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If I'm understanding you right, you want a ridiculously fast early promo to SM with 1-2 years of time at manager level? I'm not sure that's really happening regardless of what engagement you're on, and you shouldn't rush to be SM anyway. Up or out begins at SM - clock starts ticking!
I'm not sure about EY, but when I was back at deloitte, there was a minimum "time in level" to make SM. I'm not sure how much weight they'd put on "acting as manager" even if you were truly in a manager capacity.
Take a deep breath and try to get up to speed! It’s great that you have clear goals and it looks like this current project could be a great opportunity to prove that you can take on the manager role and be ready for next level. Also being a new manager is a really challenging step for many people (yes, even when you’ve been acting for a while) with different expectations and metrics so I would first focus on making sure you excel at the manager role.
Unlikely you’ll make SM with only 2 years experience at Manager. Certainly not less. To your engagement point though, I would stick with it. You may just be in the drink from fire hose stage and things will become more clear. Give it time
Means you are in the process of taking everything new in and learning how everything works. You’re not only trying to manage but also learn. Everything is being thrown at you and it’s overwhelming…. Aka like drinking from a fire hose.