To folks in IB and PE: at what level in the org. hierarchy (if any) do people stop being involved in deal models? I have heard stories of Associates getting anxious when their MD starts snooping around in the model. I have also been on calls with Partners / MDs at PE shops and as soon as I start asking detailed questions on their LBO, they hand me off to the Associate or VP on the deal.
So at your firm (whether IB or PE), what % of a person's (Analyst, Associate, VP, Partner, MD) time is spent building or analyzing models?