I’ve written extensively about how to get laid off in order to get a severance package and ultimately live a more purposeful life. While learning how to get laid off is a fantastic way to learn how to never get laid off, in this post I’d like to share some direct advice on how to excel in the workplace so you can make more money, get promoted faster, and reach financial independence sooner.
So, what are my credentials for advising people how to get ahead in the workplace? I’ll sum it up this way: at the age of 27, I made Vice President at my Wall Street firm from a non-target, public school with no connections.
The VP title is generally reserved for people with at least eight years of experience out of college, or with at least three years of experience after attending business school. I had just finished up my fifth year out of college and my first year of part-time business school before getting the nod. The percentage of students getting into an institutional front office position at a bulge bracket firm like Goldman, Morgan, and Merrill from a non-target school is probably less than 1%. Of that 1%, less than 25% make it directly to Associate. And of the 25%, less than 40% make it to Vice President after three years. Basically, if you can get your foot in the door, I estimate there’s only about a 10% chance of ever becoming VP.
Most people don’t last beyond three years on The Street, one of the most unforgiving industries on the planet. It’s an environment where your competitors are not only smart and ruthless, they’re also willing to consistently work insane hours to get ahead. The pressure is unbelievable. In fact, the longevity of a Wall Street employee is very similar to that of an NFL player. Like a halfback who’s plowed through a career’s worth of goal line surges, my “legs” finally gave out. I was done after 13 years.
This is the environment in which I learned five key lessons applicable to all industries I’ll share with you here. I’m pretty sure if you take my advice to heart, within a year you’ll see a noticeable difference. Like making more money, it’s up to you to decide whether you want to put in the effort or not.