How hard is it to make VP / ED / MD?
The analyst to associate step seems easy for most people who have half their head screwed on. You're young and cheap labour and doing the grunt work at both levels
How about VP? It still feels like if you like the job and do a half good job you'll end up making VP? So maybe 60% conversion? What happens to you if you don't make VP because you're not good enough, do you get fired or get forced out because nobody wants to be associate for 10 years?
Same question for ED, what proportion make ED?
And then MD?
Bump interested
Well, given the bonus figures at your shop, there may be a few spots opening up soon ;-)
But jokes aside, I think the VP promotion is relatively straightforward, assuming people see some level of transition towards a more middle-mgmt / deal captain role, i.e. you are more guiding and reviewing, can cover calls, help with origination and coverage etc. and other product-/group-specific things. The purely analytical associate will have trouble with these, but it is all doable. Real selection comes afterwards — in some places before/with the director promotions and in other places then, the latest. There’s no bank/boutique on the bloc where you half-ass director and still make MD, since people start asking “why is this guy here anyway and do we want to keep him around?” And the answer better be, “he helps bring in revenue.” There’s a few people who are very technical lads who made MD and don’t really generate, rather acting as 2nd/3rd MD on a deal, but it is certainly the minority and the position is difficult in a down market for obvious reasons…
On VP level, you still have some ‘selection’ in the sense of being staffed on the right projects and having senior attention / people listening to you when it counts.
My two cents…
Bump
VP is a given if you are women
Not always true. My BB had a woman not get promoted to VP last year. She switched to a diff part of the bank a few months after.
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