Anyone else scared of their associates ?
I'm so scared of them if I ask them to do anything they're like nah doesn't make sense I'll do this instead and it's a half assed version that the partner will shit all over so I do it instead. They don't respond on weekends so i just cover the weekends.
Instead of trying to figure something out themselves they'll just piecemeal ask me 10 questions over chat.
I'm debating telling partner to just fire them absorb half the margin and give me half the cash comp and just do it all myself Apollo style ?
I assume you’re just venting but you certainly wouldn’t be the first person upset with managing junior resources in the current environment. There has been a very clear cultural shift in typical junior professional behavior and unfortunately I think you’re going to have to adapt your managerial style to accommodate.
Care to elaborate? I went as an experienced VP to a new shop and got a shock when the kid says (in front of the MD) - how do you want to divide and conquer? Never seen that anywhere else. Is this kind of stuff happening more frequently? I would have literally gotten fired for saying something like that in my early days. Thanks.
It's a fair question – VP is not senior enough to simply not do work/analysis.
Sounds like you are a pussy, my friend.
Could be a genuine issue with the associates, could be that you're not clear enough with what you're asking for (ie: why they're asking so many questions and/or doing it in a way you don't like) and the deadlines.
Can you not just chop heads in this environment. I get people above me DMing trying to lateral to my MM. Tons of banking candidates to choose from as well right now. Admittedly, the case studies I’ve seen from current banking analysts are pretty atrocious.
Are these first year associates (meaning they’ve had ~6 months to ramp)?
Can relate. My associates suck.
Can also relate, and I have relatively good associates. Feels like accountability goes out the window when it comes to weekends and VP is covering entire stack (doing models/decks and managing processes, Lenders, docs, etc) at a time when junior folks should be. I try to give detailed instructions but then that becomes a crutch and they don't develop an ability to handle ambiguity and don't think for themselves about what analysis needs to be done given deal dynamics.
In a weird way vps have more to lose (i.e. actual carry) and so associates are fine with just letting things slip because vp will have to catch for them
I think you answered your own question, associates have less stake in the game (less comp, undefined progression, etc.), so why do you expect them to care more than you do ?
At least yours deliver you something in the form of work product...
I expect them to pretend to care enough about it because they care about their own career. If they care about their own career they will eventually want to get promoted. To do so, they need to prove they can add value in their current capacity, much less at a higher one..
The reality is that most associates know they aren’t sticking around to make VP. Hence the behavior.
Good point
You see this more in large shops with “structured” associate programs. It’s basically banking 2.0. They are checking out to get their MBA or do startup or whatever after. And the shops have no room for most of these Associates to progress anyways (they all do their DD on how many Associates got promoted per class at your firm before they join).
I don’t see this happening as much in HF land or lean LMM/MM shops where an Associate job by default means opportunity to make a lot more money in 2-3 years and a defined path to carry exists. Then it’s a different job than basically another 2 year internship.
Isn’t associate performance important if the exit is an mba due to requirements like letters of rec?
Sunt totam nisi provident recusandae. Quia molestiae et eius recusandae aut ex nemo illum. Et eos numquam aperiam ipsam repudiandae odit accusantium. Deserunt dicta molestiae qui dolore quibusdam quod distinctio. Voluptatem totam eaque quibusdam non. Nisi qui porro animi doloribus assumenda deserunt qui. Molestiae deserunt perferendis porro dolorem vitae sapiente.
Nesciunt aliquam excepturi quisquam totam at error. Aliquam unde doloribus incidunt fugiat ut id. Tenetur nesciunt ut et.
Repudiandae est velit dolor sapiente doloremque. Et non ex maiores explicabo beatae fugiat.
Cum reiciendis nesciunt et dolores. Numquam molestiae repellat in ut consequuntur ex. Aut et quae corrupti non laudantium dolores. Aperiam id ab deserunt sequi expedita quaerat. Voluptatem saepe impedit quia ratione qui earum quia. Et ad ducimus nobis qui.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...