Prospect applying to banks that's wondering about the differences in roles between analysts and associates in IB. I'm assuming that the roles differ between banks sizes as well: BB v. MM v. Boutique. What are the most notable differences that are commonly found, despite the pyramid structure and size of the firm?
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Analysts are really good at completing a task they are assigned. Someone needs to check their work before it's passed up the chain / to the client - associates do that. Associates are also required to think 'one level up' - how to craft a story, what are important questions we should be asking ourselves, etc. These are really the VP's responsibility, but associates are supposed to be attempting to do the same. Most analysts could also 'think one level up' but usually they don't, for a variety of reasons - either they don't care since they're out in 2 years, or they aren't mature enough yet. The whole process usually runs smoother when there's a junior banker (the ASO) thinking critically as opposed to just following orders, which is really the main difference between an analyst & associate.
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