Genuine question: how is MBB > PE such a common route when there’s such little (and high-level) financial modeling in consulting? Are these consultants going into Ops roles and not deal team?

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Because PE is way more about telling a story and selling to additional investors than it is financial models

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@B2 - thank you, that actually makes a lot of sense. So I take it they’ll also need to learn to run a deal process via on-the-job experience as well?

Because consulting teaches you how to assess a business (competition, customer perspective, etc) which for investing is just as important than the model (and imho more important)

Source: MBB -> PE here

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Wanted to try out consulting and they gave the best offer by far. Really only interviewed with T2 shops and Monitor. Had some less than favorable interactions with an MBB or two back at my bank when on deals. Granted, I was in the restructuring arm, and MBB has notoriously poor RX teams in the bankruptcy world, so that was about the extent of my interaction. Perhaps not a fair assessment, but that was my mindset at the time.

I’ve also never been super motivated by “prestige.” Especially after already having been at a well-regarded bank. I care about $ and the people I’ll work with

I went Big 4 -> Pension Fund PE -> H/S/W MBA -> MF PE

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We see lots of exits from our PE practice into PE. There is a good deal more modeling work in the work we do vs what I’ve seen in prior consulting experiences.

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