Is jumping firm the best way to get promoted in this industry??
I personally know a couple people who were overlooked by their firm, jumped ship, and got an instant promotion. One person who's ranked as the bottom associate in their class, was told to find another job, stuck it out for 2 years, and then joined another equally good firm as a junior VP / senior associate. Another person who didn't get a VP offer, jumped ship, and got a VP offer. Basically, I know at least a handful of the same cases.
I'm not jealous or anything. Quite opposite, I'm super happy for them as I know they are great people outside of work. But I have to ask the question: is getting promoted in PE very much just a game of attrition, a.k.a, getting the right amount of time in the job, and then jump ship to another firm, without necessarily being the best person at it? Like if you can just take the workload and survive for a couple of years and have a normal personality, some firm will pick you up and give you a promotion?
I'm curious to hear thoughts from our members of the forum, as none of my family members work in finance / corporate America so this is a very new phenomenon to me that I'm just noticing.