Early Promotion? Advice Please!
I'll definitely need some veteran advice on this one.
Background - Currently a 1st year analyst on an institutional macro sales desk. Prior to starting full-time at the bank, I spent 3 summers at a very large global macro hedge fund and another summer on the exotics desk of the same bank I'm currently working full-time at. Been mainly acting as a back-up for real money accounts, with the eventual goal of also covering hedge funds. Although I'm a junior on the desk, there's been extremely high expectations.
Situation - Me and the global head of macro sales, whom I have a great working relationship with (i.e. we're very cool with each other), were talking about something and my title came into question. He asked me if I wanted to be an Associate now, as opposed to an Analyst. He's even ordered new business cards for me, with the new title.
Issue - I've barely been through my 1st year. I'm worried about any ruckus this "promotion" or at least title-change will cause around the floor, especially with the other managers and analysts in my class.
My initial guess was that my boss was simply trying to match my current responsibilities with an appropriate title. He's definitely able to pull these types of things off, he carries a lot of weight around the bank.
Thoughts?
Thanks in advance for the help and insight.
Is it just a title, or are you going to be a legitimate associate?
For example, if there's an MD, VP, 3rd yr Analyst and a 1st yr analyst on a deal, they might position the 3rd year as an associate in the pitch materials. Doesn't make a difference internally, but fills out the deal team in the external optics.
Are you going to be paid the same as other associates with MBAs, 3-4 years of experience?
Legitimate or title?...Not really sure, I'm still trying to wrap my head around this. For instance, we just did annual reviews, and he was discussing with another senior guy on our desk about my title. And they both settled on associate. So he's been putting down associate as my title in my files with human resources.
Pay has already been agreed to be adjusted to MBA Associate - way before we even had this recent discussion about titles. The base he proposed was on par with an MBA salary (i.e. $100K plus). The conversation on compensation didn't involve the usage of title, let alone the word "associate".
What do you guys think?
What do I think?
Does anyone want to give me a level for a call option on his career with an MD@30 strike.
yours
I say run with it as far as you possibly can, doesnt happen often, count your blessings it did
Aren't analyst to associate promotions now anyways on the sellside?
Promotions seemed to have been rolling along around the street. I keep seeing new titles on the linkedin profiles for my contacts and buddies in other groups and banks. But I haven't even been working for 12 months yet - nowhere close.
But yeah, definitely very appreciative of the vote of confidence from the boss. He's been around the Street for a long time.
Random question why you left the hedge fund for the banks?
As for office politics, who gives a shit your in with the "global head". Clearly he has the weight to swing and knows with the risks of promoting your title.
This sounds awesome man. If upper management thinks you've got this, your set.
sounds like a promotion to me, coming with a pay raise. titles do matter
You got a gift from God, don't look a gift horse in the mouth. Enjoy it, he thinks you're worth it, someone else does too, and they gave you the title+comp to match. Keep swinging your dick until you can put 'big' in front of it.
take it and go
I guess I really don't understand the "problem" here.... who would decline a promotion?
It might hurt your chances when going to the buy-side? Maybe? But seriously this is awesome. You're outta college 6 months and make 100g's base.
Dude, you're totally screwed. If you don't quit soon, they might make you a VP. Seriously though, quit worrying and buy yourself something nice.
lol can't believe you guys fell for this? never heard of this happening anywhere (at least at a reputable shop)
Im guessing this is troll. If not then you are an idiot for thinking twice about it. Just think if you want to move around. The creds of being made associate within a year are pure gold.
Let me get this straight, your boss and the rest of upper management think that you are qualified to be an associate, yet you care about what analysts in your class, and better yet - strangers on the Internet forum (many of whom are still in school and don't have jobs lined up) think about your situation? I call troll
long troll, short his reasoning abilities
otherwise
take it, run with it, stay hungry, since your career in finance really starts once you hit MD
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