Recently found out that partners apparently get penalized for a failed process or getting fired by the client. Not truly surprising but haven't thought of it. However, what do you think is the definition of a failed process - I've been on plenty that continues to drudge along, despite being way of target in timeline, dragging out for years, 1/2 the valuation that was initially bid, etc. Fully aware that only an amateur would truly believe the initial expectations and alignment set by the MD/team. But that's just how I work. Curious if there is more of a common understanding here.
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A failed process, in the context of the high finance world, can be seen as a situation where the desired outcome or goal is not achieved. This could be due to a variety of reasons such as not meeting the timeline, not achieving the targeted valuation, or even losing the client's trust.
For instance, if you're aiming to get into Investment Banking (IB) out of undergrad and you don't, but instead land a job at a top F500, this could be seen as a failure from your perspective, as you didn't achieve your specific goal. However, it's important to remember that what might seem like a failure to one person might not be to another.
In the end, it's not just about the outcome, but also about the circumstances that led to it. Even achieving a desired result could be considered a failure depending on how you got there. It's about learning from these experiences and using them as pivot points to improve.
Remember, failure is not the end. It's an opportunity to learn, adapt, and grow. As the saying goes, "Fail early, fail often, but always fail forward."
Sources: Advice from an ex-IB MD - The Importance Of Failure
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