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Before I answer any specific questions, want to preface this all that every answer is nuanced. There’s different groups within IB itself, some more modeling intensive some mostly pitching, and depending on the group and bank, your exit opps will vary. It’s more nuanced then just “do IB and you can get to PE”.
There’s no hard and fast rules when it comes to this career path. There are some that are non negotiables and some paths that will have less resistance, but overall, if you are serious about the transition, take advice from as many people as you can (prioritize those with similar backgrounds as yours) and apply those that are relevant to you. Don’t get discouraged if one person says “You MUST have valuation experience in consulting to transition” or “you NEED deal experience”. Sure these will definitely make the path a lot smoother and easier for you to transition but nothing is impossible. And your mileage with this path depends on how far and how hard you want to work yourself. If it was easy everyone would do it. But no one has the patience or persistence to hop on hundreds of networking calls, get rejected from hundreds of applications, and self study and practice modeling on top of their workload.
MBA route is not a bad route at all but with everything it’s situation dependent. For me, I mapped out my life this way: where do I want to be in 5-10-20 years and what steps do I need to take in order to get there.
When I was in consulting, it was my ~2nd year out of UG. In order for me to qualify for a top program I would need at least another year or two in consulting showing upward progression and a solid gmat score + ECs. After speaking to a ton of people, the Post MBA IB associate route didn’t seem that appealing to me and I also didn’t want to wait that long in a role I had 0 desire for (the consulting one, feel like my days were just spent trying to align myself closer to the work I found meaningful). Don’t get me wrong, if you are more experienced or maybe a little older the MBA route is a great opportunity, but I wanted to see how far I could get with my own career before needing that MBA career reset. Maybe I’ll get one down the line if I want to pivot to something that is somewhat out of grasp/need a break from this rat race.
Thank you for sharing. I feel like I’m in a similar spot prior to your decision. I graduated May 2017, and having been promoted just recently, I struggle to decide between going to IB as analyst or taking the MBA route, so taking your perspective into account is very helpful.
Is it NYC or bust for IB or are other cities legit?
It absolutely is not NYC or bust. It depends what you want to do long term. If you’re more interested in tech related deals and investing the west coast is king. If you’re interested in credit PE funds Chicago seems to have a lot. Nyc obviously has the most banks and funds by density but u can progress along in those two other cities, as well as a number of smaller markets that aren’t usually mentioned (Charlotte for example)
Not sure why I can’t DM, haven’t used this app much anyways. Started off in a risk/tech related role and networked over to the m&a side at the firm I was at. Internally networked onto a project.
All the while, maintained external networking for IB. Connecting the dots between your past role and the role you want comes second to being able to speak intelligently about the markets, know your technicals, and general sharpness. I find a larger barrier to entry with bulge bracket and elite boutiques versus MM and lower MM banks/advisory shops. If you have a specific interest like healthcare or SaaS businesses and know boutiques/contacts from coverage groups with those industry focuses, thats also a good approach
Dude/dudette that’s so nice! Thanks
Thanks! Can you give us a rundown on your process? I’m in the first year in consulting in Chicago. Open to DM if that’s easier for you to share information too
Exact same background here and I'm similarly interested
What skills did you play up the most in your interview process? How did you overcome gaps in skills that you wouldn’t get in consulting such as financial modeling?
What size firm did you join?
That being said you should be realistic with yourself as well. If you’re currently working in something farther away from any type of live deals, say IT risk or something, the lateral moves you can make, even with networking and self prepping, will be limited to how far your networking will take you.
The same logic applies for even transactional consulting roles (your network being your main vantage point) but it’s easier to have conversations and get your foot in the door if you already worked on deals or can speak on the deal process, even if it’s just from a consulting POV
I don’t think it was my consulting experiences that helped as much as the excessive networking and interviewing I did. From random no name banks in South Carolina to larger players in NYC/Chi. The countless phone calls I’ve been on have served as diff data points for me to form my own narrative, opinions, and understanding of whatever it is I was pursuing. Supplemented with reading the WSJ as well of course. But I approached each connection with the mindset that at the very least, I can pick this persons brain and see what they think about XYZ. Most positive referral connections I got were after following up a few times too.
I also had a friend at my consulting firm who was trying to make the transition herself (to a diff side, trading and research). Helped having someone else to talk markets with, interview prep, and get the know on certain HR practices since they also were going thru interviews.
What are your thoughts on the MBA route? Would you have taken that instead?
For everyone responding here, get on the WSO app. JP Morgan for example is treating their people terribly.
If people are getting sick and moved off the floor they’re going to backfill with anyone with remotely similar backgrounds.
I think there’s certain roles at a bank that are tough to wfh (specifically on the s&t side, I think their phone lines need to be regulated or something like that? Could be wrong) but most other reputable banks are offering a stipend for front office folks to expense work from home setup
I’m in m&a consulting, and definitely like the deal space. How can I know if I’d like IB more or less than my current role? Any idea how I can test if I’d like it before actually preparing and lateraling?
Thanks! Awesome post. Ultimately my goal is to get to PE anyway, so the real question is whether I can do it without first lateraling to banking.
What IB firm/type / bulge MM etc?
How long did it take to transition to M&A group at consulting firm?
What is the end goal? You thinking PE? What type of fund?
Mentor
1) would rather keep it ambiguous but middle of the pack
2) took me around a year since at my previous firm staffing was a game of networking and aligning roll off dates. Also was trying to transition to something in a different practice so there was a larger hurdle on that front, but I’ve seen people successfully network even quicker than that.
3) not entirely sure, in the data gathering stage and trying to align what I think are my top skills/desired areas and what paths are available to me. I’d like to move to PE, but it’s a lot harder than people think, and it’s not just about getting that associate role but working up the ranks in PE is a challenge in it of itself. Just look through LinkedIn, most folks who have successful PE careers are pedigreed from top schools and usually top banks or MBB. Those with non traditional paths I’ve found tend to hop around as associates for a bit, or start off at funds in tier 2/3/4 cities. I wouldn’t necessarily mind that, but after hopping around for a bit I think I want some semblance of security with my next steps which makes me a little hesitant on pursuing an uncertain path. I’m also looking into growth equity and late stage venture, and larger companies that already have an established investing platform/venture arm.
From M&A consulting to IB?
Following bc I’m hoping to make the switch in a couple months after I finish my one year tour of duty in consulting
Would love to hear your background - what type of consulting were you in? What side of IB are you in now? How were you able to connect the dots between the two in terms of skills and experience and what were the gaps
If you’re open to a phone call or email discussion I am certainly interested. App says you are not open for chat, but please DM me if you would be willing.