As the title states - would be grateful for advice and opinions on which to take. Both full-time offer at the MBA associate level. MBB is Bain in their PEG group and CS in m&a. Is there a material difference in brand value between the two?
Does this differ between NYC and London? Ultimate end goal is flexible on staying or if exit to PE.
Thanks!
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Interesting that Bain hires directly into their PE group at the post-MBA level. Is this for the generalist consultant position? If goal is PE, CS is by far the better choice. Although Bain PEG will probably get you the best chances to PE from consulting, it is still much much tougher than transitioning from BB IBD.
It’s the same path as the generalist mba program but the opportunity came up to go directly to PEG.
Why do you say CS is much better for PE than Bain PEG? I’m concerned CS is becoming less of a target while Bain is a much stronger brand / market leader in PE.
Not sure about where CS ranks among the BB in terms of PE placement but I know that certain big-name funds (ie. Blackrock, KKR) won't even look at you without IB experience. AFAIK, the Bain/Mck to PE path has gotten more popular recently but even for the consultant-friendly funds (Bain Cap etc.) the majority of associate hires are still from IB. Since you are joining at the post-MBA level, I also don't know if you would be able to recruit on-cycle since the headhunters target mostly AC/BA level consultants.
I will offer a different perspective:
Geography is key, exit opps will widely differ based on it. So will try to provide an honest view based on the combination of role & location - note that I am based in Europe if it wasn’t clear enough with my user name and in IB.
US IB: CS is a BB but middle/bottom of the pack and all EBs are better. Options for MBA asso are: try to go for MD, CorpDev, FP&A, MM PE at best or at least I wouldn’t really count on something else (all the UMMs/MFs have very structured programs to get in and MBA IB associates don’t fit in there). You also have all the classic finance options of search fund, startups etc.
European IB: basically same as above - yet I have seen SOME MBA associates move to UMM/MF PE and HFs, that is because associates here as seen more of an experienced analyst than someone that is already in the potential MD one day bucket as most associates are in fact A2A. CS seems to also do better in Europe than the US and has some historically strong exits.
Bain US: surely some other posters would be able to provide more insights about this. But I’d argue that this may be the role with the broadest exits (not sure if the best though) due to the strength of the brand name in the US, covering jobs across industries from an operational AND financial - although very few consultants want to exit to FP&A (and I understand them, copr strat is more appealing). Same comment for PE exits as for US PE.
Bain Europe: bain is still one of the MBB, and very strong in PE, but the two others have much larger operations here. Would argue that if you are dead set on PE this could be the best role, as except few PE funds (KKR/Bx) most funds do hire consultants with some having a strong preference for consultants (H&F, Bain) and in Europe PE funds hire when they have to hire someone that has 1-5 years of work experience in their field for their associates role. This only means that you may have to go back in seniority equivalent but that’s about it. For post MBA, funds seem to be most open to consultants as well. Now Bain Europe is sure still one of the MBB, but not as strong as the other two, so corporate exits may not be as strong as in the US.
TLDR: all roles are great ones and set you up well for a good career, it comes down to 1) where you want to be (don’t underestimate cultural differences and making new friends at 30~). 2) what you see yourself doing in the long run/how much optionality you want to have in case you don’t know yet what are your plans.
hope this helps - typed on my phone so sorry for poor formatting/structure it’s just what came up my mind! Happy to answer any specific questions in PM if personal, but if generic and can help other users would rather stay in this thread for the greater good!
Really insightful and relevant comments. Thank you so much! If you don't mind me asking here, curious on your perspective between Bain vs CS (if PE exit isnt the end goal)?
Also I realize you have a very good summary of EU IB but if i may ask, whats your current view of best groups at CS (between M&A vs TMT?) in London
Well as said depends on geography - would say in the US bain>CS in Europe CS>= Bain. Note that also in the US consulting is much bigger and 'respected' than in Europe.
Both are good group - know someone who interned at CS TMT and said MD's didn't give a fuck about you so take that for what you want. Sponsors/LevFin are the best groups if PE/Credit is the goal, if CorpDev/Industry M&A/TMT are likely better.
My take is certainly biased towards consulting, but will give it a go anyway. I would put a lot of diligence into how possible it is to exit to PE post-MBA IB associate. I don’t know as much as a lot of people on here but my understanding is it is nearly impossible at a UMM/MF.
With that being said, if you are restricted to a LMM shop, Bain would likely be just as possible if not better due to brand recognition (not to mentioned LMM tend to be more operationally focused). Outside of PE, Bain will also give you a much wider set of options.
From an undergrad perspective IB is a clear winner, but I think the advantage is almost entirely lost coming from post-MBA, so I’d think long and hard about which job you’d prefer to do. This is especially true if you are thinking about sticking around long term.
Thank you for the helpful comments. Curious would Bain post MBA sort of brand you as the value creation guy as opposed to being able to execute deals/model? etc
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