Senior Associate / VP Promotion Process

2nd year in IB about to start at an UMM (~$10B fund) PE firm in the summer. It’s not a strict 2 and out program and there are people who have been promoted to Senior Associate / VP. I’m curious to hear when Associates find out if they’re being promoted or need to lateral / get an MBA. Is it 12 months in? 18? What are the most important things that differentiate Associates getting promoted vs. ones that don’t? Any insight would be greatly appreciated.

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I have ben told that I'm on tack for SA at various points during my time at my fund, and at the formal review at the end of 2022 they told me that I would be getting the SA offer at the conclusion of the 2 year program, assuming I choose to stay.

Remember, always be kind-hearted.
 
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There is a baseline of competence that is expected of everyone in PE that is quite high and it’s really hard to differentiate on pure technical skill and work product. The biggest two areas where you can stand out are: 

  • Public speaking / communication / polish - are you able to articulate yourself clearly. A lot of associates come off as very junior in how they communicate and clear lack of confidence with natural silence and pauses during discussions. Try and refine this skill as much as possible. 
  • Likeability / Politics - Speaking generally and obviously there are some exceptions: It’s an old boys club and people will prioritize people who they like above even technical competence. Make no mistake, a small 15 person shop will have far more politics than a large organization because you’re working so much more intimately with all the people around you and there is no HR mandated standardized review process. You are constantly being judged and evaluated in every small interaction you have with a partner. If they like you, you’ll do well. If you rub them the wrong way you’ll be pushed out. Be a chameleon - dress the part, act the part, say all the right things about what you like to do and where you like to vacation. This business is about pattern recognition not uniqueness - you need to look and act like someone who resembles the partners. Service with a smile always. Never complain or say anything negative to any of your superiors (hint: that friendly VP isnt your friend and will back stab you if needed). Make sure you’re getting credit for everything you’re doing. Overcommunicate until you’re told not to. Act like you’re personally and intellectually deeply invested and engaged in every live deal (“Lean in” as they say). If you’re not willing to change yourself as a person and act like a perfect person from Greenwich to do this job, then reconsider if this career is for you. 
 

Idk about all of the Greenwich and old boys club stuff that was mentioned here, I suppose if you’re at a firm in NYC or Boston that’s certainly true, but not everywhere (certainly not on the West Coast). This comment was spot on when highlighting that likability is everything and they, being a Partner, will almost always choose someone they like even if a little less competent. You really have to just bite your tongue, smile and say yes to every opportunity given to you for two years while also being genuinely engaged. They want the person that always shows up with a good attitude and the part about complaining is real, even if in passing. 

 

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