Early A2A promote possible?
See title. For banks that have a three-year analyst program, has anyone ever gotten promoted after two years?
For reference I was offered an instant A2A promotion at a different bank, though I'm not particularly excited about the coverage and would prefer to stay where I am if I get promoted within the next few month. Has anyone been in this situation in the past?
My primary conflict is that given the opportunity to lateral and boost my base, I'd be limiting the bonus downside for the next year regardless of market performance given the higher base. New group has a reputation for comping well above street too (noting that my current group has paid in line if not higher than most boutiques during my time there)
Would appreciate your thoughts if you have found yourself in this situation or know of someone who has.Additional points to consider: (1) I started FT early (Jan 2020) and (2) top bucket both years, which implies that I'm either considered a good analyst or at least paid like one
I have seen people get promoted early.
Always keep in mind the value of your internal equity with your current company. That may be worth more than a few extra grand in comp, especially if you want a career in banking. The path to MD is long and difficult and there is something to be said about starting at the same bank as an intern and climbing the ranks vs lateral hires.
Very true.
I share the same feeling, thus my attempt to achieve the same goal while staying at my group. I think having this conversation with my MD may come off as an ultimatum “promote me or I’ll go with XYZ”
However, I’m getting staffed as a bona fide AS for 3/4 staffings with far more responsibility for deliverables. This is expected from senior analysts as they transition, but I don’t know if I’d be okay with getting paid an analyst bonus while doing AS work for another year.
Yes but I cannot stress this point enough, especially during a market slowdown, if you are a rockstar analyst and have built a lot of sweat equity in your group I would not recommend leaving over 15k in post tax income to wipe out all your sweat equity and have to build your reputation over from scratch. Tenure gives you a lot of perks, including in some scenarios protection during layoffs. If you are a top bucket guy/gal, they will try to keep you around and communicate that there is a path to the top. When you lateral out, you’ll have to work harder to rebuild everything you just gained, including that path. If you’re trying to get promoted, I would recommend trying to get a buyside offer instead and leverage that. I know people who have done this, and used their buyside offer to try and shave a year off of associate tenure. Trying to lateral a competitor’s offer, especially as an analyst that’s not bringing in revenue, will just come across as aggressive imo
I would put the offer on the table at current bank and if they don’t match, jump. It’s not just more money next year, it’s another $50k per year for every year you stay in banking since you’re up 1 level into perpetuity. It makes a BIG difference. And your current firm doesn’t value you or is too rigid if they don’t match.
Lots of people saying don’t base the decision on money in your pocket today, but I also wouldn’t overly base your decision on the “likelihood” or “ease” of making MD or any other far-out achievement. You have no idea where you will be or what you’ll want in 10-15 years.
Focus in on the near to medium term (1-3 years). The fact that you’re not excited about the coverage group is a red flag - absolutely 0 reason to lateral from a coverage group you love to a group you don’t want, even for a few extra bucks or extra year on title. The little things like enjoying the companies you cover make or break this job and career. I would say no to this for that reason off the bat.
Giving up career equity and standing is only worth it for a home run opportunity. E.g. it’s a higher tier bank, in a city you love, in a coverage group you love, with as good or better comp, that provides the exit opps or upward mobility you want, with people you can see yourself working with, etc. Unless it checks most or every box, I’d stay in your group where you like the people and clients and are seen as a top performer.
Have heard of people getting offered promotion upon informing team/HR that they have have been offered the promotion elsewhere. That being said, it sounds like you enjoy your current team, so definitely a risk given you're only a few months away from the promotion at your current shop. Best of luck!
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