Question for people in Corporate Finance: is it common to mainly be able to get a promotion by moving into a new role?
Basically, I’m in a process where I have to apply and interview internally to manager roles and only once I am able to get one, do I get promoted. So my question is, is this common in corporate finance? Seems like a pretty dumb way to do things imo but curious if this is normal? My background is IB so definitely didn’t see that there but any insight would be great!

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Where I work (corporate) jobs come open and you have to apply, occasionally a role will consolidate and go to someone but mostly everything is posted. Lateral moves 5% max and promotions 10% max. Get behind quickly salary wise staying with the company with those policies.

I feel there has to be an ability to keep people and hopefully the way isn’t through getting another offer and matching because if that’s the case I’m out when that comes about.

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Some companies have this stupid thing where if a higher spot becomes open they make everybody apply. It’s not everywhere but it’s common enough and mostly in places with boomer policies.

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Interesting… yeah I was basically told in February that I’m ready for promotion and the networking/finding myself a new role, applying/interviewing etc has been going on for 2 months and still continues. Feels so annoying to be doing this for an internal promotion when I can literally be doing the same for a much higher pay bump outside the company. Idk pretty frustrated with the process and confused if other corporates are doing it similarly and how do other feels about it. If it really is a boomer thing (my company definitely lives and breathes boomer policies) then maybe that’s the issue for me

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