Senior associate / VP lateral market
As the title saids, how’s the senior associate / VP lateral market. I feel like headhunters and postings have been really quiet as of late.
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Based on the most helpful WSO content, the senior associate and VP lateral market is currently challenging. Several factors contribute to this:
Limited Openings: Many firms, especially in private equity and investment banking, prefer to promote internally rather than hire laterally for VP roles. For instance, a leading upper mid-market PE firm explicitly stated, "It’s rare that we recruit for a VP role. We typically hire at the Associate or Senior Associate role and promote" (https://www.wallstreetoasis.com/forum/private-equity/no-vp-promote-from…</a">source).
Increased Competition: The market is saturated with talent at the associate and senior associate levels. This includes MBA graduates, A2A promotes, and professionals from boutique firms looking to move upmarket. The competition for limited roles is intense, making it harder to secure lateral positions.
Cyclical Nature: The job market at these levels is described as "fickle" and heavily influenced by market cycles. Currently, there seems to be a surplus of qualified candidates and a lack of openings, particularly at the associate and VP levels.
Structural Challenges: Hiring at the VP level is often seen as risky for firms due to expectations around guaranteed compensation and promotion timelines. Additionally, being passed over for promotion or moving laterally without a title bump can be perceived as a red flag by potential employers.
If you're navigating this market, consider: - Networking aggressively with headhunters and leveraging connections at firms you admire. - Being open to roles that may not immediately align with your title expectations but offer growth potential. - Exploring opportunities in adjacent industries or roles, such as consulting or corporate finance, which may have more active hiring.
Let me know if you'd like further insights or advice!
Sources: No VP Promote from Sr. Associate - Seeking Advice, The Real Estate Job Hunt - Mid Level, How screwed are IB associates if they're laid off?, No VP Promote from Sr. Associate - Seeking Advice, "We don't hire VPs"
It's shite
Nonexistent
I had a bunch of HHs tell me that hiring would pick up in the front half of the year. Then nothing. Couldn’t get any looks for VP anywhere so I ended up taking a Sr Associate role in AM for the time being. Hopefully can pivot back to acquisitions next year.
They've been saying this shite for almost 3 years now.
Yeah, it's bad; I know from experience. What makes it worse is that the processes that you do get into or hear about are insanely competitive, given the nature of the market. I know an NYC fund that had a VP role open in the last six months; they got 700 resumes, with a decent chunk deemed "overqualified."
What was the fund's profile if you don't mind me asking? MF or middle market, assume its for an allocator and not operator.
Not MF, sub 5B AUM.
Not an allocator - Debt/Equity
Made a senior associate lateral between BBs a few months back after a short search. However, I think I just got very lucky as the JD was extremely broad, so it received limited attention from the talent market.
Current senior associates / VPs joined the industry when it was extremely hot / competitive and firms were hiring like crazy. Think about what hiring was like in 2018 and 2021. It was insane, everyone was trading up for a better job. There’s a surplus of talent at this level while the REPE industry is contracting (not naming names but know of brand name firms effectively shutting down) and deal flow is down.
Name Names
It’s not hard to figure out if you work on an opportunistic fund. You’ll see all of their deals on the note sale front
Pretty dead in NYC. A few jobs pop up. But not a ton. Been wanting to switch seats for a year but haven’t really done much recruiting because the market is so cold. Furthermore, I only want to be at a developer which basically means - really no seats because most deals are on hold right now.
At a major NYC developer now. We’re extremely busy. Would say it was hard to get my role and doubt the company hires for the next few years.
Are you building multi? I build office. So pretty quiet for us.
It's impressive dogshit.
Whats a typical comp range for associates?
VP at large REPE. Nonexistent.
Bumping, still seems pretty dead but curious if others are gaining more traction
Market is dead. Currently a Sr Assoc waiting for promotion to VP.
If this was 2021, I’d be making plans to jump ship in case I don’t get the promo. Instead, I know (and my employer knows) that if I got skipped over again, all I’d do is complain and then go back to work.
damn this hits home
I’m starting to realize that everyone who got promoted within the past 2 years got the last chopper out of ‘Nam. Regardless of whether they deserved it.
The post-GFC cycle accelerated so many people’s careers, and it’s just a very different reality now.
Dead
Continues to feel dead at this level all year. Add on top of that very few people moving around the past 2-3 years (at least those by choice). Not sure where it goes from here at this point. Fwiw summer is typically more active for junior level recruiting given bonus cycle.
Ignore title, have a few years at a BB now.
Very quiet. Have one interview out of a few months of searching, and it’d force me to relocate. Puts the fear of god into me how many other people I’m probably competing with for a single role. If anyone knows where to look, strategies for success, etc. I’m all ears - this is the first time in like a decade I’m truly looking for a job.
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