How big of a life difference between Analyst and associate?
For those who took A2A. Has your work life changed much or any at all? Are you working a little less / having more control over your schedule and weekend? Is the type of work any better?
The first few months of ASO1 have been significantly worse than the final months of AN2. ~18 months into the analyst role, I knew what I was doing and had enough rapport with the team & staffer to push back on things. People were really nice in an attempt to keep me at the bank, whereas now they assume I'm staying given that I didn't leave at bonus time.
There's another learning curve as you start being expected to pick up different pieces of work, or to drive the content of the pages. Nowhere near as bad as the AN1 learning curve but takes some time to adjust. The type of work is generally more interesting but still a lot of boring process stuff.
The new analyst class are still at the point where they're more of a hindrance than a help (as expected, they're new). It would probably be quicker for me to just do all the work but obviously not good for their development. Explaining, reviewing, editing (and often redoing) all take time.
I could make it easier for myself if I was more willing to dump everything on the analyst but I don't want to be that person.
I do expect it to get better and end up overtaking the analyst years in terms of better workload, more control, etc. at some point. That said, I'm looking to leave IB so probably won't be around to find out.
Exactly what I was looking for. Thanks for the insight. Definitely hope it gets better. On the fence between A2A and buyside so just want to see what ASO life is like. But doubt any better than an associate at PE since just being back to bottom of the totem pole
It'll get better. You're just facing a very real learning curve for what is arguably a very different role with the added complexity of having to execute it with people you've worked with for a long time.
I'm at a small boutique, so take what I say with a grain of salt, but it's been about the same. I'm no longer pulling late nights putting together potential buyer lists, running comps, doing full operating models, etc. but the hours spent on higher level tasks equalizes it, especially in the first year as ASO.
The learning curve is steep especially in a small group like mine where I no longer get guidance from above on a lot of things. For example, had a client recently pose the question of how x and y factors impacted their valuation after their last earnings. I got a simple, "figure it out, let's chat next week before we speak to the client" from my MD, and it took a while for me to figure out a framework to approach the issue.
I think in general, I also spend a lot more time thinking and mulling over analyses, because now, I'm the one presenting, so I'm much more conscious of the quality of my work since I'm on the hook.
Another factor a lot of people overlook is that sometimes the hours flip. Since I now have to wait for analysts to put together materials / turn comments, I end up being free a good chunk of the day, but then have to deal with reviewing at night or early in the morning. (Yes, I can technically make them work the night and early in the morning instead while I work during the day, but I'm not a monster...)
What my associates do is either they sleep later or wake up very early (like 6 or 7am) to go through the comments and give comments unless it is urgent then they do it all themselves to send it out
Month 4 as an associate. Feel like my time as analyst allowed me to learn what works and what doesn’t both with the work itself and managing analysts. Grew to despise the (tbh mostly MBA) associates who respond with will do to the MD, push all the work down, add no value / give no direction and take credit for work completed / pass blame on mistakes. Also learned that the best analysts don’t necessarily make the best associates bc they just expect their analysts to know everything. Overall it raised my EQ to be able to read driven 22 year olds psychopaths who are willing to put their entire lives on hold to work 100 hour weeks.
I’ve also found jumping into excel and PowerPoint during the day with your analysts can go a long way with getting people to work hard for you and managing your schedule more. If you’re in the trenches all day with your analysts, 1) you’ve gotten proficient at playing analyst and are deficient and 2) they’re much more likely to be cool with you getting a workout in or going on a brief date in the evening and can pick up where you left off. You still don’t have a ton of control over your schedule, but you have a lot more than you did.
Downside of being an associate is you are completely exposed when shit goes sideways. Had no clue how much shit my associates were taking that I didn’t hear about as an analyst. Ultimately though banking is just a war of attrition. One of the toughest industries, but also one of the most forgiving.
Overall would say being an associate is marginally better at a high level, but getting back 5-10 hours per week for yourself goes a long way when you’re going through it.
Thank you for the response. Definitely insightful
Analyst at my bank was telling me how his VP would shield them from their MD who liked violating their protected time a lot.
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