Switching from IB to Consulting
I'm a Canadian, and I just finished a year of IB at one of the big 5 Canadian banks; however, I'm looking to switch to consulting. Is it better to try to recruit in September or wait another year until I have finished my two years? Would MBB prefer to hire somebody with one year of banking experience or two? If anybody has made the switch or know somebody who has, any tips / insight would be appreciated.
Fellow Canadian here, working in consulting.
If you are planning to switch from IB to consulting, don't wait another year, do it now. Particularly if you are looking to get into MBB, a year of IB experience is good and 2 years won't make your application standout anymore.
Additionally, if you do make the switch, they would want to start you off as a first year analyst/associate consultant so the earlier you switch the better. You might think perhaps after 2 years in IB you can gun for associate/consultant but that transition would be very tough w/o first getting an MBA.
Regarding timing, most MBB firms take a small number of experienced hires all year round when good candidates are referred to them. It's not easy to lateral in at this point and the process isn't as clearcut as undergrad recruiting but networking with the right ppl at your targeted firms can definitely go a long way.
Hope this helps, feel free to PM me .
Awesome, thanks for the advice. That makes sense; sooner is better!
Yes, Six4seven is right.
You should apply now instead of waiting for another year. But you will start as a first year analyst.
Another option if you have time (and money), it is to complete your 2nd year in your bank and apply for an MBA. It can be a one year MBA at Insead or Kellogg. You will then be eligible to be hired as a first year consultant and not analyst !
You can PM me too if you need anything.
IBD to McKinsey / Bain? (Originally Posted: 08/11/2011)
Rising senior here, I've summered the last two summers at bulge brackets and have gotten a very strong experience. I've been branching out a little after this summer looking into other roles (corporate development, strategy, management consulting, startup, VC, PE, HF, etc). My question is, with a strong resume and multiple offers in hand, is it possible to pursue accelerated interviews? My uni is very finance-oriented and even though a lot of kids do go into consulting, my network at M/B is very limited due to the fact that I plunged headfirst into finance. How would I go about approaching this? I'm debating online resume drop just for the hell of it but don't want to leave the chance of getting autodinged by a computer.
I'm curious about this as well. Would you need an MBA to make the switch?
What do you mean by "accelerated" interviews? If you mean skipping first round, I think that's probably out of the question - rarely happens for people coming directly out of undergrad / grad programs, and being a good banker / having banking offers doesn't necessarily mean you'll be a successful consultant.
Does your school have on-campus recruiting? If so, I would definitely try to sign up for those - online resume drop should be a last resort. Also, anyone from your finance network that you can leverage? Maybe someone who made the opposite switch, or a mentor who knows someone at MBB you could talk to?
Also, random question - WTF does "rising" senior mean? I keep seeing people using this term and have no idea what it's supposed to indicate.
Rising senior means they are in between junior and senior year. When summer ends, they will be seniors on campus.
Accelerated means earlier than usual so they can make a decision on the offers they already have. They don't get to skip any rounds.
I don't think it's too late. Speak to consultants (doesnt have to be MBB), but talk to consultants in any company that you can find- usually, they will forward your resume or refer to someone within another company if they have a friend or colleague there. Also, speak with your profs- usually profs are highly regarded within the consulting industry (mckinsey is widely known for this) and they can really help your case by recommending you to someone.
All of MBB have a process for dealing with this. They get people with exploding offers a lot. Email the recruiters and they will help you through the process.
One thing, I had friends who had IBD offers that had like two dates. One for an extra bonus (end of Aug.) and one for no bonus (end of Oct.) Most of my friends who wanted to do consulting elected to forgo the bonus and go through regular recruiting, as opposed to accelerated.
BB IBD to MBB Transition - How hard/easy would transition be? (Originally Posted: 04/26/2010)
So lets say you work in a top 5 BB (not GS/MS) in the IBD division for a year or two and want to move to consulting MBB. How hard/easy would that transition be? Harder than MBB to IBD? your thoughts please.
Interested in this as well. Thanks.
with top MBA not difficult, know several people who've done it
trying to lateral as an experienced hire--eg going to post MBA position probably would be pretty difficult
I meant without an MBA. So 1-2 years in IBD and then lateral for a 2nd/3rd year Business Analyst position.
i think it's easier than going the other way. i knew several people at my old firm who did exactly that, and most of them did not come from top tier BBs. The issue is that M/B/B will likely push you down a year, so if you did 1 year of analyst, they'll make you start as a first year associate; if you did two years, they'll make you a 2nd year associate.
bump
BB IBD to MBB Transition - Work in a top 5 BB (Originally Posted: 04/22/2010)
So lets say you work in a top 5 BB (not GS/MS) in the IBD division for a year or two and want to move to consulting MBB. How hard/easy would that transition be? Harder than MBB to IBD? your thoughts please
bump
my previous interviewer was an associate at UBS LA when Moelis was still running the show. He went to consulting @ MBB, only to be appalled by the 2 week deadlines which would usually be expected to be completed overnight in banking. He left and joined a regional firm so that he could have a larger share as VP...
I've heard it's easy and suddenly, you get work/life balance... haha
IBD ---> Strategy Consulting w/o MBA? (Originally Posted: 12/20/2011)
MBB is very picky about pre-MBA hires ... they look for candidates with top grades and SAT scores from top schools. To be honest, it will be very difficult to get into MBB without going back to a great school for your MBA... I'm at an MBB and I'm not aware of any of our pre-MBA consulting staff that came through anything but the on-campus recruiting process. Post-MBA roles are a different story -- lateral hires are rare, but they do happen and there are several in my office.
Not sure about some of the tier 2 firms, though.
I had a feeling that was the case. I figured MBB would have to be a post MBA endeavor.
Does anyone know about the tier 2 firms?
i know a lot of people from FMP at GE go into deloitte so im sure you could do the same ...
IB Associate to Consulting (Originally Posted: 02/21/2012)
Does anybody know how would a move from BB IB Associate (1st year post MBA) to MBB Consultant look like? Would MBB recognize 1yr spent at the BB and possibly lateral the person to 2nd year Associate? Any other insight?
if i had to roughly guess id say no
Why would you want to move into MBB? I'm curious why you didn't just go the Consulting route after your MBA.
answer is no
Not hard to do esp so soon out of MBA. Did you go to a top mba, if you did just leverage your network you must have friends at MBB, update and prepare your resume and circulate internally, you'll definitely get an interview and after that it's all case prep.
Network, Network, Network
It won't be a question of your ability, but you'll have to have a pretty good story for why you want to switch. This is kind of like transferring in D1 football or basketball. You made an informed decision to go one way so the consulting firm will probably want to know why the switch, especially after only a year. Why will you be committed to consulting if you only lasted a year at the BB?
As far as lateral to 2nd year Assoc, from what I've seen this would be next to impossible. It's probably better for you starting as a 1st year anyway since you won't be as pressured to move up right away.
Hahahah, lateral to a 2nd year associate. Hilarious stuff. Hahahaha. Pay your dues bro.
Switch from BB iBankign to McKinsey -- good idea or not (Originally Posted: 10/13/2010)
I'm at a BB bank now, hating life
I have an offer from a McKinsey partner who I know from family connections
Should I take the job, move from Chicago to Boston?
yes
yes
It's a good idea if you want to be a consultant over an iBanker at your firm. Given your hatred of your BB, I'd say it's a great idea. No such thing as the best path to everyone and, as Epicurius said "it is not what we have, but what we enjoy, that constitutes our abundance." In short, you're gonna get a good salary either way, so might as well do what you enjoy.
depends if you like Boston...and you don't mind going back at least a year (assuming you just started at the BB) because I assume you want start at McKinsey til next year, if that's the case it'd be only one more year before you could leave the BB. (I also think everyone kinda says that the 2nd year analysts are a lot better off than 1st years, so that should be factored in as well)
If you can leave for Boston right now I suppose that'd be a different story...
tooo lonnnng
if you want to make 50% of your current all in comp in a more expensive market... go ahead and become a consultant
no offense, but troll?? 3 random posts at once.
none taken, i just don't know where you get that
i'm a career switcher, professional gambler and love talking the talk
what do you do
ok. im a student so take what i say with that. like I said if you have to wait to join McKinsey's 2011 class then it really doesn't seem worth it. If you don't maybe, but like someone else said you'll still be taking a fat pay cut and Boston is alot more expensive than chicago.
Post-MBA Investment Banker to Consulting? (Originally Posted: 06/11/2011)
I am entering a top-tier MBA program this fall and will be pursuing investment banking. My background is from a non-target school, 3 years of business development, and 1 yr of start-up experience.
I understand that career changes and exit opportunities become limited as you progress in post-MBA banking. Is it possible to transition to an M&A advisory group in a top consulting firm after 4+ years of associate/vp experience?
What are the typical backgrounds of senior people in the M&A consulting groups?
Question: Why not just do consulting post MBA rather than IB?
My current passion is finance and I plan on making a career in banking, but am looking ahead into the future should my desires change. I want to be able to position myself in a place where I have options.
Consulting is certainly an appealing path, but I would only see myself stimulated from an M&A advisory perspective. It seems like a nice transition from the sell-side, and could also offer greater geographical flexibility.
Sorry I can't help on your direct question.
I think you'll be OK. It's just a matter of networking diligently. I'm also attending a MBA program (but this fall) and am interning at a top consultancy.
Network with the big players in M&A Advisory (Bain, McK, Deloitte). Easier to go from banking to cosulting than from consulting to banking.
Quick Q tho: why switch?
bump
does not sound like your passion at all.
Is it hard to go into consulting FT if I'm a banking SA? For reference I'd be shooting for MBB/Deloite, my current internship is at GS/MS/JPM but in a non-M&A/Coverage banking group. Think very specific work but spanning a large variety of clients. I go to a decent target for banking but a core school for the consultancies I named and a host of others.
To be honest I didn't want to do banking really, just sort of fell into it after not getting even an interview from a top consulting firm. Didn't like the feel I got for the boutique consultancies either. I've heard going from consulting to banking is damn near impossible (without getting an MBA) but the reverse is easier; that said, I'm very concerned about the possibility that I don't get even a FT interview with a good firm like the last time around. The more I work the more interested I am in staying in banking, but this is something I need to figure out for myself ASAP.
First of all, MBB doesn't recruit much out of undergrad. BCG and McK employ the pyramid model where they're heaviest at the post MBA level. Bain is different. Still, breaking into those three is very tough unless you're at a targeted school - Stanford, H/Y/P, Wharton. If you're anywhere else, it's a much steeper hill to climb.
Deloitte's consulting reach spans several other schools (including lower-tiered programs like GA Tech for their ATL office).
So if you're set on consulting, don't set your sights on only M/B/B. And to move to consulting from banking, it can be done and it happens all the time (I did SA at MS and then worked in consulting at a consultancy). Just a matter of driving home the reasons why you're switching (like to travel, like breadth of experience/clients/work, exits).
It's MUCH harder to go from McKinsey SA to a bank. I've never understood why, but they're much more loyal to kids who've worked in finance their junior summer.
How to get into consulting with IB-oriented background? Europe only (Originally Posted: 07/05/2015)
Hey, everybody,
Just a small introduction: I have a very IB background - school, extracurriculars, network, knowledge, internship. I was planning to do my msc degree in a top French school and apply for London IBs as an analyst. This summer I got a top consulting firm internship in my country (it was very unexpected as I did not prepare for it or desire it), but I really liked the job. I don't want to stay in this firm though, as it has an extremely limeted expertise in my country. Now I am considering to try to apply to consulting as well (both London and my home country).
Am I allowed to apply for two or more offices? Is it possible at all to become a ba with my background in London when applying from France? Do they pay the flight and housing expenditures for the interview time? What kind of preparation do they require in London? - I am pretty sure, that my home country has different demand type. What is the best way to prepare for interviews? Is giving up IB worth it?
I am sorry for the long story, but I would really appreciate any help, as currently I feel like an outsider and I literary know nothing about consulting.
Depends what's your home country? Are you EU national ? undergrad school?
Not EU national, top undegrad school in my home country (50/50% go to top consulting or IB), low average GPA though (3.4). I doubt that many people in London know about it (I know no alumni in London consulting, plenty in London IB).
Just a thought. If you want to work in London why not come to London university for masters?
Somewhere like LSE or UCL would be better then going to France.
I got a scholarship in France and it turned out to be almost 2 times cheaper than LSE/Oxford. Moreover I wanted to improve my French.
If you are a non-eu citizen and you're applying for a fresh grad role, it is almost impossible to get a tier 2 Visa now. If you're are interested to work in London, you have to do a masters in a British University as you would be eligible for the unrestricted work Visa which does not have a quota. If you decide to go for the french institution, your chances of a work Visa in London is extremely slim, even if its a top tier consulting firm.
IB Summer --> Consulting FT (Originally Posted: 12/30/2011)
In Sophomore year, planning for junior.
MBB only take a couple of students for the summer. If i focus on consulting, chances are I'll have to settle for something less than MBB.
In comparison, BB and MM IB's take more students for the summer and aren't as competitive.
Would it be smart to focus my efforts on getting an IB gig come Junior year, and then switching gears to consulting for FT?
I don't know much for MBB, but I think both of them are very competitive. If I were you, I would focus on MBB more because that is your long term goal. just my $.02
I did IB during a summer and consulting firms (MBB and the like) I had interviewed with for internships were in contact with me throughout that summer, basically trying to keep in touch and make sure I was still considering applying for their FT position in the fall. This happened to several of my friends, so I would possibly expect something similar if you do IB SA.
Given your position as a soph, however, I would focus on something this summer that might give you a taste of either what IB or consulting would be like. That way you can focus on one or the other for SA recruiting, and be confident that you have a good chance of enjoying the internship experience. If you do one or the other for SA and don't enjoy it and would rather go a different direction, that experience is still good to have on your resume.
Did you have any offers from the consulting firms you interviewed at for the summer? I ask because, if they offered you a job and you rejected for IB, i would imagine they would hold a grudge and not bother with you for FT recruiting. Is that a fair assumption?
I would apply to both and see the best offer you can get. A summer internship in either will be helpful for you, especially in deciding whether you actually want to do consulting or IB.
I did it. MM IBD SA -> Tier 2 consulting FT. It's not a problem, just have a good story.
If you don't mind me asking, what was your story? I just want to get a sense of what they would want to hear from you.
GS/MS IBD to M/B/B and vice versa (Originally Posted: 10/07/2010)
Hi everyone,
I am in the lucky position to choose beteen FT offers from GS/MS investment banking division and McK/BCG/ Bain. Now, I am not really sure which one to take, given that I have no finance experience at all. In fact, I was quite surpised that I was considered for BB interviews, as I am a science graduate.
To be honest, I initially applied just because of a vague interest and out of a kind of a narcistic attitude, because IBD is considered "prestigious". But when preparing for the interviews, I found corporate finance and accounting to be very interesting for me. But, as explained, apart from what I learned from my interview partners, i have no real experience.
In contrast, I have a good grasp of what a consulting job would actually be like due to internship experience.
Therefore, my curiosity kind of tells my to "try out" banking and to see if it is really for me. That does not mean that I did not like consulting, I definitely consider that as an option, but I feel that in case I take the consulting offer, I would somehow feel an "itch" of not having tried out finance.
So, how much flexibility is there between banking and consulting at the top firms? I know that B-school is often a track for consultants to become associates in BBs afterwards. (However, here in Europe, B-school is much less common both in banking and consulting). But does ist also work the other way round? Is it possible to make a move to M/B/B after 1-2 years experience as a BB analyst, and then maybe focussing on their respective corporate finance practices?
Secondly, wouldn't a combination of consulting and banking experience (1-2 years each) be the superior track record for PE (having both modeling and operational experience)?
Thank you very much for your comments.
From the comments I've seen on this forum, and seen what consultants do in real life, it seems rather wishy washy.
i would take any position from GS without hesitation
I agree with bearstearns3. GS is EXTREMELY prestigious despite its shitty reputation on the street. You'll be able to jump into PE with the modeling experience you get from GS, no problem. Consulting to PE is much harder and will require a significant amount of networking, even coming from McKinsey, Boston Consulting Group, and Bain & Co....
Just remember, you can't pay for business school with Starwood points ;).
If corp fin interested you and consulting didn't really why not go banking?
although from what i heard M/B/B is arguably more prestigious and better for business school than Goldman IB, this is a banking forum so people are biased. and they place very well into certain PE shops (bain cap etc.) though not as well as banking
If I were you Id take the MBB offer. You will have PE exit opps that are comparable to non-top groups at GS/MS, better chances at business school, and most importantly you can go to banking as an associate after B-school if you so desire without enduring the 2 years of analyst hell
Operational experience at a consultancy?
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