What is the career and salary progression for an average performer in high finance?
When searching career or salary progression on this forum people always talk about people starting as an analyst and either staying on for A2A or going to get their MBA. From there either staying at the firm (or another firm in IB) or going to the buy-side are two common options. Then rising through the ranks to go from an associate hopefully to an MD one day. However what exactly do the average performers do that don't really rise the ranks after the VP position and still wish to stay in IB/high finance? Assuming they still stay in high finance do they just stay at their firm until they retire? Do they move from firm to firm every 5 or so years at the same position? Curious to hear what they do as it seems to be overshadowed by idea of an analyst eventually making it to MD on this forum.
bump
I know a guy at a MM firm (sort of a friend, would see each other and chat but never really tried to make an effort to hang out). Did a decent job was mid of the pack and thought he was going to be up for a Associate promotion at the end of his third year. Rather than get the promotion he got canned, his boss told him that they just didn't see him climbing the ranks down the line.
So do mid bucket analyst just get to cruise to VP, NO. But I think if you have a desire to keep climbing and stay in the industry there will always be some shop that will pickup seasoned professionals. But, they are probably not going to be the cream of the crop shops.
Where are they working now. Are the still working in IB?
This was pre-covid and he is still trying to land somewhere. He has had a lot of traction on interviews just hasn't received an offer ( Think this is due to current conditions).
There was an MD who did an AMA back in February. He said that an MD at a BB should expect to make $750,000 per year at a minimum. He said that if the MD dips below that, they are probably going to be forced out.
Do you know if he mentioned where exactly they go? I assume if you're an MD you're probably around 40-60 years old (probably not late 30s if you're a low performer) and dont have too many options other than trying to work at another shop, getting a top role in corp fin, or just retire.
I think that a average analyst can make MD well before 40, and an analyst(22) should be able to hit MD in their mid 30's.
This is my break down of progression.
Analyst @ 22 (3 year stint) Associate @ 25 (3-5 year stint) VP @ 28-30 (5-7 year stint) MD/Director @ 33-37 After Director/MD all further promotions become more infrequent and so variable. (AKA path to CEO, who knows what this path really entails and who you are competing against for these positions)
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