I’m currently at a firm of 10 people, I just joined a year ago. The partners left their old firm to start the new one I’m currently at. We have ~1B AUM , but haven’t acquired in the last 18 months (since Ive been here). I have MACC degree, 1 year of public accounting @ a top 5 firm. 1 year in IB (industrials) at a top MM bank. When they hired me as an analyst they told me in a year from now they plan to have analysts working under me (implying I would get promoted to Associate after 1 year). The firm hasn’t grown but I’m still expecting a promotion. We got rid of one junior person who I’ve now taken over his responsibilities too (I’m still working 40-45hrs week, my modeling skills allow me to be efficient) I’m the only junior guy that has good modeling/excel skills. Do you think I should be able to get the promotion to Associate without the lack of growth from the company overall?
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Navigating this situation can be challenging, especially if the pipeline is running dry and deal deliveries are scarce. Despite this, you've taken on increased responsibilities, even though the activity level might be low. This, however, positions you to make a compelling case for the promotion you're eyeing. Remember, there's no harm in asking; the worst they can say is no. Seize the opportunity to present your case during the annual review, highlighting your added responsibilities and emphasizing your contributions. As the saying goes, fortune favors the bold. Go ahead, make your case, and no matter the outcome, you'll have given it your best shot with no regrets.
Appreciate this comment!
This was very helpful and reassuring!
I second that you should make the ask, but be aware that if things are slow the compensation bump that comes with the promotion may be smaller than you would have expected. It costs nothing for the firm to give you a cool new title, but paying you 50% more - that costs money.
But you do think I should get a promotion?
What’s a reasonable increase from analyst to associate?
(Given my 3 years of experience)
(Also I’m in a secondary market/ think Baltimore, Charlotte, etc..)
Any insight would be greatly appreciated
If it's that small a firm, I'd start hinting at your wants and needs prior to the review period. I'd honestly maybe find a back up plan to put leverage on them. Hold them to what they said, but will be hard if you don't have it in writing as everyone is "hurting" in this market. Unless you have value add to the portfolio REPE can be amazing when it's good, but awful when it's like this. You def don't want the title bump without compensation.
Maybe look at it as next year if there is a rebound and teams are lean you can position for a promotion and then push for a normal or larger pay increase from one level to the next.
My only advice is, read the room. Getting an associate title bump is easy, but a pay increase when they haven't acquired anything in 18 months is a tall ask. You've been there for a year, and you can model well. Guess what, so can a couple other hundred analysts who have been laid off who are looking for a job. You can always ask, but I certainly wouldn't push it.
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