How common is it for career bankers to have had a banking career with an accelerated rate of promotions? (e.g. A2A after ~18 months, ASO>VP after ~18 months, 3 years as VP, 1 year as SVP, MD by 29). What is the typical career path/timeframe for younger MDs and what factors may have enabled them to climb the ranks more quickly?
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Based on the most helpful WSO content, the career path in banking can vary greatly depending on the individual, the bank, and the market environment. However, there are a few key points to consider:
Banks usually don't promote people to VP unless they think they have the potential to be an MD down the road. This suggests that showing potential and demonstrating your value early on can help accelerate your career.
The market environment at the time of your promotion can play a big role. If times are good, then the bar for promotion may be lower because the bank just needs people to execute all the deals that are going on.
Many associates enter the job knowing that they won't be career bankers, but see it as an opportunity to spend a few years building a skill set. This suggests that having a clear career goal and plan can help you move up the ranks more quickly.
Some banks are known to promote junior MDs to keep them around, while others keep the rainmakers around. This suggests that your ability to generate revenue and bring in business can greatly impact your career progression.
Attrition is a huge factor, especially at the Associate and VP level. Many people decide they can't take it anymore, which can open up opportunities for those who stick it out.
Remember, every banker's journey is unique, and these are just some factors that can influence the speed of career progression. It's important to stay adaptable, keep learning, and always strive to deliver your best.
Sources: Questions about VP/D/MD levels at investment banks, https://www.wallstreetoasis.com/forum/investment-banking/qa-md-in-ma-and-capital-markets-with-bulge-bracket-and-boutique-experience?customgpt=1
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