A2A Promotion Delay
MM IB - healthcare group - NYC
I am at 2 years and 6 months
My MDs have given me regular performance reviews and not one has been negative. Always "you're doing great" or "you're on track" or "you've been setting a good example for the younger Analysts." and they even outlined Asso criteria which I met more than 2 months ago.
However - whenever I bring up the actual Asso promotion, I get shot down with some generic walkaround response "not the right time" or "financially we can't" and it's BS because we have solid deal flow and have hired other analysts and VPs.
Anyone else ever been jerked-around on A2A promotion? Any guidance or experience? Just venting really, I'm frustrated and paranoid that I'm bad at my job but they aren't telling me. I don't know why they would do that. Do my MDs just hate me? I've asked if I'm doing anything wrong and they always say "no" firmly. Other analysts were promoted at 2 years in the past.
Losing my mind - working insane hours and taking on a workload that is max threshold for me just to try and stand out more to my MDs. Would they lie and say I'm doing great but secretly they think I'm shit - wouldn't they just fire me?
Don't read into it too much. This is going to be a tough year financially and they are likely delaying your promotion as much as they can to keep costs low. You're certainly not helping your case by working for them like a dog while they dangle the proverbial carrot in front of you…
Edit: I’m not even necessarily saying that they aren’t trying to get you promoted. Consider that the pushback might be coming from beyond the level of your MDs in the management chain.
Can confirm what above poster is saying. These decisions require approvals above your MD and even above your Group Head. In a year like we’re having with 3 major bank failures (assuming FR goes down as expected), and mass layoffs (most major banks and even Lazard just said they’re downsizing 10%), it’s not as simple as “MDs like me so I’ll get promoted”. I know the frustration all to well, I’m in the same boat.
I’m not saying your MDs aren’t fucking you around - they very well might be. But it is not guaranteed. In this economy they might genuinely like you but just not have the A2A slot to give you right now. I would look at context; you said you get good reviews so that’s a check. Do your coworkers respect you? Do you get put on live deals / high probability pitches? Are you trusted with technical work? Have you been paid well?
Downside of working for a large firm, especially in a downturn. It's basically impossible to get an off-cycle promotion even in good markets. If people are usually promoted in a certain time of year, identify that with a bullseye and ask explicitly "Am I on-track to expect a promotion in [August/December]?" If you're not promoted then leave. But this likely is just way above even your MDs and you need to figure out when the standard timing is and have a conversation with them about whether you will be promoted at that time.
Really though, stop killing yourself on workload/hours ASAP. Workload has VERY little to do with promotion unless you are intentionally doing nothing. No MD is sitting around saying wow, Analyst2 does so much work... how you do on their projects is way more important and you'll do better with fewer staffings. You are really shooting yourself and your health in the foot by taking on so much work for no reason. Take on a normal amount of projects and do well on them.
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