Uh Oh, I’ve Been Passed Over for Promotion
Discovering you’ve been passed over for a promotion in investment banking, regardless of the level, can be disheartening. It’s natural to question yourself: “Is it a red flag? Am I lacking in skills? Do I have the necessary qualities? Is the issue with me or the organization?”
If this happens early in your career, like when transitioning from Associate to VP, it’s crucial from a career management perspective to understand the underlying message and assess if you’re in the right environment for your potential to flourish. This moment should be seen as a timely ‘wake-up call’ to seek honest feedback and conduct a sincere self-assessment. Fortunately, making adjustments earlier in your career is easier than trying to course-correct later on.
Being passed over early might indicate that your current role or organization isn’t the best match for you. As you climb the career ladder, promotion criteria become more stringent, so not advancing to VP as expected can be more concerning than missing out on a Managing Director promotion at first.
However, every situation is unique, and it’s important to understand what this specific instance means for you.
Before drawing any conclusions, consider these steps:
Self-Evaluation:
Reflect on who else did or did not get promoted and compare your qualifications and performance.
Express your disappointment and communicate your willingness to improve and need for guidance.
Assess whether you are in the right industry, business unit, function, or company. Are your skills and passions being utilized and appreciated? Is this a role where you can excel?
Discuss with Your Supervisor:
Seek clarity on the reasons behind the decision.
Understand what this implies for your career trajectory: Are you seen as a potential future leader? Is promotion a matter of ‘when’ rather than ‘if’?
Determine what you need to do for future consideration: What skills should you develop or experiences should you seek? Which groups or individuals should recognize your abilities?
Consult with Mentors:
Get advice from mentors regarding your situation and next steps.
Prepare for the Future:
If you decide this is the right place for you, strategize for the next year’s opportunities.
Maintain a Positive Outlook:
Remember, this is about your career, not your worth as a person.
The goal is to identify where you can truly excel. If you’re already in the right place, focus on moving forward. However, always keep your options open by nurturing both internal and external networks.
Should you determine that your current role isn’t the right long-term fit, start exploring more suitable opportunities patiently and thoughtfully. Avoid impulsive decisions.
Meanwhile, continue performing well in your current role and maintain professional relationships. In today’s interconnected world, it’s beneficial to have a positive reputation preceding you.
Confused? Check out our bespoke career counseling services.
