Up or out
A career policy requiring advancement within a defined review window or departure from the firm. The timing, promotion criteria and exceptions vary by firm and role.
Up or out in practice
Hypothetical: an analyst’s firm requires promotion to associate within a specified review window. If she does not advance, the policy calls for her departure rather than continued employment at the same level. The outcome depends on the firm’s actual policy and review process; taking on one visible assignment does not guarantee promotion.