What is with these “Promotions” at Private shops?
I’ve seen some crazy promotions and title changes at private shops like someone who was an analyst for 8 months and now is an Associate or someone who went from Analyst—-Associate to VP in like 2.5 years total vs people at like BX are analysts for like 2-3 years and then Associates and then Senior Associates for years before getting to a Director or VP level.
Is this just mainly private shops trying to pump their chests out to investors and such? For example, much more rep having a “VP” send an email vs an Associate.
It depends on the firm and the individual but that could be a reason. I've personally seen it happen a few times to keep talent happy, even though the actual work/duties and salary haven't materially changed. Private shops tend to have less structure when it comes to promotions
Real estate titles don't matter.
I'm going to ignore brokerage, because they are easily the most ridiculous, but even at development shops there seems to be two forces pushing in opposite directions.
At both regional and national developers, I've seen an amusing amount of people coming right out of grad school as a "Manager" yet they essentially do analyst-level work at their firm. Further, there are a number of people in their late 20's who are "Directors" or "Vice Presidents" with barely 1-2 direct reports and maybe 5 years of experience.
On the other hand, it seems to be a trend at some big-name firms to actively deflate titles, leading to people who are actually on the Manager level with full DM responsibilities being "held back" with an Associate title.
It all makes it a bit confusing to find a job. Personally, I could legitimately apply for Development Associate, Development Manager, AVP, VP, and/or Director roles and none would be a stretch - just all depending on which firm it is.
As somebody who recently took an analyst role because it paid more than a director role I can relate.
Yup titles are pretty much worthless. At my company VP's are department heads, the only title that guarantees some type of employee management. Analyst, associate, director, AVP are just benefit related titles. For example directors and above (directors are lower than AVP here) get company cars, the difference between director and AVP is your lease budget.
Depending on the department here you could be promoted from analyst through AVP and do the exact same thing. The titles are just recognition and benefits.
It make sense in smaller companies, at my firm, in my department, 8 of the 9 people I work with have been here for over 30 years. At some point in time you're going to have a lot of high titled people even if there aren't enough management responsibilities to go with it. You don't have the same churn as you do in larger companies that creates space for promotions.
It really is wild. So many 3-5 person sales teams in NYC are made up of:
I'm starting to think B6 and CW in particular are just a legion of 27 year old Directors (and somehow the SMD is the one sending out the e-blasts…)
IANAL, but for the sake of being pedantic, if one has a sales license in New York they are actually forbidden from using corporate titles. There was a big crack down on this in 2013. You're either a salesperson, associate broker, or the corporate broker. No distinction between an employee of the firm and an independent contractor.
agree, responsibilities and your experience at the firm matters more than a title.
I agree but I imagine a lot of HH are pretty lazy and don't look at duties when reviewing resumes.
At my last shop there was an EVP of acquisitions with 1-2 people underneath him in the department
Know a VP who just graduated from college 2 years ago. Easily the most absurd thing I've seen. Also, this is at a large LP equity provider. Their RE business is just relatively immature.
what firm?
This forum post is a relief, I thought I was going crazy. Seeing a Director younger than me always makes me mad.
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