
If you're at BofA, here's how it works -
Yes you'll get promoted to ASO
If you remain shitty after the 3-year ASO stint, you get one more year as ASO and then become a VP in EGRC
What's EGRC again (& yes – unapologetically too lazy to Google it😂)?
emerging growth & regional coverage if I'm correct
Why did you stop at VP? You can make it to MD in egrc given the standards.
If you are DEI (mostly females) analyst, you will get A2A promotion regardless of performance. Just need to work for a woke U.S. bank or any Canadian bank.
Working at Canadian bank. Definitely agree. BofA and Canadian banks guarantee promotions for all female analysts after 2 years regardless of performance.
Not always an A2A IB promote, but they'll get offered a position somewhere else in the bank (see: BofA).
If you are female employee at a Canadian bank you are almost guaranteed a path to MD
Accurate. The revenue produced by female MDs vs male MDs at these banks tell you the whole story. Numbers never lie.
Most of it is culture and politics. If you're a good fit on the team and have built solid relationships, you'll get promoted regardless of pure technical ability. If you're a good analyst that gets deals done but doesn't really fit in with the team or has no references, you'll get pushed out.
Yes, in fact there aren’t enough of them. Hence the MBA funnel to double down…
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