What comes after partner?
Lets say an individual spent most of their career on the IB track at a top BB firm. Lets say they were able to make partner at 50 (a reasonable age I believe but I'm no expert). What comes after that? What are the possible career choices afterwards and the most common ones.
Just a side thing, I've seen partners around 40 years old. Just doing the math considering you go into iB out of college:
22-24/25 analyst
25-28 associate
28-32 VP
32 - 36 MD
If you're a beast MD, you'll make partner after about 5 years. Remember, if you're going to make partner you must be a rainmaker, most people get stuck at VP and the people who stay there for 8-10 years will probably never make partner.
- there are various level of partner, depending on the company
- some leave to retire after they are partner for a few years (and once the health issues step in)
- some leave to build their own company (either with other partners or other people they trust)
- some become board members in other companies (or while they are partner if no conflict)
Our firm does not have partner levels, at least not as a title; top level leaves after a certain time to just retire mostly.
Are things different in PE?
I think companies decide for themselves what levels of seniority they want to have. especially if they are private companies.
we have people who are "like partners", they just don't have partner titles because of they type of fund(s) we have. this is mainly for legal reasons. But once you are at that level, like others said, both time and health are no longer on your side... you'll probably do it for a few years and then just leave/retire? our most senior folks are in their late 50s and 60s. not much happening around that age. many of them have medical conditions.
Why do you assume that they would need/want another career choice after that? Making partner/MD means that you're pretty committed to the business and that is reflected in your title and responsibilities. In many cases, being an MD means that you are the "CEO" of your own company (certainly as your own profit center) and you have to act accordingly and run like a business at that point. There's also the financial commitment that brings in the sense that your compensation is now (greatly) tied to the stock performance of the company. It's simply not a position that you would leave lightly.
Name checks out
LOL - I wish! But I do appreciate your vote of confidence.
I did get a nice promotion this year and I am now 2 levels down from being an MD. So I'm not quite there yet but I'm working on it!
Do stock options kick in during Partner level or senior MD?
That is highly dependent on the firm, everyone has different rules about it. Some are lower levels, some are higher. There really is no simple answer to this one.
Death
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