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They should be paid less than A2A promotes. A second year analyst is worth 3 MBA associates during their first 3 months on the team.
Not a post-MBA associate, but I tend to disagree 100% with IB1. I understand why it may seem frustrating, but keep in mind that there is a learning curve when anyone starts a new job, so obviously second year analysts will be more effective those first few months. They however will catch up very quickly and already have years of experience coming in. Once they’re settled in, they absolutely are much more valuable.