I’ve been grinding as an analyst for about 18 months now, and I’m starting to see the promotion conversation come up more in casual chats with senior people. But here’s what’s frustrating: nobody really breaks down what ‘ready’ actually means. I hear vague stuff like ‘you need to show leadership’ or ‘prove you can handle the work,’ but that doesn’t tell me anything concrete about what I should be tracking or demonstrating each quarter.
I’ve been trying to reverse-engineer it from conversations with people who’ve made the jump, and I’m picking up on some patterns—things like deal ownership, the ability to manage juniors, consistent client relationships, and actually moving the needle on big decisions. But I feel like I’m guessing.
The real problem is that the criteria seem to shift depending on who you ask, your group, and the market. So I’m wondering: what specific metrics or milestones have you actually seen matter most? Not the HR flowchart version—the real version from people who’ve been on both sides of that conversation. What were you actually tracking before you made associate, or what did you notice your peers doing differently once they crossed that line?
honestly, it’s way less about metrics and way more about whether your managing director likes you and whether the market’s hot. i’ve seen analysts with perfect deal stats get passed over cuz they rubbed someone wrong, and i’ve seen guys move up cuz they made a md laugh in the elevator. the ‘official’ criteria is theater. what matters is visibility, political alignment, and frankly, luck with timing.
the real test is simple: can you keep a client happy without hand-holding? Can you groom a junior without someone babysitting you? If yes, you’re probably close. But your group’s politics matter way more than your actual performance. i’ve seen it a hundred times.
this is so helpful, thank u! im still figuring out what to focus on but this actually makes sense. so its less about checking boxes and more about showing u can own things end to end?
From my experience, there are a few non-negotiables that consistently surface. First, deal execution and ownership—you need to demonstrate you can carry a significant transaction from pitch through close without constant oversight. Second, stakeholder management—clients, colleagues, and seniors need to see you add value in relationships, not just complete tasks. Third, your ability to mentor and delegate effectively to incoming analysts speaks volumes about readiness for a larger portfolio. The informal conversation with your MD or group head often matters as much as formal review cycles. What I’ve observed is that readiness is less about a checklist and more about demonstrating you can operate independently while lifting others around you.
You’re asking the right questions! The fact that you’re thinking about this strategically now puts you ahead. Focus on owning deals, building real client relationships, and helping your juniors grow. You’ve got this!
I remember being exactly where you are. My mentor pulled me aside after a client dinner and basically said, ‘You’re getting there because clients ask for you now.’ That was when I realized it wasn’t about being perfect—it was about being someone people actually wanted to work with and trust. After that, everything clicked differently. The metrics followed naturally once I shifted my mindset.
The pattern I’m seeing across conversations is that readiness typically correlates with three factors: deal count completed independently (usually 8-12 meaningful transactions), client retention rate on your portfolio (80%+ returning work), and junior retention and performance metrics (how many analysts you’ve directly mentored successfully). Timeline-wise, most people I’ve tracked hit associate between 18-24 months, but variance is high depending on market conditions and group velocity. The institutional factors matter as much as individual performance.