Lateral Hire - Associate vs Senior Associate
If I have 2 years of IB experience and 2 years of PE deal team experience and looking to lateral would I be able to target Senior Associate roles or stuck at Associate level still?
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Ask HHs for both types of roles but expect A2 in this market
A2 as in a just a second year associate rather than SA right?
Also depends on the firm - at some places SA is just what they call third or fourth year assos whereas at others it's the VP/post-MBA equivalent. To your question, certainly more plausible to go for SA at the former category but even there I'd say you'd be more likely to redo a year if you're coming in with 2 YOE unless there's some extenuating circumstance (really hot hiring market like 2021, joining a small or new fund, etc.)
It's a newer / small fund. So you think SA?
They have a VP, SA, and A already
Aligned, expect to repeat a year unless you move significantly downmarket from your current seat and references are very strong.
it’s a first time fund
Most likely going to be AS2/3. Lateral market is super oversaturated right now and there are so many Sr ASO/VP candidates trying to lateral to similar/downmarket that you're just not going to be competitive for the title step up most of the time.
Most likely not sr. associate, will make you re-do a year. A lot of firms even have MBAs (2+2) come in as a senior associate given tough market
With that mix, you’re in a solid spot — most firms would likely slot you at Associate to start, but you could push for Senior Associate if your PE experience was hands-on with deal execution and portfolio work. Depends a bit on the fund size and the team’s structure.
What about 4.5Y total buyside exp (=total exp) and another firm / senior bilaterally pitching VP seat? How real is it (vs an incentive to start a process then get scr*wed)
As an ASO3 at a MF should I expect to move as a SA or a VP?
Probably SA
Ignore title, I’m an Associate 2.
General rule right now: 2 years = Associate, 3 years = Senior Associate is the goal if you’re coming from a strong UMM/MF background. Lots of people with 3 years are taking associate roles given state of market though.
Market is absolutely cooked. I went to a top target, and a lot of my friends at MFs and brand-name UMM shops who were told they’re not getting promoted (or are in structured 2-and-out programs) are struggling to land seats, even at LMM, let alone solid MM platforms.
I’m fortunate to be getting the promote, but in hindsight I think going bigger was a mistake. Way more of my friends at smaller UMM/MM funds are getting promoted, and some of those are firms people at MFs would kill to be at right now.
You already know in February if you’re getting promoted or not?
Not sure if super common; but was told by there's a spot for me to be a senior associate at the fund at the end of my two years in my 2nd year associate mid-year, which I accepted verbally. Closed a few deals and am well-liked by a senior partner that I work with regularly, so makes a lot of sense for me to stay as opposed to having to bulid my reputation again imo.
This checks out based on my experience during my MBA last year when I graduated. Thankfully i was sponsored by my MF so didn't have to worry but saw quite a few UMM/MM folks (2+2 backgrounds) take SA role s (though only 12-18 months for VP promote) whereas in the past vast majority of jobs would be VP roles
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