Hi everyone,
I know a lot of analysts leave after two years for PE or other buy-side roles, but I’m actually interested in the long-term path within investment banking. For those who’ve been at Goldman Sachs, how realistic is it to get promoted to associate directly from the analyst pool? Is it common for people to stay on, or is the expectation still that most will exit? I’d love to understand what the process looks like and how competitive it is to be kept on.
Hi,
I'm happy to share what I’ve seen both from my own time in IB and from people I’ve coached. At Goldman, the direct promotion path from analyst to associate definitely exists, but it’s competitive. Historically, the “two years and out” model was the default, but that’s shifted quite a bit. These days, banks work harder to keep strong analysts because turnover is so high and training new people is expensive. At GS, if you’re performing well, show you’re committed to the long term, and have decent internal relationships, you have a shot at being promoted.
That said, it’s not automatic. The bar is high and the review process is rigorous. Your staffings, feedback from VPs and MDs, and even how you fit into the team culture all matter. I’ve seen analysts who were technically strong but didn’t build trust with seniors miss the cut, while others who weren’t “superstars” on paper but were reliable and easy to staff consistently made it.
So yes, plenty of people still exit after two years, but it’s not because the door to associate is closed. If you want to stay, make it clear to your team early, deliver consistently, and invest in those relationships. It’s realistic, but you have to really want it, because GS will always have more candidates than spots.
Best,
Simon
Hey!
At Goldman Sachs, promotion from analyst to associate is certainly possible, but it is highly competitive. Analysts are evaluated not only on technical performance and deal execution but also on teamwork, communication, and leadership potential.
Those who consistently exceed expectations, contribute meaningfully to client work, and demonstrate the ability to take on more responsibility have a strong chance of being promoted internally. It helps to actively seek feedback, show initiative on complex tasks, and build strong relationships with senior bankers who can advocate for your progression.
While many analysts do leave for private equity or other buy-side roles, there is a clear path for those committed to staying in investment banking. The firm values loyalty and institutional knowledge, so remaining engaged, showing interest in long-term career development, and being adaptable to different teams or products increases the likelihood of promotion.
Being strategic about the groups you rotate through and demonstrating consistent performance will make it more realistic to advance to associate within the standard timeline.
Promoting directly from analyst to associate at Goldman Sachs is realistic for high performers in their accelerated programs, particularly in investment banking divisions, where the standard two-year analyst tenure can lead to promotion after 24 months if you demonstrate strong ratings, technical skills, and contributions, though it's not automatic and involves competitive performance reviews and committee decisions, with some analysts "rolled off" if they underperform.
While the cultural expectation remains that most analysts exit after two years for private equity or buy-side roles, staying on is increasingly viable and encouraged for those committed to banking, as evidenced by annual promotion emails around December and alumni anecdotes of seamless transitions. The process typically includes mid-year feedback, year-end evaluations from managers, and alignment with business needs, making it highly competitive but rewarding with salary bumps plus enhanced responsibilities; to boost your odds, focus on building relationshipsand excelling in live deals.
