What makes a great associate?

So I've read some threads on here recently that highlight what NOT to do (http://www.wallstreetoasis.com/blog/how-to-be-tha…, et al...) as an associate. This begs the question - what makes a great associate great? I'd love to get different perspectives (analysts, other associates, etc...) on the matter. Also, are there things specific to a product/coverage group that make a difference here?

Cheers,
BR

 

First and foremost, someone who can manage upward. Someone who appreciates the amount of work that something with little value-add will take and identifies a more efficient way of presenting the same point. Also, someone who's willing to get their hands a little dirty and help out from time to time to get things done under a tight deadline rather than rolling a grenade your way and taking off.

 
  1. Analyst to Associate Promotes
  2. Post-MBA Associates

In all seriousness though, the best associates i have worked with do a good job managing the process / senior deal team members and have a clear understanding of the deliverables. They also don't just let s**t roll down hill and dump a bunch of needless work on the analysts. You also need to be willing to do "analyst" work when its a fire drill or your analyst is tied up on higher priority items for other deals.

Worst associates basically do the opposite of this. I cannot really speak to 4 and likely varies firm to firm, but it will never hurt you to have a great reputation with the analysts.

 
 

I’m an associate in corporate banking, but ultimately the credit skill set it similar and in reality both corporate banking and credit funds are similar in that they are using their own money to fund and hold the loan (or bond). Understand credit agreements, really learn them. A credit agreement is there to be your shield. If it is designed well it will prevent cash from leaking out. Based on what you said it seems like you’ll be doing ABL lending, no? If so try and understand collateral quality. Also try and get a fundamental understanding of the business, what differentiates it from its peers, what are its risks and mitigants. Also unlike equity investors we don’t have as much upside, it’s all about defense.

 

Keep in mind that you are now someone's boss, and have to act the part. If there are any contests from other analysts, feel free to get as Machiavellian as you can, but it's much more likely that your authority will be embraced by the analysts because you 'get it'. You have now gone from a mostly utilitarian role to more of a political + sales support mindset.....

Get busy living
 

So, I'm not able to give much advice related to IB but this is a very common concern in many other careers as well. I have had the fortunate ability to be in a supervisor position for more almost 10 years now and ever step is more difficult. Getting promoted from within the ranks of your peers is always difficult. You now have the double duty of not only following but also leading effectively. Balancing old friendships and new responsibilities can be tough.

Number one thing you can do to help you quick is learn to delegate. Assess which analyst are better at certain tasks and use that resource to the max.

Next always remember where you came from. Don't start treating subordinates poorly just because you can. Remember you are now responsible for the work of others as well as yourself. Your boss is scrutinize your work and your ability to manage at the same time.

I would take a moment and sit down with your boss and get a clear picture from them as to what is expected of you now. Most leaders that are worth a damn will take the time to explain it so they dont have to correct deficiencies later.

The position will be what you make of it. Congrats on the promotion.

 
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