Poor deal flow IB stint to MBB possible?
I work at an international bank in a coverage group. The experience hasn’t been ideal largely from poor senior banker performance, which has led to them lashing out more often and it just trickles down and makes the atmosphere not very pleasant since everyone is getting chewed out from top to down. Kind of ruined my entire view of banking and high finance more broadly (IB-adjacent and buyside roles don’t look appealing). I was talking to some of my friends in consulting at various MBBs and the work does seem more appealing than banking and not having to work with the same people permanently is also somewhat of a pro to me too. I know this is probably me having “the grass is greener” view on things but I know for a fact I don’t want to continue to do banking into the associate level anywhere and PE is more of the same in terms of work, which I just don’t find appealing anymore.
My issue is that I don’t really have any deals to speak to on my resume besides a couple financing-related transactions (that our product partners take the lead on) and I just want to see if this will hurt my chances drastically. I am in an industry that I would say is unique and can definitely speak to it and various pitches and bake-offs where I did acquire skills, but again no impressive deals at all (No M&A or IPOs live or closed). Any advice would be helpful.
Transitioning from a less-than-ideal IB stint to MBB is definitely possible, even with limited deal experience. Based on the most helpful WSO content, here are some key points and advice to consider:
Leverage Your Industry Expertise:
Your unique industry experience can be a strong selling point. MBB values candidates who bring specialized knowledge and can speak intelligently about their sector. Highlight your understanding of the industry, the strategic insights you've gained, and how these can translate into consulting work.
Focus on Transferable Skills:
Even if you lack significant deal experience, emphasize the skills you've developed in pitches, bake-offs, and client interactions. Skills like financial modeling, problem-solving, client management, and teamwork are highly valued in consulting. Frame your experience in a way that demonstrates your ability to tackle complex problems and deliver results.
Craft a Strong "Why Consulting" Story:
A compelling narrative about why you're leaving banking for consulting is crucial. Based on WSO threads, MBB interviewers often look for a clear and authentic reason for the switch. Highlight your interest in broader business problem-solving, the appeal of working on diverse projects, and your desire for a more collaborative and dynamic work environment.
Networking is Key:
Many successful transitions to MBB involve strong networking. Reach out to your friends at MBB and other consulting firms for referrals and advice. A referral can significantly increase your chances of landing an interview, especially if your resume lacks traditional deal experience.
Prepare for Case Interviews:
Once you secure an interview, your performance in case studies will be the deciding factor. Consulting firms place a heavy emphasis on case interview skills, so invest time in practicing and refining your approach. Your background in IB should give you a solid foundation for the analytical and quantitative aspects of case interviews.
Address the Lack of Deals Proactively:
Be upfront about your limited deal experience but frame it positively. For example, you can explain that while you didn't close major deals, you gained valuable experience in client-facing roles, strategic thinking during pitches, and understanding industry dynamics. Show how these experiences have prepared you for consulting.
Consider Post-MBA Opportunities:
If you're planning to pursue an MBA, this can be a great way to reset your career trajectory and position yourself for MBB. Post-MBA roles at MBB are more focused on leadership potential and problem-solving skills rather than specific deal experience.
In summary, while the lack of deal experience might be a hurdle, it's not insurmountable. By emphasizing your industry expertise, transferable skills, and a strong "why consulting" story, you can position yourself as a strong candidate for MBB. Networking and case interview preparation will be critical to your success.
Sources: Transitioning from Tech Sales to IB, Unhappy at MBB, Private Equity to Consulting Switch, Checking in 6 years later [IB to MBB transition], Math PhD to IB (M&A)
I don’t actually know for sure. The ex bankers who pivoted to consulting came from either an MBA program or a lack of deal experience was not an issue for them. My best guess is that it’s most likely not a dealbreaker issue like in buyside recruitment. However, it may look like a negative since the bulk of learning comes from running a live advisory assignment process. But if you can speak to your experiences, which it seems you can do and all your other aspects of your application are strong, you will definitely be competitive in my opinion.
Bump
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