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Any thoughts lads?
a promotion on the basis of what? Is your comp significantly below market? Did you do something extraordinary or specific on a deal you can point to with concrete evidence? IMO a year is too fast to ask for that unless you are going above and beyond, sourced a deal yourself, etc.
that being said, we're almost in bonus season. asking for extra money, if you can back it up with reasons, is a legitimate way to show you may not be completely satisfied and potentially have options outside that one firm.
Do you substitute words with letters at work? If they said, “You have been doing v good” they may have been sarcastic, in which case you asking for a promotion would be hilarious.
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I'm in a similar situation and have taken a blunt approach. Not saying it is the right approach, but it's the course I've chosen.
If you've been approached by different firms for xyz title and $xyz comp then don't be shy to utilize for leverage. Sure, this may come off as disloyal, but a seasoned business person should be understanding and respectful of this tactic.
If you ACTUALLY ARE going above and beyond what your title and comp suggest (must be honest with yourself here) then detail out what you've done that justifies a new title.
If you've deserved it, then there is no reason why a title bump isn't in order. Just make sure the merits for a new title are quantifiable and indeed outside the scope of your current title.
In my opinion, being "complimented for models and analysis" is not a basis for a promotion. Assuming you are a Senior Analyst/Associate/something like that, the expectation is you are the best modeler / analyst around... Basis for promotion would be sourcing a deal, providing research which directs fund investment mandates, etc... something that is truly above and beyond / unique that only you did.
typically 2-3 years is the timeframe for promotion...at junior levels...if you are performing well...then i would ask/expect a promotion every 2-3 years.
ThatGuy, I did go back to my job description and was able to find examples for everything, and many things where I could show that I went above and beyond to get results to get deals closed etc. I think I willask my director for their opinion and go from there. Otherwise will wait until I absorb a portfolio or bring in someone junior to my team.
I just wanted to add to this thread being in a similar situation myself. Someone else had mentioned the "blunt" approach. I am also taking this approach.
I work for a REPE fund as senior analyst. I have been here for 1.5 years, but have been an analyst in the industry for 4 years now. Normally I would wait 2 years before asking for a promotion, but since my firm is so archaic and only does promitions end of year, it's either now or never.
Some reasons I am taking the "blunt" approach:
Job market is on fire, I have been approached by a lot of recruiters and think I have some leverage
Whenever we have openings internally and are sorting through resumes, I often hear from seniors guys that "it's so hard to find good people"
Feedback from my work has been 100% positive, and I have become personally close with a lot of the senior guys (weekend golfing, group chats with memes, those kind of things)
How I made the approach:
I met with my immediate boss (VP level) and said, "I know i've only been here for 1.5 years, but I have been in the industry for over 4 years now, and I think the perspective and experience level I bring to the table is more commensurate with an associate level title and compensation."
It's that simple. He agreed completely and met with our partners to recommend a promotion. I guess we will see in a month what happens. Sharing this because if you are ina simmilar boat, it's worth asking!
Great post. +1
GROUP CHATS WITH MEMES
Dank me-mes
Well said. Hope you get it.
Spot on.
You don't ask, you don't get. It's that simple.
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