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Depends the transaction, but a good VP runs the whole execution process at my firm. Basically just tells the associates and analysts what to and double checks everything. At least from my experience, I have found associates to be more useless in terms of just having the VP go to the analyst for deliverables with the associate just hiding in the back.

 

MM by the way this forum groups, but really closer to an EB in terms of actual transactions/ where we compete.

I don’t fault the person, they just are new and afraid. Honestly, it’s like some of the post MBA associates, even if they aren’t an asshole, they are in a tough professional spot where they internally know the senior analysts know more, but they also know they are paid to manage us technically, so they just don’t know how to act. They also are afraid of messing up and likely are in a fast paced environment for the first time in their life. But also, would really appreciate if they could step in once and awhile so I could sleep.

 

At the senior level it gets murkier and more culture driven as to who does what.  It depends, for example on how involved MDs are in execution, and also in how deal teams are staffed.  Sometimes VPs will work directly with MDs and oversee the execution along with the MD.  Sometimes the MD will just be a very high level coverage person and execution will fall to the Director who will talk through what's going on with the VP who will be expected to oversee the various workstreams.  Sometimes the VP will be staffed directly with analysts and expect to work as an Associate too.  It's a tough job to be in because it's very clear what Associates do, and it's clear what Directors / MDs do, whereas VPs fall in the middle of that so are expected to do a little of both.

 
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ENlGMA

At the senior level it gets murkier and more culture driven as to who does what.  It depends, for example on how involved MDs are in execution, and also in how deal teams are staffed.  Sometimes VPs will work directly with MDs and oversee the execution along with the MD.  Sometimes the MD will just be a very high level coverage person and execution will fall to the Director who will talk through what's going on with the VP who will be expected to oversee the various workstreams.  Sometimes the VP will be staffed directly with analysts and expect to work as an Associate too.  It's a tough job to be in because it's very clear what Associates do, and it's clear what Directors / MDs do, whereas VPs fall in the middle of that so are expected to do a little of both.

Best answer right here

Edit: Also want to add. From a coverage perspective, some firms will expect / it is in the VP's best interest to start building their relationships and book of business. Some of my MDs also expect me to manage the day to day of some of their relationships and pull them in when needed.

 

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