I’ve been hearing conflicting stories about the analyst-to-associate promotion, and I want to understand what’s actually in my control versus what’s just luck.
One camp says it’s all timing and desk luck—you make associate if there’s a need for headcount, if your MD likes you, if the market is strong. From that perspective, busting your ass doesn’t matter much if your desk is shrinking or your group is overstocked with senior bankers.
The other camp says it’s about skills and relationships—you prep yourself for associate interviews, you build a strong network inside and outside the firm, you make yourself indispensable on deals. From that angle, promotion is something you can engineer if you’re intentional.
I think the truth is somewhere in the middle, but I’m trying to figure out what the ratio actually is. Like, if desk luck is 70%, then optimizing the other 30% might not be worth the effort. But if it’s 50-50, then it’s definitely worth being strategic about how you spend your analyst years.
What’s your honest read on this? And more importantly, if you look back at who made associate and who didn’t, was the difference really about who had the best mentor and connections, or did the people who made it actually do something differently in how they worked or built relationships?
I want to know what’s within my control so I can stop worrying about variables I can’t change.
it’s like 60-40, luck to prep. you can’t make associate if your firm isnt promoting, end of story. but within that constraint, the people who move have a champion and theyre visible. so work smart on the relationship stuff, but dont kid yourself that hard work alone gets you there. you need a sponsor or youre spinning your wheels.
thisss the real question tho. like im trying to figure out if i should b grinding or if im just wasting energy if the desk doesnt have room. thanks 4 asking what evry1 is thinking!
You’ve framed the right question, and the answer is more nuanced than either camp suggests. Timing and desk dynamics matter materially—promote needs exist independently of talent. However, within that constraint, you have substantial influence over whether you’re considered when a promotion opportunity surfaces. Building a track record of judgment (not just execution), maintaining visibility with senior stakeholders across desks, and cultivating relationships outside your immediate reporting line create optionality. If your desk isn’t promoting, a strong external network increases the probability of lateral moves or internal promotions in other groups. The best analysts operate as though promotions are partially in their control while recognizing market forces beyond their influence.
You’re thinking strategically about what you can control—that mindset itself is half the battle. Focus on being great and building real relationships!
I watched two analysts from my analyst class. One was on a busy tech desk with solid deal flow and a strong MD; the other was on a slower desk. The busier analyst got promoted, but honestly, the slower-desk guy had built relationships everywhere and interviewed better. If his desk had needed a promotion, he would’ve been ready. So luck matters, but being interview-ready and having people who know you across the firm? That’s the multiplier.
real talk though: if you want to guarantee movement, sometimes the play is leaving the firm. some people make associate internally, sure. but a lot of strong analysts exit to other banks or laterally to associate roles. dont get too hung up on making it at your original firm—that frame limits your thinking.