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Many funds would gladly take someone with some extra experience for a pre-MBA role. However, the role no longer becomes attractive to those candidates with that level of experience. 4-5 YOE is not a ton either and they would certainly consider you for a pre-MBA role. Post-MBA role is a stretch though with 4.5 YOE. Assuming fast progression and no MBA at McKinsey, you could be close to AP at 5 YOE. Would you rather have that or a pre-MBA associate role at a PE firm? Reasonable people could decide either way.
Thanks for that! The issue for me is that as I've had to move geographies and tracks within McK (visa issues), my tenure within each role has been reset with these moves. At best, I would be an early tenure EM-equivalent