Is it realistic for me to lateral from Boutique IB to Consulting
I am currently a 2nd year IB Analyst for a boutique bank (sell side M&A with a specific industry group focus). My reviews were good and I have good relationships with my team.
I made it to the case study / superday for 2 PE shops and after further networking with associates, I realized I just do not have much interest in being an investor - I find my long term goals to be operational, ideally for a F500 working towards executive roles (my dad is a C suite for a public company so I have an idea of what that looks like).
Also, I really appreciate the social culture that I've observed in consulting shops (my best friend and roommate is at MBB and I've met a lot of his friends at work, along with another friend at a Tier 2 shop).
I want broader exposure beyond just sell side M&A, and I want exposure to more industries. I also find market work more interesting than just running valuation and working with shitty private company operating models.
I was thinking doing 3 years in banking, an MBA, and then consulting, but is there any shot I can aim for MBB or Tier 2 consulting out of my current position? I plan to do the same approach I used for banking - compile a broad list of ~100 contacts and try to network with as many as I can to learn more about the day to day, the interview structure/process/timeline, and work from there. I really feel like I would thrive and grow more personally in the consulting environment versus banking, and at this point I am well acquainted with the banking lifestyle (keeping your laptop on you 24/7, etc).
I would love any tips / thoughts from you all who are in consulting or who have made the move from IB to Consulting.
Also my bank comps very well and I know consulting would be a pay cut but I am more than ok with that if I could actually enjoy the work that I do and the people I spend time around. I also had a non traditional path to banking (recruited full time without an internship), so I have worked around this kind of hurdle before to some extent.
Thank you!
Based on the most helpful WSO content, here are some insights and tips for transitioning from Boutique IB to Consulting:
Feasibility of Transition:
Pathways:
Direct Transition:
MBA Route:
Tips for Transition:
Considerations:
By following these steps and leveraging your existing skills and network, you can increase your chances of successfully transitioning from Boutique IB to Consulting.
Sources: Q&A: I grew up in Consulting and reinvented my brand 3 times, Lateral IB Analyst to Consulting, LDN: Lateral from Tier 2 BB to T1 Boutique?, From trader to consultant, https://www.wallstreetoasis.com/forum/investment-banking/do-i-stand-a-chance-in-investment-banking?customgpt=1
Bump
Candidly I think MBB might be tough from a boutique unless you go to HSW. I haven’t met anyone from a boutique but plenty of ex bulge brackets at my MBB.
I think Tier 2s should be quite doable. It sounds like you have a beginnings of a convincing story about why the jump to consulting and you sound like you have a good head.
I would: - Try and get into the best B-school possible - Apply everywhere and see what sticks, as with banking a lot of this is luck
This may be controversial but I think you’ve got to play the hand you’re given. Your dad is a CXO at a public co, I imagine he has worked with MBBs before and knows SPs/Ps (or at least has colleagues who do). Get in touch with them and ask for their guidance / referrals. This may be the help you need to get through the CV screen (which is the stage you will struggle with otherwise). Bonus points if the P/SP works in the same sector as your boutique bank - you can impress with your views on the sector. Then just prep cases well and you should be alright there.
Again, the only time I’ve seen this actually working is for Olympic level athletes / world class musicians with prominent parents, but it’s worth a shot.
Sounds like MBA to MBB is more the realistic way in, but is there any downside in trying to get myself in prior to that?
I wish I realized what I wanted to do 2 years ago, but I just didn't have the perspective while I was recruiting out of college about what I saw myself doing long term - PE at the time sounded very nice. I really believe corporate operations is the environment I'd succeed in having had more time to reflect on it now.
Yea my dad's firm is currently engaged with an MBB and does projects with them pretty often, he's COO so I'd say works pretty hands on with their team, which could be a good means to get talking with them.
Thank you for the insight. Also my Boutique has engaged 2/3 MBBs many times for sell-side diligence (well the sponsor we were working with did at least) so we do have some reputation with them for what its worth.
No downside to trying before that aside from maybe the level you come in, but it does depend on how well known your boutique is. Use LinkedIn to check if anyone from your boutique successfully transferred. Bear in mind MBBs aren’t in the same mindset as they were in 2022; the bar on target colleges/ previous companies has come back (at least at my MBB)
Would say 1) try and apply/ get in as an experienced hire. You may need to join as a BA if you have less than 2YOE. Leverage your dad’s connections (P/SP level is really the only level that matters). 2) Apply for top MBAs
Side note 1: working with an MBB on a DD is not a guarantee that your boutique meets the internal recruiting bar.
Side note 2: compared to banking, MBBs prioritize MBA/ undergrad hiring and experienced hiring is normally used to plug ad hoc skills gaps. There are fewer skills gaps given post-Covid so experienced hires are less common. Also, thinking about the medium term, if you join without an MBA, you will be the ‘banking guy’ and will probably be tapped to work on financial services or DDs unless you get lucky / kill your first study and develop sponsors in another sector. If you want to try e.g. group strategy for a consumer health multinational, this will be tougher as an experienced hire.
Yes, little tough at first to network, but all it takes is a few associates that believe in you to push you through. The case prep is absolutely necessary however.
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