THE INSIDER: It's never been harder to get ahead in sales

What happens when an industry that has gone through rapid growth enters a low growth phase?

In the case of investment banking, the immediate answer is layoffs, and then compensation cuts. But these effects are short-lived. In the most recent case, cuts lasted for about a year, and we then had a year in which there was a real dip in compensation before a reasonable recovery. Now we are seeing hiring coming back, and - judging by the bids in the market - compensation is most definitely coming back too. It feels distinctly as if the compensation cuts and layoffs phase has played out.

However, there is a longer-term dynamic at play. In the markets space it has become much harder for junior staff to make it through the ranks and land choice roles or senior MD-level positions.

Kings are more easily made in a vibrant and growing market. Banks were historically willing to promote people through the ranks at incredibly fast rates if they were talented and fortunate enough to land in a hot area. At the same time, big profits and big bonuses resulted in people moving out of the market, leaving plenty of gaps for junior staff to move up into.

For junior staff, a few years back, the future was full of possibilities. There are plenty of senior people who managed to make it to MD in 5 years out of university.

Those days, sadly, are over.

Banks are paying close attention to the ratio of MDs to total population. What they see is that there is, relative to historical levels, a top-heavy structure.

Some banks are mechanically resolving this by extending the mandatory tenure required at given title(s) before becoming eligible for promotion. Add to that a more onerous and selective promotion process, and it will now take several more years before junior employees can reach MD level - regardless of how talented they are.

Markets now look a lot more like the Corporate Finance departments where promotion paths have always been very structured, and the average time to MD much longer. There are still many pros of markets jobs over corporate finance jobs, but faster ascendancy through the ranks is no longer one of them.