Onboarding Excellence: How to Set New Hires Up for Success in Finance

A new analyst starts on Monday. By Wednesday, they're staffed on a deal. By Friday, they're staying until midnight trying to figure out a model they've never seen before while frantically texting former classmates for help.

This is how most finance onboarding works. Throw them in. See if they swim.

Some do swim. Many struggle unnecessarily. Some drown and leave within a year.

The strange thing: firms spend enormous resources recruiting talent, then underinvest in helping that talent succeed. They spend $50,000+ per hire on recruiting, then provide minimal structured onboarding.

This is an expensive mistake. Good onboarding reduces turnover, accelerates productivity, and builds loyalty. Bad onboarding destroys all three.

Here's what great onboarding looks like—and how firms can build it.

Why Onboarding Matters

The Business Case

Turnover is expensive: Replacing a finance professional costs 1-2x annual compensation when you factor recruiting, training, and productivity loss.

Early turnover is especially expensive: Someone who leaves in year one provided minimal value but consumed significant resources.

The numbers:

Scenario	Cost
Analyst who leaves after 6 months	~$300K+ in recruiting, training, salary
Analyst who stays 3 years	Value generated far exceeds investment

The correlation: Strong onboarding programs correlate with lower turnover. The relationship is well-documented across industries.

What New Hires Need

Technical competence: Can they actually do the job? Many new analysts lack practical skills despite strong academic credentials.

Cultural integration: Do they understand how things work here? Unwritten rules matter.

Relationship foundation: Have they built connections with teammates, mentors, and peers?

Confidence: Do they believe they can succeed? Imposter syndrome is common and destructive.

Belonging: Do they feel welcomed and valued?

Great onboarding addresses all five. Most onboarding focuses only on the first.

The First Day

What Usually Happens

The standard approach:

HR paperwork
IT setup
Quick introductions
Shown to desk
Left alone

This is functional but uninspiring. New hires feel processed, not welcomed.

What Should Happen

Pre-arrival preparation:

Workstation set up with all equipment
Systems access pre-configured
Welcome materials waiting at desk
Lunch scheduled with team members
First-week schedule sent in advance

The first morning:

Warm greeting from manager or senior team member
Orientation to physical space
Introduction to immediate team members
Context on current work and priorities
Clear agenda for the day and week

The message to convey: "We're glad you're here. We've prepared for your arrival. You're joining a team that will support you."

First-Day Checklist

Category	Items
Administrative	ID badge, building access, HR forms, benefits enrollment
Technology	Computer, monitors, phone, email, systems access
Workspace	Desk, supplies, team location orientation
Social	Manager meeting, team introductions, lunch with peers
Orientation	Group/firm overview, role expectations, immediate priorities
Resources	Key contacts, documentation locations, how to get help

The First Week

Structure vs. Chaos

The wrong approach: Immediate staffing on live deals without context or preparation.

The right approach: Structured first week that builds foundation before full intensity.

First Week Components

Day 1: Orientation and administrative setup

Days 2-3: Technical training

Systems and tools
Firm-specific processes
Templates and resources
Basic technical review (if needed)

Days 4-5: Team integration

Meet key stakeholders
Shadow experienced team members
Light initial assignments
Begin relationship building

Technical Foundation

Even experienced hires need firm-specific training:

Systems:

Research databases
Document management
Communication tools
Expense and time systems
Deal tracking platforms

Processes:

How work gets assigned
Review and approval flows
Client interaction protocols
Quality standards and expectations

Resources:

Where to find precedent materials
Who to ask for what
Available support functions
Training materials and references

Social Foundation

Intentional introductions: Schedule meetings with key people new hires will work with.

Peer connections: Connect new hires with others at similar levels who can relate.

Mentor assignment: Assign a formal mentor in addition to manager.

Team activities: Group lunch or coffee in first week.

The First Month

Ramping Responsibilities

Week 1: Orientation and light work Week 2: More substantial but supported work Week 3: Near-normal workload with close oversight Week 4: Full workload with available support

This progression allows learning without overwhelm.

Training Programs

Technical training:

Modeling boot camps
Product knowledge sessions
Sector primers
Process training

Soft skills training:

Communication norms
Client interaction basics
Team dynamics
Managing up

Format options:

Formal classroom training
E-learning modules
Mentorship and coaching
On-the-job learning

The balance: Too much formal training delays productivity. Too little leaves gaps. Most successful firms blend structured training with supported real work.

Check-In Cadence

Manager check-ins: Weekly one-on-ones in first month. More frequent during first two weeks.

Mentor check-ins: Weekly informal conversations.

HR check-ins: Week 2 and Week 4 touchpoints to catch issues early.

Topics for check-ins:

How are you feeling about the role?
What's going well?
What's confusing or challenging?
What resources would help?
Any concerns we should address?

The First 90 Days

The Critical Period

Research shows the first 90 days largely determine long-term success.

By day 90, new hires have:

Formed impressions of the firm
Built (or failed to build) key relationships
Demonstrated (or not) capability
Developed confidence or doubt
Decided whether they made the right choice

The 30-60-90 Framework

Day 30 goals:

Basic technical competence
Understanding of role expectations
Initial relationships built
Confident in daily operations

Day 60 goals:

Handling typical work independently
Contributing value to teams
Integrated into team dynamics
Receiving constructive feedback

Day 90 goals:

Fully productive
Trusted with standard work
Strong peer relationships
Clear on development path

Milestone Check-Ins

Day 30 review: Formal conversation covering:

Technical progress assessment
Cultural integration check
Feedback exchange (both directions)
Adjustment of support if needed

Day 60 review:

Performance assessment
Goals for remaining 30 days
Development priorities
Career conversation beginning

Day 90 review:

Comprehensive performance review
Formal feedback
Development planning
Confirmation of long-term fit (mutual)

Building Onboarding Programs

Program Design

Know your outcomes: What does success look like at 30, 60, 90 days? Define specific competencies.

Sequence content logically: Build from foundation to complexity. Don't front-load everything.

Mix modalities: Classroom, e-learning, on-the-job, mentorship all have roles.

Build in social: Technical training without relationship building misses half the point.

Create feedback loops: Measure what's working. Iterate.

Essential Components

Component	Purpose	Timing
Administrative orientation	Get basics working	Day 1
Firm/group overview	Context and culture	Day 1-2
Technical training	Skills foundation	Week 1-2
Systems training	Tools competence	Week 1
Mentorship assignment	Long-term support	Day 1
Peer connections	Social integration	Week 1
Manager relationship	Performance foundation	Ongoing
Check-in cadence	Course correction	Weekly+
30/60/90 reviews	Milestone assessment	As scheduled

Role-Specific Considerations

Analysts: Often need significant technical training. May lack practical skills despite academic strength. Peer cohort creates natural community.

Associates (from banking): Technical foundation exists. Need firm-specific process training. Cultural integration matters.

Associates (MBA): May need technical upskilling. Career switchers need sector knowledge. Often have management experience to leverage.

Lateral hires (VP+): Less structured training appropriate. Focus on cultural integration and relationship building. Often underserved by onboarding.

Support functions: Different needs than investment professionals. Don't apply same template.

The Manager's Role

Why Managers Matter Most

New hire success correlates more with manager quality than any other factor.

Great managers:

Make new hires feel welcomed
Provide clear expectations
Give regular feedback
Create psychological safety
Invest in development

Poor managers:

Treat onboarding as someone else's job
Set unclear or unrealistic expectations
Provide feedback only when things go wrong
Create anxiety and uncertainty
Ignore development

Manager Checklist

Before arrival:

First week:

First month:

First 90 days:

The Buddy/Mentor System

Buddy vs. Mentor

Buddy: Peer-level colleague who handles immediate practical questions.

Mentor: More senior professional focused on longer-term development.

Both roles serve different needs. The best programs include both.

Effective Buddy Programs

Selection: Choose buddies who are positive, knowledgeable, and willing.

Training: Brief buddies on their role and expectations.

Duration: Typically 30-90 days of active buddy support.

Activities:

Daily/weekly check-ins
Answer practical questions
Navigate cultural norms
Make introductions
Provide friendly face

Effective Mentor Programs

Matching: Pair based on interests, backgrounds, or career goals.

Structure: Regular meetings (weekly/biweekly) with discussion topics.

Training: Help mentors understand their role and provide guidance.

Duration: Typically 6-12 months, can extend longer.

Activities:

Career guidance
Political navigation
Skill development
Long-term thinking
Confidential sounding board

Common Onboarding Failures

Failure 1: Sink or Swim

The problem: Throwing new hires into intense work without preparation.

The consequence: High stress, errors, and early turnover.

The fix: Structured ramp-up with appropriate support.

Failure 2: Information Dump

The problem: Overwhelming new hires with information in the first days.

The consequence: Little is retained. Confusion persists.

The fix: Pace information over weeks. Provide reference materials for later lookup.

Failure 3: Neglecting Culture

The problem: Focusing only on technical training, ignoring cultural integration.

The consequence: New hires don't understand unwritten rules. Make preventable mistakes.

The fix: Explicitly address culture. Include social components in onboarding.

Failure 4: One-Size-Fits-All

The problem: Same onboarding for all roles and experience levels.

The consequence: Experienced hires feel patronized. Junior hires feel underprepared.

The fix: Customize onboarding based on role and background.

Failure 5: No Follow-Through

The problem: Strong first week, then abandonment.

The consequence: Early engagement fades. Problems go unaddressed.

The fix: Sustain onboarding through full 90 days. Maintain check-in cadence.

Measuring Onboarding Effectiveness

Key Metrics

Retention:

First-year turnover rate
Time-to-departure for early leavers
Turnover compared to pre-onboarding program

Performance:

Time to full productivity
Performance ratings at 6 and 12 months
Error rates during ramp-up period

Engagement:

New hire satisfaction surveys
Engagement scores at 30/60/90 days
Qualitative feedback

Feedback Collection

Formal surveys: 30/60/90-day surveys asking specific questions about onboarding experience.

Exit interviews: When people leave early, understand why. Was onboarding a factor?

Manager input: Managers observe new hire struggles and successes.

Continuous improvement: Use data to refine program over time.

Building an Onboarding Culture

Beyond Programs

The best onboarding comes from culture, not just programs.

What this looks like:

Senior people make time for new hires
Teams welcome new members warmly
Questions are encouraged, not punished
Mistakes during learning are expected
Everyone remembers being new

Leadership's Role

Senior leadership should:

Visibly value onboarding
Participate in new hire events
Hold managers accountable for new hire success
Resource onboarding programs appropriately

Institutionalizing Success

Document what works: Codify best practices so they're not personality-dependent.

Train managers: Make effective onboarding part of management development.

Reward success: Recognize teams with strong new hire outcomes.

Learn from failure: When new hires struggle or leave, understand why and adjust.

For New Hires: Making the Most of Onboarding

Active Participation

Your onboarding isn't passive.

Ask questions: Don't pretend to understand what you don't.

Seek feedback: Request input early and often.

Build relationships: Make effort to connect with colleagues.

Take notes: You'll need to reference information later.

Communicate struggles: If something isn't working, say so early.

Common New Hire Mistakes

Trying to impress too quickly: Focus on learning, not showing off.

Not asking for help: Silence breeds frustration on both sides.

Isolating: Don't eat alone at your desk. Engage socially.

Assuming you know: Different firms do things differently. Be curious.

Hiding struggles: The faster you surface problems, the faster they're solved.

The Bottom Line

Onboarding is one of the highest-ROI investments a firm can make.

The math is simple: you've already invested heavily in recruiting. Onboarding determines whether that investment pays off or walks out the door.

For firms: Build structured onboarding programs. Train managers. Invest in the first 90 days.

For managers: Your new hires' success depends largely on you. Take it seriously.

For new hires: Engage actively. Ask questions. Build relationships. Give yourself time to learn.

The standard: Great onboarding feels like the firm prepared for your arrival, wants you to succeed, and will support you until you're fully productive.

That's not complicated. But it requires intention.

Most firms don't do it well. The ones that do keep more of the talent they worked so hard to recruit.

That's a competitive advantage worth building.