Royal Bank of Scotland is the latest investment bank to step up efforts to retain its juniors by offering a fast-track promotion from analyst to associate after two, rather than the traditional three, years.
RBS has a rotational programme for its analysts, meaning that any new recruits are given the chance to work in four divisions over the course of two years worth of training. Pass this, and they’re automatically bumped up to associate – a year ahead of the regular schedule.
The new programme has been rolled out to new graduates joining RBS’s investment bank in the current recruitment year. RBS brings in one pool of analysts in September – in line with other investment banks – but also hires new graduates in a second intake in April.
RBS is, in fact, late to the game with this tactic. Goldman Sachs announced it was promoting its analysts to associate after two years in November. Barclays promoted its class of 2013 to associate last year – a year ahead of schedule – and Credit Suisse said it was fast-tracking its analysts in February. Deutsche Bank, Citi and UBS all have similar programmes.
RBS confirmed the move. A spokesperson said that the promotions are dependent on “excellent performance and demonstrating great behaviours”.
“This is competitive in the market place, and we are confident that this is the right thing to do, based on the rigour of our assessment, training and performance management,” they said.