This summer I worked with a man who made partner (in CorpFin) at age 29. From what I hear, all you have to do is eat, breathe, and sleep banking. I'm sure it took a lot of sacrifices outside of work, but if success is your goal, then it's quite obvious what to do.
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At the end of the day it is all about relationships and networking. At the VP, MD, etc. level your inherent value is gauged by your ability to solicit and maintain existing business relationships.
There are very few ways of speeding up the process other than being a great dealmaker/relationship manager.
One potential strategy would be to lateral between banks by leveraging your existing position into a higher level position at another bank.
A banker I have worked with left.....two years later he came back and was place at a higher level. He made the remark that I am where I am because I left and came back...(he brought some new relationships with him...large ones.)
If your worth your salt, you will move up...just takes time
b2:
You can also save three years by going to Wharton, doing a submat and jumping straight into the Associate position.
You don't save 3 years. You can do the same by not going to business school, but work 3 years as an analyst and aim for direct promotion. Business school is not a requirement for long term success in banking. As others said, it's about building relationships.
Delirium2:
You don't save 3 years. You can do the same by not going to business school, but work 3 years as an analyst and aim for direct promotion. Business school is not a requirement for long term success in banking. As others said, it's about building relationships.
By submating, you're going to be an associate at 23. If you do 3-years and direct promote, you're going to be an associate at 25 and not have an MBA. If you do 2 years, then MBA, you'll be an associate at 26.
Delirium2:
b2:
You can also save three years by going to Wharton, doing a submat and jumping straight into the Associate position.You don't save 3 years. You can do the same by not going to business school, but work 3 years as an analyst and aim for direct promotion. Business school is not a requirement for long term success in banking. As others said, it's about building relationships.
Believe it or not, but businesss school is one of the greatest relationship builders out there...
from the my last available stat, only 9 students were allowed to submatriculate. seems kinda too ideal to simply pull off
aside from "skipping" two years, it's quite silly as wharton undergrads take several classes with MBAs to begin with. this also cuts shorts the whole meat behind an mba (networking)
In M&A from what I've seen there are only two ways to speed up the process, either you jump from firm to firm a few times skipping a year each time or you cover something that barely anybody else does but has become relatively big. All of the younger MDs I'm aware of did either followed one of the above.
Best Response
I do know of MDs that have gotten to that level while relatively young, but under 30 is pretty fast by anyone's standard and is quite rare. It was probably more common in the late 90s to move up quickly; nowadays it's harder unless you're really, really good (e.g. generate tons of revenue).
That said, if you can bring in a ridiculous amount of money as a VP, you will be promoted quickly.
In general it's hard to do this in banking because few people will take a 25-year old kid seriously enough to form a relationship with. S&T is generally easier to advance quickly in, although it's also less of a set path than banking.
Also, generally if you want to do it before 30, you have to sacrifice A LOT, so consider whether that's worth it or not as well.
You can have the french president as your brother. thats how you make MD at 29
ghosht:
You can have the french president as your brother. thats how you make MD at 29
ha, nice to know someone reads Dealmaker too
b2, I am afraid you will fail your LSAT badly, if you ever take it. If someone is trying to make a decision about the best way to reach partner before 30, your sub-matriculation option is bad advice because it lowers his chances drastically of getting hired at a bank in the first place, never mind about making partner.
I have done my SA stint and have a FT offer at a top BB, and I know the associates. I can't say the same for you though - you have not even done an SA stint, from your posts. So yes, I may not be the most qualified on this board, but certainly more than you.
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