Hi, if one had the goal of going MBB for FT, which would be a better move for one's junior summer internship- IBD at a BB or consulting at a tier below MBB (e.g. Big 4, Oliver Wyman)? And what are your reasons for your decision? Thanks.
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Practically speaking, either internship would be fine, as the "prestige" of both positions is relatively similar. However, if you're really gunning for MBB, I'd probably recommend the bulge-bracket internship, just because it'd be easier to craft a convincing story for your interviews next year.
Think about it from the perspective of interviewing for full-time positions. While the work you do in a mid-tier consulting internship would obviously be more applicable for MBB, you'll also be faced with the unpleasant task of explaining why you didn't make it into MBB the first time around.
In contrast, if you work in investment banking, you can just claim that "I was initially interested in investment banking, but I've realized that if I really want to get a cross-functional view of multiple industries, I have to pursue consulting instead, etc. etc." The only difficulty with this path is making sure that you do sufficient case interview prep, in the time between when your banking internship ends, and when full-time consulting interviews begin. And of course, you have to be okay with the higher hours of banking vs. consulting.
I see what you're saying, but isn't it commonly thought that their internships are far more competitive than their full-time programs (due to the sheer lack of spots)? If this is the case, would they really hold it against you? I mean, even in banking, don't people move from say CS->GS, etc. all the time?
BB IBD will more prestigious and the story you can make out of it (as stated above) can be very convincing. I would say that would put you in the best position.
Personally, I would take the BB IBD.
I have run into a lot of people who accepted FT at MBB who had prior internships at BB IBD.
They used the 'I wanted to try banking and it wasn't for me' when asked why they wanted to go into consulting, everyone knows how competitive BB IBD is and receiving an SA offer is huge, so regardless of which one you choose I don't think you can go wrong. All the best!
Agree with the above posters. I actually went to tier 2 consulting (big 4) for my internship last summer, and I faced many questions during my FT interviews (especially in non-MBB firms like OW & ATK) on why I didn't stick with my company.
I was lucky to get an FT offer with one MBB, but I wouldn't recommend you to do the same as I felt it has closed many doors (especially non-MBB consulting firms) for me.
Are you US-based (if you don't mind me asking)? I have friends in Western Europe who did one or multiple consulting internships before applying for MBB full-time, and that was seen as a pretty normal way to get an insight into consulting and prepare oneself for "more prestigious" opportunities down the road.
I feel like the junior SA => full-time at the same firm tends to be more of a thing in the US than elsewhere.
I'm actually based in Asia. The point on applying to more prestigious opportunities is true - same practice here. The MBBs are generally fine with T2 internship experiences; not so much with other T2 firms like I mentioned above (I guess loyalty is valued highly).
This should be taken with a grain of salt as I come from a developing country though as the recruitment process might not be as standardized.
I am an analyst at a MBB. I definitely recommend the tier II consulting experience. When screening for candidates, we look for 3 things out of a summer experience: 1) demonstrated interest in consulting 2) relevant work experience 3) you actually made an impact. Tier II consulting would satisfy all of these things. The BB IB may be more prestigious, but interviewers are going to wonder why you decided to switch industries. Doing Tier II consulting is a much better story, no one cares if you didn't get MBB the first time around because obviously that's why you're interviewing for FT. Also, my office doesn't move up interview for IB folks so you'd prob have to burn an offer.
I agree with Commogram. Banking and consulting are very different animals. It is easier to create the story of how you love consulting, summered at a "tier 2" firm (this tier stuff is silly) and now want a bigger challenge. It is harder to create that you summered at a top BB IB, which meant you were really interested in banking, but now you want to switch to consulting. It just sounds like you are confused and just like prestigious names. I do a lot of recruiting at my firm and the story of being in consulting but want to step it up definitely raises less eyebrows. Oh, but unless you crush your case interviews, none of the above matters.
You'll be fine with either. If you did BB, no one would question why you're switching to consulting full time. We all know IB sucks. I disagree with comments above that this would raise eyebrows, and I do recruiting for MBB. We would see BB IB on a resume and assume that you have really strong analytical abilities and good networking just to even get a BB internship.
If anything, I would say go for BB IB internship because it's enormously difficult to recruit for BB IB as FT. So if there's any inkling you might want to stay in IB post undergrad, do an IB internship.
I want to second this. In particular, if there is any possibility that you want to do IB full time then you should stick with IB for the summer considering it is near impossible to recruit for BB IB FT. I made the switch from MM IB to consulting myself. I was asked (nearly every interview) about the switch. My story was along the lines of, "I didn't want to get pigeonholed into a specific industry/function (read: coverage/product group) this early in my career, and I was looking for a more intellectually stimulating culture". That seemed to work pretty well for me. I would speak about the attention to detail/work ethic/analytical skills that I picked up over the summer too.
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