Lateral Hire - Associate vs Senior Associate

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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?

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.