Something like that. Plus there are partial years involved - new classes arrive halfway through the year, so you only get 1/2 the bonus that year.
Also, only a very small percentage of people last that long. Figure maybe 20-25% of first year analysts survive three years to become associates, and maybe 20-25% of new post-MBA associates survive three years to become VPs. (Some leave for better jobs, of course.)
I used to keep a spreadsheet listing every member of my associate class, and the date they quit. I handed it off when I left; I'd guess that 9 years later no more than 5 out of something like 80 are left at the same bank, but they're probably Managing Directors.
Also, only a very small percentage of people last that long. Figure maybe 20-25% of first year analysts survive three years to become associates, and maybe 20-25% of new post-MBA associates survive three years to become VPs. (Some leave for better jobs, of course.)
I used to keep a spreadsheet listing every member of my associate class, and the date they quit. I handed it off when I left; I'd guess that 9 years later no more than 5 out of something like 80 are left at the same bank, but they're probably Managing Directors.