How to broach the topic of getting a promotion at 2 vs. 3 years
Started second year as an analyst at a boutique with FYE in December. Getting a promotion after two years is uncommon but possible. This will be the third year for several guys on the team, which makes fighting for the early promote difficult. Any advice on how to broach this topic with the manager, protocol for following up, and any general tips on how to make my case? What rebuttals have you heard? Budget, colleagues have been there longer, etc. Any successful (or unsuccessful) stories are welcome!
well - are you as good as your comps? if not, not sure why they would.
the easiest way is to get another offer (legit), and make it clear that you're willing to leave. otherwise - very little incentive for anyone to do anything.
but again, why do you think you should be early promoted?
That game only works if you have chest hair. No offense to moonlight but if you don't feel comfortable asking for a promotion then you probably won't feel comfortable leveraging a competitive offer.
I personally disagree - asking for a promotion with an offer in hand gives me the leverage I wouldn't have by simply asking for a promotion. With an offer in hand, it's a win-win. Less confrontational too since we're trying to (theoretically) achieve the same goals. I won't get all the bs, politically correct answers without actually getting a definitive answer. Maybe it's just me
Yes, had a rock star year compared to others since most the deals I was staffed on (by luck) ended up being live deals and I was able to add value to a greater extent there. Promotion after 3 years, definitely but would be nice to get it after 2. I would say I have a strong case in addition to holistically doing well compared to the other analysts. Or would you say these points wouldn't stand out and it would be difficult to argue without another offer
Thats awesome that you're a top analyst at the company. Now you have to decide how aggressive you want to be asking for the promotion. You can either say, hey I'm interested in an associate position because A, B, C, I deserve it because X, Y, Z. Or you can go with a more aggressive approach by getting an offer elsewhere. If its a niche business, you're going to have to get an offer to have any leverage. Think of it like you're looking for a new job... maybe you'll find something even better than the promotion you're looking for. Sounds like you're doing extremely well. Buy low, sell high right? Maybe you're at a very good place to market yourself to other employers, if thats not what you want, you can still find an awesome offer and use it as leverage. Your manager will think, "Wow, looks like he impressed Goldman Stanley with his knowledge and skills to get such a great offer, we should give him what he wants so we can keep him." I would also be prepared to answer the question, "Will you get an offer elsewhere whenever you want a promotion here?" To which I would answer, "No, I understand how difficult it is to get an associate position here in 2 rather than 3 years; my career goals are important to me and I think I am ready to take on the role. At the very least, this offer shows that a 3rd party considers me qualified." Be sure to keep a polite but confident tone. Hope this helps.
EDIT: And if the 3-year guys get sour about it. Your justification should be, "I had the stones to go out and ask for what I wanted." Don't mention anything about other companies or offers as this will make you seem disloyal. Whether or not you get the promotion, do not disclose your strategies as other people on your team might try the same thing and management will be pissed with you. Confidence and secrecy is key.
This is how I would imagine would be the best way to do it: 1. Make sure you're a top 10% analyst. Number 1 or 2 if you're on a small team. Make sure you stand out from the other analysts in one way or another. Take every opportunity to show leadership and always present yourself as looking out for the company rather than yourself. 2. Go out and interview with a bigger bank for the same position or a same-size bank with the position you are looking for.
Once these two are done, ask for 15 minutes of your manager's time and present your case something like this, "Having worked for XXX has been an excellent beginning to my career. I love the culture, management, and the work that I do everyday. I'm very interested in a bigger role in the company so that I have a larger impact on the operations of the company and building the skill set of newer analysts... See what the response is. If you get brushed off and no decisive reply in 2-3 weeks, I would speak with the manager, ask him if he has made a decision, and present the offer letter from the other bank. Tell him that XXX has been great and you want to continue to work there, but your career growth is important to you and ask them to match the beat or match the offer. This will get their attention. Try to sound sincere and not an asshole, but also be prepared to take the offer from the other bank if you get rejected. If you match qualification #1, it is unlikely that they will reject you.
Any advice if I'm in a niche field where essentially everyone knows everyone? Not too many positions open in this specific industry, usually only after bonuses are given out when people start moving around.
Highly unlikely you get associate promotion because of what you mentioned: there are several 3 year analysts gunning for it. It would create some serious resentment / unhappy analysts if they promoted you now, unless you're like, the MD's or client's son or something.
Always good to be realistic. Doesn't hurt to try but need to determine how far to push for the promotion
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