That is kind of the point in a way, but it is also one of those sayings that doesn't stand up so well now that we properly understand meteors.
Originally it was based around "the sudden appearance and transient brilliance of a meteor streaking across the night sky. By implication, a meteoric rise was swiftly followed by a meteoric fall that led to extinction of talent or reputation." 
The full meaning was therefore something that began spectacularly and then rapidly faded. On second thoughts a meteoric rise to management is probably fairly apt then...