How much of each class gets promoted?
If any of the senior guys here have a general idea of this, I'm basically interested in how difficult it is to get promoted within IBD.
So, what percent of analysts (who choose to stay) eventually become associates, what percent of associates become VP, and what percent of VP's make MD? What percent of MD's make partner?
Do you have to constantly put in work to ensure you get promoted, or does more work merely translate to quicker promotion time?
Can't comment on the upper levels, but Analyst to Associate is basically guaranteed if you want to stick around (and aren't an absolute shit Analyst). There are some banks that don't offer this option, but those who do, really want analysts to stay on.
This is pretty much true at my bank for good analysts.
As of last year, this was probably the case. This year, far less people are not getting promoted and banks of all sizes are cutting analysts
Doesn't it depend on the firm?
I can only speak for my bank but Analyst to Associate is pretty easy as long as you're not garbage.
Same thing with Associate to VP although I think it's getting slightly harder these days. I know a few people who were pushed out in Februry because they didn't make the cut.
I think VP->director is pretty seamless. If you've survived the multiple rounds of layoffs at that point chances are you're pretty good at your job and they want to keep you around.
Director->MD is by far the hardest move and it's getting harder every year as overall deal activity shrinks and established MDs stick around for far longer since pay isn't what it used to be.
Numbers wise it's tough to say because so many people leave on their own accord (esp at Jr. Levels) and the market dictates hiring needs.
Just want to make sure, do you get fired if you don't get promoted?
Not for analyst -> associate moves. Pretty much always set up as a 2 year obligation only.
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