A lot of you guys don't know how roles and responsibilities work at a bank, but, at the same time a lot of you are making a lot of assumptions.
He most likely got the role of VP to justify the pay structure as there is a scale for each position.
To reach the level of VP it generally takes 8-10 years of working in a specific field, sometimes sooner depending on your skill set.
As for management, that is dependent on your role/responsibility/expertise and your experience in a specific product or department.
As for hierarchy, VP's rarely report to MD's, below MD's there are other management positions, such as Directors, Sr. Directors.
Also, there is a difference between managing a department to managing a team to managing resources, often an individual may hold a high position and not manage anything.
On that note, Good for Tuck, its a great company to work for. However, he most likely got a VP position due to his name more so then his MBA, because generally regardless of an MBA, the brightest student who has zero experience in that field outside of an internship does not start at that pay scale.
Also MBA means jack squat for wealth management =) if he were to have a CFA completed that would be more relevant.
My super insecure friend who's in finance also made it a point to dismiss Tuck's incredible accomplishment and say he's the mere beneficiary of fame. I don't know why it's hard to believe he's earned it and just rose through the ranks faster. Famous or not, if he has hand in someone's finances, I doubt they're letting him take the reigns without the qualifications. Let's just be happy for the guy.
with the group and decided to take a full time job for this year. In the group he's in, one can rise to VP much sooner than 8-10 years and it's shorter if coming in with an MBA.
Also, there's a current Giant that just started a short internship with the same group within the last week to start exploring opportunities for life after football.
Wharton or not, that seems like it has to be almost an honorary title. Everybody who works in that sector must be called a VP. It’s a little like being a senior contributor at ESPN. Not disparaging JT at all, just making an observation about the title.
Wharton or not, that seems like it has to be almost an honorary title. Everybody who works in that sector must be called a VP. It’s a little like being a senior contributor at ESPN. Not disparaging JT at all, just making an observation about the title.
VP is not an high level title in banking. It's basically what you get after your first real promotion.
That said the roles and responsibilities of VPs can range quite widely, more than any other title.
you come in as an analyst or associate, and then go through a program to become an advisor, and then can get promoted to VP, a position that some people have for many, many years, while fewer will eventually reach MD. Typically, MBA students will come into the group in the Advisor role (and training program). Tuck going straight to VP is unusual, but his career path is unusual as well.
I think most of us are living our lives at 20 to 50 percent capacity. Tuck is obviously light at 100. Good job JT. Hoefully he’ll class that place up a bit.
But for those unfamiliar with the finance world, a VP in a finance company is very different then a VP in many other companies. There are a ton of VPs in finance companies. It is basically the mid-level managerial level. Which is unlike more traditional companies where VP is the top of the company (just below president). I don't mean to belittle Justin's accomplishment (b/c it is still an accomplishment), but just wanted to share this info. I was just surprised by this when I first learned it only a few years ago.
Nowadays companies hand out the title VP like candy.
Generally entrants with minimal experience and coming in out of grad school would be Associates.
BA/BS level employees more often come in as Analysts.
Goldman will only recruit / accept from certain schools (for the most part)
Promotion from Associate would be VP. VP is a vast pool of responsibility and comp (into the millions for VPs in IB or Trading).
VPs can report to other VPs, but 'higher level' VPs would report to an MD.
Promotion from VP would be MD. Very rare and only can be done I think now every other year.
You certainly can spend an entire career there and peak at VP.
There are no more official "partners" at GS, but rather MDs can participate in the partner bonus pool. So sort of the same thing as when GS was private.
Tuck obviously brings in experience and passed a rigorous process, and his past success will certainly translate well. Grad school was probably a great proving ground and transitional step for him into a brand new world.
at least I wouldn't define it that way. They are making a bet that his connections, established personality/standing and his educational background will make him a solid member of the team, help bring in clients, and perhaps give them an inside track to a slew of potential clients and portfolios. It's part of the reason there is a current Giant who wouldn't be described as "diverse" doing the same internship on the team Tuck did last year, presumably leading to a similar opportunity when his playing career is over. It's also why the team had a position for someone a few years ago that had connections to certain top-level athletes (though that didn't work out).
with his success in pro football and a Wharton MBA, Tuck has a ton more going for him than a "regular" Wharton MBA, let alone average Joe. Success breeds success etc.
but it won't save you from sleeping on the coach in your office and the results. At some point the numbers better be there.
My guess is that a white player with a similar background and credentials would also be hired by Goldman (Steve DeOssie if he got an MBA?). I don't think this is a diversity game.
It’s a guy who’s proven he is hard-working, has a good education, and brings a rolodex.
The fact that it’s also a diversity hire 100% makes it even more appealing for the bank. It’s a factual reality of a big bank today (I’d say any big corporation, but my experience is limited to banking), and I say that without bias or judgment.
that he has been a millionaire, presumably interested in the dealings of his portfolio since he was drafted in 2005. While he may not have worked in finance outside of his undergrad and MBA degrees, how many MBA candidates also have that experience?
He most likely got the role of VP to justify the pay structure as there is a scale for each position.
To reach the level of VP it generally takes 8-10 years of working in a specific field, sometimes sooner depending on your skill set.
As for management, that is dependent on your role/responsibility/expertise and your experience in a specific product or department.
As for hierarchy, VP's rarely report to MD's, below MD's there are other management positions, such as Directors, Sr. Directors.
Also, there is a difference between managing a department to managing a team to managing resources, often an individual may hold a high position and not manage anything.
On that note, Good for Tuck, its a great company to work for. However, he most likely got a VP position due to his name more so then his MBA, because generally regardless of an MBA, the brightest student who has zero experience in that field outside of an internship does not start at that pay scale.
Also MBA means jack squat for wealth management =) if he were to have a CFA completed that would be more relevant.
cheers.
Also, there's a current Giant that just started a short internship with the same group within the last week to start exploring opportunities for life after football.
VP is not an high level title in banking. It's basically what you get after your first real promotion.
That said the roles and responsibilities of VPs can range quite widely, more than any other title.
Nowadays companies hand out the title VP like candy.
But still, congrats mopey Tuck :D
BA/BS level employees more often come in as Analysts.
Goldman will only recruit / accept from certain schools (for the most part)
Promotion from Associate would be VP. VP is a vast pool of responsibility and comp (into the millions for VPs in IB or Trading).
VPs can report to other VPs, but 'higher level' VPs would report to an MD.
Promotion from VP would be MD. Very rare and only can be done I think now every other year.
You certainly can spend an entire career there and peak at VP.
There are no more official "partners" at GS, but rather MDs can participate in the partner bonus pool. So sort of the same thing as when GS was private.
Tuck obviously brings in experience and passed a rigorous process, and his past success will certainly translate well. Grad school was probably a great proving ground and transitional step for him into a brand new world.
Yeah they hired the already hugely successful Norte dame and Wharton grad with a huge network of millionaires for "diversity"
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but it won't save you from sleeping on the coach in your office and the results. At some point the numbers better be there.
Yeah they hired the already hugely successful Norte dame and Wharton grad with a huge network of millionaires for "diversity"
Yeah, and I worked there. You know nothing. MBAs are a fucking dime a dozen now.
My guess is that a white player with a similar background and credentials would also be hired by Goldman (Steve DeOssie if he got an MBA?). I don't think this is a diversity game.
Oops. You're right!
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In comment 14001052 mdc1 said:
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but it won't save you from sleeping on the coach in your office and the results. At some point the numbers better be there.
Yeah they hired the already hugely successful Norte dame and Wharton grad with a huge network of millionaires for "diversity"
Yeah, and I worked there. You know nothing. MBAs are a fucking dime a dozen now.
As a MBA grad who spent most of his career at investment banks, I know a thing or two.
MBAs are a dime a dozen but a Wharton MBA is not.
But private bankers are also a dime a dozen. I doubt many of his fellow Wharton grads are super jealous of his role.
But like I said before, they probably also don't have his network and couldn't capitalize on it like he will likely be able to.
In no way is this a diversity or for show hire.
The fact that it’s also a diversity hire 100% makes it even more appealing for the bank. It’s a factual reality of a big bank today (I’d say any big corporation, but my experience is limited to banking), and I say that without bias or judgment.
Good for Tuck. He’s an admirable guy, to me.