Associate vs Senior Associate
I've been an associate at my current firm for just over two years. I am looking to jump to another shop for various reasons. I don't think I have the sourcing ability most VPs would get at a larger shop by just seeing deals and speaking to other people in industry etc. I feel like a VP role for me right now may be a stretch, not saying I'm turning one down if its offered. When the interim roll exists (senior associate/AVP, etc) they are rarely posted. Is it a smart move to apply to associate roles and if that interim roll does exist at said firm push for that title and responsibility? Has anyone personally done this or heard of someone transforming an interview from role x to senior x?
The real issue you’re going to run into is not every firm has the same levels. You need to look at years of experience the firm wants. I know firms that don’t have analysts, so associates are technically analysts, and there are senior associates which at ‘VPs’. Not every firm will have senior associate as well. So I don’t think it’s clear cut.
How long will it take you to get to VP at your current firm? Jumping can help but it can also slow you down if you don’t take the right role.
So, at least in development, the "senior" titles are generally "honorific" promotions for time/tenure (but can mean a legit pay bump at promotion). Meaning, upgrade in title but not really much change in work assignment/duties (however, it can mean you are pre-tagged for the next promotion). And as pudding, says titles/ranks vary a ton firm to firm. Like at my firm (and I think most development shops), VP is a very senior title, like 15+ years min at time of promotion... we go assoc -> manager -> director -> vp -> svp/evp/c-level.
To your question, people do get hired to "senior + level" positions. I am laughing because like the last few people to leave our firm did exactly that... VP took SVP, Director took Sr. Director, etc. I think the deal in each of those the hiring firm was purposely using the "senior" bolt-on as a way to make it look like an upward promotion (vs. pure lateral) as part of the inducement to get the person to sign on.
People generally avoid (and should) lateral title moves, especially if the hiring firm is equal or of lower stature, so it is a recruiting technique to get people over that fear of being tagged with "lateral mover". So, could you use this strategy? Sure, it could be a negotiating tactic, would be a smart play.
If you are just 2 years in industry (vs. 2 years at current firm and X years at prior firms), your ability to punch up for titles or roles may be limited. It is harder for firms to see you as experienced, and many will want to essentially re-slot you as a form of "new hire".
Personal advice, unless there is something extremely bad about current gig, I would totally hold out for a real promotion/jump for the next job (firm repute, pay, title, responsibilities, etc. hopefully all or many of those in next move). Laterals at your level can easily become "resets/restarts", meaning you effectively just lose the "two year seniority" and delay your time to real promotion. As you get closer to 5 year mark, your value can skyrocket if you play your cards right, hence why I always recommend caution before lateralling at the analyst/assoc level in particular.
Appreciate the insight and agree with everyone's points. I am not simply two years in industry I have 6 years work experience, just over two in my current acquisitions role. Other roles were public markets based at a BB. I could get the VP title at my current shop come December but my issue there is simply the role for me wouldn't change much as there isnt a VP at the firm currently. We are a small firm and I have a decent amount of responsibility now, I do not source deals but I am running processes etc. I just don't see anything changing in my role outside of title and comp.
Why don't you push to start sourcing deals then? Sounds like your firm values you, and would support your ambitions, or hire analysts (or more analysts?) under you so you can focus on growing your role and adding more value to the firm.
I am not simply looking to jump ship for the sake of getting a new role or a $20k in a salary bump but more so move to a better shop. The places I would target have a name brand in the industry compared to where I currently am. I guess I don't have full buy-in here. That's my honest opinion when it comes to strategy, structure, overall management.
understood, then I personally wouldn't care about title and focus on finding the items you mentioned here, strategy, structure, management, because that's what it sounds like is important to you. I agree with @redever that the years of experience and what you've done matter a lot more than title.
I think what Multif@mily4Life is saying is exactly right. Not saying this applies to you specifically OP and this is more just general career advice:
You need to focus on getting experience for the job you want more so than focusing on doing the job you currently have. How do you expect to progress without getting the experience that you need to do so? Many times if a firm knows that you are a 10/10 in X (modeling for example) and believes that you will be a 6/10 in Y (biz dev for example), it is more optimal for the firm to pay you above market for X to try to keep you happy and hire someone else who is an 8/10 for Y. That way net, they are getting 18/20. As a person that is good in X, you need experience in Y to get to the next level and your only way to do so becomes jumping to a different shop. By paying you above market for your skills in X, you will feel golden handcuffed by your salary to make the jump. Firm continues to benefit at your expense. What's the solution? Focus on getting better at Y. With enough practice, you might be a 7+/10 in Y and your 10/10 in X will give you an advantage over someone who is 9/10 in Y and a 6/10 in X.
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