What happens to the rest?
Everyone knows the basic chain of command in investment banking: analyst --> associate --> VP --> MD -->partner/etc.
What I don't understand is that what happens to those who are not able to make it the next step (more on associate & VP level)? Yes, there are nice exit opportunities such as PE, hedge fund etc. but not everyone is going to get them?
So what happens to those who are not promoted past associate level or VP level? Do they just go to another firm as VP or MD? Or are they laid off so they do something in corporate world?
Usually they will either take an IB job at another firm or move into corporate development. Not rocket science here: they take jobs that match their skillset.
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