How often do associates not work out?
Not working out mean those that quit within a year (jumping to a firm with less hours) or is let go by the bank within the year.
I'm trying to figure out how rare it is for this to happen, especially for associates that have never been in banking.
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Good question, I would like to know as well.....
And what do these guys who don't work out to afterwards? Go back to their pre-mba jobs or something? I imagine a 12 month stint at an investment bank probably won't speak too highly of any candidate.
Even with layoffs happening with more regularity these days, I have not heard of an associate getting cut within the first year, but my experience is my own. Definitely know some who have bailed to other firms shortly after their first year (gotta get that bonus first).
3rd yr associate/1st year VP are more ripe for the chopping block.
Only in '00 and '08-09 did first year anythings get fired.
A handful of associates will leave volunarily in the first year. Slightly more in the second year. Then most who do leave, will do it in the 3rd / 4th year. By that time most associates figure out whether the business is really for them or not, and can leave since they stashed away 1.5 - 2.5 years of bonuses (hopefully paid down a decent amount of student loans). Also they know by then whether they're going to make VP or not. If you know you're not going to make VP, it's a nice way of the firm to say "Get the eff out."
also curious
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