Reasons for getting fired (besides poor performance)?
I hear a lot about people getting fired from IB after all the time they spent to get into it and I was wondering if you're in your early to mid-30s and you're still an associate will they lay you off to get younger people to replace you?
If you don't move up in your bank because you aren't getting promoted, will they eventually just fire you? If you make it to the VP level, can you get laid off for not moving up in the company or is VP considered high enough that they won't fire you for that? Do VP and MDs get laid off less than Analysts and Associates?
Thanks
Unless you're a real screw up, you should be able to make the promotion from Associate to VP without any difficult. This is because as an associate you're still on the 'execution' side of a deal, meaning you're not expected to source any deals or help bring any clients to the firm yet. AKA as long as you work efficiently without error, and you're not a total knob to work with, you should get promoted.
VP level is probably where the highest % of people who get fired are fired. At the VP level, you're expected to start to source new deals, find new clients, and (help) win deals, which is a huge transition from your role as an associate. Going out and being a well connected, highly personable (and creative) enough to find a client and sell him your idea for a transaction is a completely different ball game than building models, pitch books, memos, etc.. and some people simply don't have the skills to do it.
You're completely wrong about ever being "high enough" that a bank wouldn't want to fire you. Also not getting promoted means you're not performing well (or are a knob to work with). In my experience it's really the opposite of what you said, banks will gladly fire VPs, Directors, MDs, even group heads that aren't performing without a second thought while they might give analysts/associated a little more leeway to see if they could improve. Hope this answers you question.
How does the job security compare to PE/HF? I assume that it's even worse there since one wrong move could cost the company a fortune.
Also thanks for the previous answer.
Dolor non a eos exercitationem minus ut qui. Maiores at praesentium quia assumenda ea aspernatur labore.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...