London PE exit opps - US BB in Europe vs. MBB London
I have an offer from a US BB (GS / MS / JPM) in my European home country, which is a very strong office for the bank (think Paris / Milan / Frankfurt). However, I am also considering a career at MBB in London. My long-term goal is to pursue a career in PE / Growth Equity at a large fund in London.
Normally, I know that the banking route would be a clear winner but I'm not so sure given that the offer is for a European office. I'm guessing that funds place a discount on experience from Europe and headhunters might not be as willing to put you forward in processes. I also suppose it will be a logistical nightmare to recruit for London when you are situated in Europe and have to travel for 10+ interviews per fund while working 80+ hours a week.
Would accepting my BB offer in my home country or pursuing a career with MBB in London best set me up for a career in PE in London?
People from continental Europe who manage to make the move from banking to London PE tend to be women because they leverage diversity recruiting. Would go with MBB assuming it's McKinsey / Bain or relevant group at BCG (private equity consulting for instance).
Very helpful information, thank you! What makes you pick McK and Bain over BCG? I was under the impression that the three were very similar in terms of exit opps.
That exists in europe too?
I would add here FYI that when applying to MBB, you will normally be redirected to the office in your home country unless you can explicitly give a reason that you should relocate to London e.g. links to family, study etc.
From experience, I had a friend who came to the UK to study from his home country. He placed London as his first preference for all firms but they moved him to his home country or other countries where he was native in the language (parents were of different backgrounds). I assume it was to free up capacity for the London office and give him a chance elsewhere. I'm just saying that for your information so that it doesn't shock you later down the line.
Source: Talk with a MBB HR rep. last week.
Also would add that casing is very different to BB work so be prepared for that too since it's a completely different realm of interviews.
Yeah, competition for MBB in London is completely ridiculous. Level of competitiveness is much lower for other European offices so many people will not get an interview at the London office. I have studied in the UK and am also allowed to work here so demonstrating a connection to London shouldn't be an issue.
Totally agree - I feel that they force their own hands and give the majority of places in London to candidates who are immobile to go anywhere else. 80% of my friends who were international students had their applications re-routed elsewhere when they got interviews. Of the remaining 20%, I think only 10% got an offer in the end because of the high difficulty of interviews.
It probably wasn't even like that in the past since I knew a former McKinsey partner who moved from NY to London with ease but probably won't happen as easily today. I know also that a lot of MBB competition in London is now being driven from the US, yet from what I was told, those applications will most likely just get sent back to the US to free up capacity.
What do you think abt Clearlake Capital as a fund
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