In 3rd year and haven’t got the promo to associate. At a boutique on the east coast. Not sure what to do. Do I jump to a new firm? Or start recruiting pe? I guess I’m not sure if it’s performance related and they’re trying to push me out or if the firm is slow in promotions.
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Based on the most helpful WSO content, here’s what you should consider:
Evaluate the Firm's Promotion Track Record: If your firm has a history of slow promotions or unclear advancement paths, it might not necessarily be performance-related. However, if others at your level are getting promoted and you're not, it could be a signal to reassess your standing within the firm.
Self-Reflection on Performance: Be honest with yourself about your performance. If you suspect it might be a factor, consider seeking feedback from your superiors. This can help clarify whether there are areas for improvement or if the delay is more structural.
Timing and Opportunity Cost: Jumping to a new firm or recruiting for PE can be viable options, but timing is critical. If you’re close to a promotion or have a strong reputation at your current firm, it might be worth sticking it out for a bit longer. On the other hand, if the boutique is small and lacks growth opportunities, moving on could be the better long-term play.
Recruiting for PE: If PE is your goal, assess your readiness. Do you have the deal experience and skillset that PE firms value? If so, start networking and preparing for the recruiting process. Keep in mind that PE recruiting can be competitive, and having a clear story about why you're making the move is essential.
Consider Internal Mobility or Lateral Moves: If you enjoy the work but feel held back, explore internal mobility options or lateral moves to a larger firm with a clearer promotion path. This can provide a fresh start while leveraging your current experience.
Seek Mentorship and Advice: As highlighted in WSO threads, having a mentor or senior professional to guide you can be invaluable. They can provide insights into whether staying or leaving is the better option based on your specific situation.
Ultimately, the decision depends on your long-term goals and the opportunities available. If the boutique isn’t providing the growth or recognition you need, it might be time to explore new horizons. Good luck!
Sources: Staying a third year as a PE associate vs. doing something nontraditional, Turning down HBS/GSB/Wharton for the Promote-Through, Q&A: 3rd Year PE Associate ($10bn+ AUM, MBO/LBO, equity, mezz, distressed debt), Stay at Big 4 or jump to boutique?, Stuck at Current Firm
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