UK
I have not been promoted this year so now I am technically a fourth year M&A analyst. Upon enquiry, I was told there was a general promotion freeze (if so, there were quite a few exceptions from what I see). They do not seem to planon firing me (although you never know) but clearly there is a problem.
So if I try to follow Plan B and apply elsewhere, what do I put on my CV / in my cover letter? If I don’t mention it, I come across as more junior than I am and end up applying for third year analyst roles. If I do, its hard to make it sound positive or, even worse, it may come across as badmouthing my employer. Does anyone have any advice?
are u working at Goldman Sachs?
i would apply for associate roles and if anyone asks say there was recruitment freeze in your company which is why you have not been promoted however you have all the relevant experience. In addition to technical stuff, play on your managerial experience and skills eg coaching, reviewing 1st, 2nd year analysts as managerial and project management skills will put you above the analyst pool. also 3 yrs is standard for an analyst so its not so bad.
must be at goldman sachs else would be irrelevant
apply for a branch banking role with Lloyds – do it now to save the heartache later on
get real ! You are luck to have a job!
Not suprised you havent been promoted. You sound weak, pathetic and whiney. Just resigh and go work at Tesco.
Why are people always bitter on these forums? I guess it just simply boils down to jealousy. Comments like, dont pay juniors any money, in the other post and comments here about being whiney and pathetic is most likely from those who do not have a clue, have never been there and never will be there. For those who continue to forget, credit crunch or no credit crunch, life goes on. Pay and promotions still have to go on because you will lose momentum to competitors if you stop. Look at BoA having to shell out millions for the GS partner. I got a promotion last month and recieved a 20% increase in base pay and a 35% increase in bonus. Was I happy? No!!! I am still very disappointed at the moment because it is a lot lower than competition. So why dont people who clearly have never been in the front line be quiet and stick to what you know.
I feel for you. This has happened to a few junior guys at my firm. I’m sure you have been hearing from others that basically being a 4th year analyst is an invitation to leave. Its a tough time at the moment I’m sure a few IB’s are trying this on just to up the rates of natural attrition so they don’t have to do the hard thing and make people redundant.
You need to think about why you weren’t promoted. Is it because you aren’t cut out for the stresses and hours of banking? is it because you have let people down before when working on a deal?
If you truly think that you are up to banking and you deserved to be promoted then my advice would be this; if you like your job and the people you work with then I would try and turn things around. Start putting in more effort and asking your Seniors for more work and responsibility. The last thing you want to do is become (more) disillusioned and have your work ethic suffer.
If you bounce back from this and actually put in the effort people may end up respecting you more for it. This could actually end up being the turning point in your career that gets you to the next level.
Good luck with whatever you decide to do.
Try and turn it around but bear in mind M&A is moribund, it may come to naught. Getting a package may not be a bad thing
Unlucky, I got promoted and a nice bonus too. Ha ha ha ha ha
Its delight to see well thought of responses like the one by Ian. He makes the point and gives a little stick to the mean people here, go with Ian’s advice and good luck!
this forum is always a good reminder of the number of narcissistic, self-absorbed t*ssers who work in banking :D
Non-promotion is when they do not want fire you (assuming this is M&A) as they rather not give you the redundancy pay. In my experience they must really dislike you. If an analyst in my team was not being promoted back then I would push for them to be fired as they would get the bonus + redundancy pay. Suggestion, do not stick around, you will not be given any responsiblity and all other analysts (& interns) will just make fun of you (saw this previously with a rather thick american A4 at my previous firm). Try and see whether you can get a good recommendation from an associate/VP or even MD (someone must like you there). Good luck.
4 years in the same department, Man , u r really lost, get another job loser
They want you out but don’t want to pay redundancy. Your career is a dead end at this firm now. Problem is, you have been kicked and will feel disillusioned – if it hits your morale and productivity they will kick you again. Apply elsewhere and just say there was a promotion freeze if asked (keep a straight face while doing it).
My firm held back a number of analyst last year for 4th years. Those analyst got promoted up this year to Associate, although some of this years 3rd year analysts have been made to do a 4th year. What I see, is that they do not want to promote everyone for cost reasons, and so hold half the year back. If you knuckle down, you will get promoted next year. One year is not huge in the scheme of things