Passed up for senior associate promo, how to handle?
Found out today I’m finishing up at the end of my two-year program (pushed out). I’m at a reputable shop where the Sr Assoc promo is fairly common, so this is definitely a performance/fit play on their end.
Trying to figure out where to go from here. A few questions for the forum:
1. Market perception: How much of a red flag is this for HHs or other funds? Does "finishing the program" vs. "promoting" kill my chances at another decent seat? How can I try to find recs that will give me a soft landing at a new firm vs. let backchannelers know I wasn’t up to par.
2. Transition: How do you guys handle the last few months in the office? I want to leave on good terms, but also take care of my own interests first.
3. The Script: Best way to frame this in interviews? I assume back channels will find out you were cut so no point trying to spin it?
Appreciate any advice from anyone who’s navigated a "finish and move on" scenario.
1st step would be to figure out friendly your firm will be. New firms will want references, and if the official party line is that they wouldn't be a good reference (i.e. multiple people would say bad things about you), then that means you should then figure out who from your firm would be a good reference (there's gotta be someone you got along with well).
Sorry that this happened, I know it sucks. There are a wide range of outcomes that could happen here. I haven't had the best experience with recruiters for whatever reason (I got my seat through linkedin of all places), so I can't comment much about what to do with them. I would personally try to spin it and say that you want to move firms becuase you want to work on a difference strategy or location or whatever, but others can chime in if they think that's a bad idea.
How’d you get it through LinkedIn? Feel like most places don’t post jobs there
don't you always choose who you give as references? why would you choose anybody who could say negative things about you?
OP’s next firm could try to backchannel references through their contacts vs who OP provides. Very common
Has anyone else been promoted? Have you taken the GMAT or do you have any MBA offers?
You will be fine. This is a common outcome - many people have not been promoted at their first shop and have gone on to have successful careers in PE.
Take a step back and breathe. Few people lateral at the same level with no promotion so recognize that while you might need to take a year or two title reset (especially if you move up-market), the market is forgiving and you will find a role.
In terms of next steps your job is to recruit. Recruiting is your full time job. Your current shop should understand and they will likely provide a positive reference.
At this risk of not reading between the lines - have you gotten candid feedback on your performance? Might be tough to hear up-front but could also help you position your narrative if you get some additional insight from your team. Big difference between being an edge case not making it and truly bombing during your tenure. I know some folks who didn't get the promote after the Associate program who I know are highly capable individuals and self-aware enough to not ruffle any feathers.
If there's learnings to be had for why you didn't make the cut, its worth getting direct, candid feedback. If the feedback is unfair and you feel not reflective of your contributions or capabilities, then there's a little less to worry about.
More of an edge case vs. sucking / bombing. First year bonus was solid etc. Would appreciate any additional input with that context if you have it!
That's good to hear. I don't think its the end of the world for you man. Would still recommend speaking to your team to understand (a) what you could have done better to have earned the seat and (b) tactfully get an understanding of the type of feedback they'd give to background checkers. If you have some internal champions who can vouch for you and give a favorable narrative (such as just not having available seats for the promotion due to lack of attrition) that'd be great. Might also be worth asking if the team would be willing to let you do another Associate year as you search for a new place.
I think in a WORST case scenario you have to repeat an associate year at another firm if you lateral as opposed to walking into a promote - which is not an awful position to be in, all things considered. Once you have an understanding of all the variables you can craft your a narrative. I'd say it is difficult to give you a plan of action beyond gathering intel at this stage because the narrative you craft will be unique to your circumstances / relationships with current firm.
Only other piece of advice I'd give is to not let this get you down too much. If you were truly bad at the job or incompatible with the industry, that'd be a much tougher reality check. While it isn't a good feeling either way, it seems like this scenario is more so "you weren't the right fit for progressing at this specific firm". That leaves a lot of room for you!
Just recruit. You’ll be fine. Be nice to them while you need them, forget them after you get your next role and then if you become successful in 10-15 years, come back and take a big s*** on them
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