Hey chimps. Just wanted to share my experience from earlier today. Wondering if others find themselves in the same position?
“You’re good, but you just need more revs, and that’s our fault. We need to get you more revs before you can be an associate”, says the VP in his feeble attempt to get me to stick around for a 3rd year. Mind you, this request to stay came no more than 45 seconds after him cussing me out about his own error in front of others. I had made it clear that in order for me to stay, I wanted the associate role. No more profiles, PIBS, spreading comps or sending meeting invites.
“It’s not an age thing,” he says, “you have great deal experience, you’re great with clients and have solid modeling skills. However, we just need to get you more revs before you’re ready.”
Revs huh? What are these rev things that you are referring to? Are they like reps in sports or weightlifting? No. those are numbers. They are quantifiable. You have a one-rep max, not a one-rev max. Seems purely subjective to me. How do I measure them? If they are purely qualitative, then how do you quantify them in a manner that would suggest that I need more of them?
I had been pressing the case to be promoted to associate for several months now and I have yet to be provided with a single quantitative measurement whereby I fall short, hence, my decision to leave after my analyst stint. Basically, it sounds to me like you want to have me do more work with greater efficiency than newer analysts, and you don’t have a solid reason not to promote me to associate other than the fact that you want me to be cheap, experienced labor.
After questioning the VP about what a “rev” actually is, he switches the subject.
“Besides, a 3rd year is basically an associate. You do better work and you will always have a 1st year working under you.”
I would agree, except for the fact that unlike a 3rd year, an associate makes $75K more, doesn’t have to do PIBS, profiles, spread comps, and actually attends most meetings instead of sending meeting invites. Not to mention that 3rd years don’t have anyone underneath them to help with the grunt work at our shop.
“Well we can debate on the philosophy of what being a 3rd year entails, but just wanted to see if there something we can do to get you to stay.”
Philosophy? There is nothing to philosophize about. No mental masturbation needed here. Just quantifiable, presentable facts. You’ve told me that I can do everything that our current associates can do, yet don’t want to promote me. Want me to stay? Associate. No? I’m out.
So...what are revs?
Are you absolutely sure he didn't say reps? Maybe he meant to say reps?
Lol, love the picture that I am sure Andy Louis provided. Reminds me of that Office episode where Jim is tasked with a "run down" of his clients, so he faxes his dad because he is clueless of what a "run down" is.
By the way, your grammar is impeccable even for internet standards.
Thank you, sir.
I'd give this kid a raise just based on his writing. So many kids cant put a fucking paragraph together.
I'm dying to know what a "rev" is
It's like when you turn on an engine and it's humming and you rev it up. Haha
Reminds me of when I worked at a movie theatre in college. I had the most concession sales, was the best concessions upseller, could clean theatres in half the time it took others, never had customers complain about me, etc., but kept getting BS answers to why they couldn't promote me to manager.
Are you to working at a EB, BB, or top MM? I ask because if you're at "no-name" boutique or just a smaller regional IB, you might not be getting promoted because you're a great analyst. I know that might make no sense, but think about it this way: at Google, the top programmers are never promoted. It's the programmers who are good, but also have good managerial skills who are promoted. While top banks usually promote analysts to associate based solely on time served, smaller banks only promote if they see you having what it takes to become an MD one day. Maybe this is the case here. Just some thoughts...Good luck.
Marginal productivity of labor...
"I'm not slacking off, I'm managing expectations."
:) Great post!
I clicked on this post thinking revs meant revenues. Now I really want to know what revs are. Revelries, revolutions, revulsions?
refs?
Reps bro. Although it would be hilarious if he actually meant reps but said revs.
"Revs" as in revisions. Churns of the ole deck
repped
If he wants more revs, fucking give him more revs. It really isn't that complicated.
On a more serious note though, shouldn't this be a conversation you should be having with someone more senior? It seems hard to believe that it was a VPs decision not to promote you, he's probably just caught in the middle.
FWIW, at this EB it's true that there's not much of a difference between a 3rd year analyst and 1st year associate. We'll rarely staff a deal with both an experienced analyst and new associate - and our 3rd years will have a 1 or 2 under them to help. Yeah, your point on money is well taken, but unless you think you can lateral into an associate position at an equivalent institution, perhaps think bigger picture: Do you like the general work/culture/firm/deals etc? Do you want to do banking long term? Answer these questions before you make any decisions.
Do I sound like I have experience trying to get good analysts to stay?
Deleted
Reps..?
i think he means Reps?
bro, do you even rev?
He either said or meant reps (repetitions). Source: I've delivered this speech before.
He def meant "reps"
Apologies for the delayed follow-up. I have been traveling/swamped lately and haven't logged on. To answer a couple of the questions from above:
1) He, along with other senior bankers definitely said and identified "revs" and not "reps". Repetitions are quantifiable and measurable (e.g., weightlifting). There literally is no quantifiable measurement by which they can tell me I fall short, be it age, number of deals closed, modeling, pitchbooks, meetings, running calls, due diligence, you name it. I'm starting to think that 2) I have passed on several recruiting opportunities to become an associate at other boutique banks, along with entry level private equity positions. This is mainly due to the culture.
Hell no, you sound out of touch with reality.
you mean...reps?
I would go around the office and make a revving sound as you walk (the faster you walk the louder you rev). Don't forget to idle when you're at your desk.
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