Recently been promoted from Analyst to Consultant (after two years). However, I’m interested in going to IBD - if I take an analyst role, is it considered a step backwards?

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Yes

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Why?

consulting peers rarely get into PE out if b schools

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Depends on your goal and age. If you’re under 25 and you want to go PE/HF, doing a 1-1.5 year stint as an IB analyst makes sense. Then do 2 years in PE before going MBA. You’ll be miles ahead of your consulting peers in b school who want to go PE

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