A2A - what has been your experience ?

A2A process/conversations with HR/management are about to kick off at my firm ahead of a 7/1/2021 effective date.

I intend to take it and intend to stay in banking for the foreseeable future. Work in a product group and never had aspirations to exit to the buy side. Work life balance in my group is generally pretty good, and think I have a decent run way in front of me as well.

For those of you who have gone A2A, could you please opine about what the experience has been like? Any regrets? Any tips? What caught you off guard/ surprised you as you became an Associate? Etc

Thanks

 

In a similar spot, but don't see myself being a banker long-term. What are the repercussions of going A2A but then exiting 6 months - 2 years in?

 

Was only an associate for a short bit as an A2A but had analysts under me in PE and learning how to manage and train people below you can be tough when you have bad analysts or interns - whether they just don't "get it" or make a lot of mistakes, are slow, etc. 

I assume as a future A2A you are a good analyst or at least a decent one, so it can be tough managing interns and analysts who honestly just suck at the job sometimes. 

 

First of call, congratulations on the A2A promotion - that should be viewed as a tremendous achievement. Well done!

With regards to the role, it will be very similar if you were already operating at the associate level with analysts under you (i.e., a senior analyst type of role), but now you have the title, a bigger base and larger bonus target. This is where the comp starts to feel "more" appropriate for the sacrifice. What's great about the direct promote, is that you will (or should) have the respect of the analysts you are working with - which gives you street credit and hopefully leads to less push back from them. They should see you as a key transaction execution leader. On the development front, you should be given more speaking roles on drafting / client calls and be seen as a "go to" person that mid and senior level bankers can depend on to get it done. Stay focused on improving / broadening your skill set and learning from those above and around you, but I would also stay humble... the best associates are still in the .PPTX and Excel but find creative ways to leverage analysts to crank things out more efficiently.

You are now one step closer to the keep atop the ivory tower - god speed on your ascension to eternal glory.

 
Controversial

It’s good and bad. It’s great not being the lowest on the totem pole, but checking analysts work is the most painful thing ever— even when they’ve done everything right. 

I was a top analyst and always worked directly with senior people without an associate in between. If all of the analysts are capable and the  VPs / MDs know what they want in a deck, there is no reason for us to have jobs other than to provide additional guidance to analysts. It’s a frustrating position to be working on pitches as an A2A—I don’t necessarily have a mastery of the sector where I can actually add value with insights, but I’m also at a point in my career where I refuse to add value by making pibs and sending planners

On live deals, we can be helpful by providing  guidance and taking work off the VPs plate. On some deals I function as an analyst and on others, I’m the VP

 
Funniest

>I don't necessarily have a mastery of the sector where I can actually add value with insights, but I'm also at a point in my career where I refuse to add value by making pibs and sending planners

>i can't add value like a senior banker but i refuse to add value like a junior banker

tell me, why does being an associate turn people into insufferable cunts?

 

>I don't necessarily have a mastery of the sector where I can actually add value with insights, but I'm also at a point in my career where I refuse to add value by making pibs and sending planners

>i can't add value like a senior banker but i refuse to add value like a junior banker

tell me, why does being an associate turn people into insufferable cunts?

That’s an A2A thing, not an associate thing. They’ve put in their time. From what i’ve seen they will still dive into the more technical parts of the job as a junior but will push off more of the shit work. Imagine formatting benchmarking charts and pulling together PIBs for three straight years. Would you want to do that anymore? They’re usually also tossed onto more complex asks than MBA associates, where they can add value.

If a post-MBA associate is refusing those tasks within one or probably closer to two years then they suck. 
 

There’s also the training element. You aren’t going to learn to do shit unless you’ve done shit. This is compounded by WFH where you can’t just bobsled with the associate. You need reps.

 
[Comment removed by mod team]
 

>What makes associates total cunts? The frustration with the fact that its my job to train people who are totally incapable and then just as they are becoming really good, they leave for PE and then I'm stuck training a new crop of analysts. Its a never ending cycle.

gee retard, if only you could have seen that coming.

what's funny is that you are now contributing to the reason why all of your talent leaves by becoming an "i'm too good for this task" twat

 
Most Helpful

Congratulations on this, and sounds like you're in a good spot right now. I'm international who moved to our NY office years ago, and was honestly surprised after moving over of a) the lack of desire to retain top performing analysts and b) how prevalent the MBA recruitment is.

I think you've certainly got time on your side as an A2A, until ~VP. If you're not certain on going to the buy-side and your gut is telling you to stay, I'd personally err on that side. Especially as you note that you feel like there is runway. That being said, make sure you educate yourself on what roles are potentially out there and if they're appealing. While I've seen many Analysts recruit early for Associate roles in PE... shortly after starting they're not enjoying it and realizing that the grass isn't always greener. Counter to that, is that it keeps them on a high trajectory and they'll land in a great spot and definitely outpace my earnings most likely in banking by the time they are 30.

Though... money isn't everything. You need to individually find the balance that likely works well for you. Part of it is luck of course. If you're driven, single then a few more years of grinding may make sense... if relationships/other family circumstances are in place, then the answer may be different.

On the specific questions... for me, no major regrets. I've been able to enjoy life, while being in a high performing group, and compensation has improved dramatically during Associate years and then VP years (though that deferred hurts...). What was surprising was how quickly you can go from being at the bottom of the totem pole and processing, to driving deals and being more thoughtful on approach (especially important as you try and preserve your weekends/holidays, etc.).

If you are in a larger group (maybe not, given product), it could become apparent to you how useless the MBA associates are in comparison to you. You have the deal experience, rapport with your group already, are known within your firm... so you are already a high performer by comparison. The issue is that you are ~25, and your colleagues at the same level are 30+... That's an interesting dynamic as you are soon a VP on deals and younger than your MBA associates reporting to you. Also... important to delicately manage your analysts when you are promoted... yes you are now an Associate, but I'd take the approach of still cranking out work where it makes sense (don't delegate absolutely everything). That is a pet peeve of analysts as you probably know. Counter to that is that you're obviously trying to 'prove' that you are an Associate now.

The above may not hold true for everyone... just my experience and thoughts.

 

Thank you - would you mind sharing comp progression for An2, As1,As2,As3 and VP please? 

Currently an analyst seriously considering staying in IBD. PE comp def seems higher in the long term but in the short term it seems you need to go to B-school with little certainty about entering a good fund post MBA

Would really appreciate it. 

 

Congratulations on this, and sounds like you're in a good spot right now. I'm international who moved to our NY office years ago, and was honestly surprised after moving over of a) the lack of desire to retain top performing analysts and b) how prevalent the MBA recruitment is.

I think you've certainly got time on your side as an A2A, until ~VP. If you're not certain on going to the buy-side and your gut is telling you to stay, I'd personally err on that side. Especially as you note that you feel like there is runway. That being said, make sure you educate yourself on what roles are potentially out there and if they're appealing. While I've seen many Analysts recruit early for Associate roles in PE... shortly after starting they're not enjoying it and realizing that the grass isn't always greener. Counter to that, is that it keeps them on a high trajectory and they'll land in a great spot and definitely outpace my earnings most likely in banking by the time they are 30.

Though... money isn't everything. You need to individually find the balance that likely works well for you. Part of it is luck of course. If you're driven, single then a few more years of grinding may make sense... if relationships/other family circumstances are in place, then the answer may be different.

On the specific questions... for me, no major regrets. I've been able to enjoy life, while being in a high performing group, and compensation has improved dramatically during Associate years and then VP years (though that deferred hurts...). What was surprising was how quickly you can go from being at the bottom of the totem pole and processing, to driving deals and being more thoughtful on approach (especially important as you try and preserve your weekends/holidays, etc.).

If you are in a larger group (maybe not, given product), it could become apparent to you how useless the MBA associates are in comparison to you. You have the deal experience, rapport with your group already, are known within your firm... so you are already a high performer by comparison. The issue is that you are ~25, and your colleagues at the same level are 30+... That's an interesting dynamic as you are soon a VP on deals and younger than your MBA associates reporting to you. Also... important to delicately manage your analysts when you are promoted... yes you are now an Associate, but I'd take the approach of still cranking out work where it makes sense (don't delegate absolutely everything). That is a pet peeve of analysts as you probably know. Counter to that is that you're obviously trying to 'prove' that you are an Associate now.

The above may not hold true for everyone... just my experience and thoughts.

It’s not that they don’t want to retain them, it’s that they know they can’t. Your wick as a junior banker is limited, and A2As have already put in multiple years and will always have better exit options. It also reduces the desirability from a post-MBA perspective - nobody wants to constantly compete against a guy with a multi-year head start.

So you end up in an equilibrium where analysts prefer exit options and MBAs prefer places with fewer A2As. 

 

Not trying to hijack OP, but how would it be viewed if an A2A left after less than a year as an associate? Is that seen as a big time betrayal or is it somewhat common? I feel like exit opps might be better as a 1st year associate lateraling to buyside or corporate groups then trying to move up and out at the same time as a 2nd year analyst

 

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