Starting third year at SS BB ER under a top-ranked analyst in TMT. Have had opportunities to interview for the pods as well as explored corp/IR roles and essentially go along the well-trodden path.
Has anyone been able to make the switch to management consulting? How do you frame the ER skill set for suitability to consulting?
Was considering pitching it as the ER role is that of consulting for our clients on a more continuous basis.
Open to any criticism or insight.
Based on the most helpful WSO content, transitioning from sell-side equity research (SS ER) to management consulting is definitely possible, but it requires strategic positioning of your skill set. Here’s how you can frame your ER experience for consulting:
Position ER as Continuous Consulting: Your idea of pitching ER as "consulting for clients on a continuous basis" is spot on. Highlight how you analyze industries, provide actionable insights, and guide decision-making for clients. This aligns well with the problem-solving and advisory nature of consulting.
Emphasize Analytical and Strategic Skills: Consulting firms value strong analytical capabilities. Showcase your ability to dissect financials, assess competitive landscapes, and develop strategic recommendations. If you’ve worked on thematic reports or sector-wide analyses, these can demonstrate your ability to think beyond numbers and into strategy.
Highlight Client Interaction: If your ER role involved significant client interaction, emphasize this. Consulting is client-facing, and your ability to communicate complex ideas effectively to clients will resonate with consulting recruiters.
Sector Expertise: Your TMT (Technology, Media, and Telecom) expertise can be a strong selling point, especially for consulting firms with a focus on TMT clients. Position yourself as someone who can bring deep industry knowledge to their team.
Behavioral Storytelling: Be prepared to answer "why consulting?" and "why now?" questions. Frame your transition as a desire to broaden your impact, work on diverse problems, and engage in more hands-on implementation of strategies.
Networking and Mentorship: Leverage your network to connect with consultants who’ve made similar transitions. Seek advice on tailoring your resume and preparing for case interviews. Sharing aspirations with mentors can also open doors.
Case Interview Prep: Consulting interviews are heavily case-based. Start preparing early by practicing frameworks, problem-solving, and structuring your thoughts. Resources like WSO’s consulting prep guides can be invaluable.
Remember, consulting firms value diverse backgrounds, and your ER experience can be a unique asset if framed correctly. Good luck!
Sources: How to transition from Technology Consulting at a Tier 2 into MM Private Equity?, Feel Trapped, Exit Opps From Sell-Side ER?, Transitioning from tech to a serious finance job (yes, you read that right), Q&A: I grew up in Consulting and reinvented my brand 3 times, Q&A: Managing Director at Large Global Asset Manager
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You gain a great macro view of a sector in ER, and one of the tools you can use more than competing candidates is being able to draw ideas and strategies from a variety of companies that you follow closely. For example, what strategies are the leaders in your industry/coverage doing that you find really compelling, and think other firms should replicate? Why are one firms margins so much higher/lower than peers?
Try to expand your skillset from just thinking about the impact on stock price, to thinking about the long-term business and industry. You have to be able to take those macro views and think about how to apply them to the micro. Example: margins are lower for this company vs. industry, but why? What can they realistically do to bring them up? Is there an alternate strategy here (ex. Focus on higher volumes, growth, etc.)?
I think ER->Consulting is doable, but you might be limited to your current sector/sub-sector at first given that’s where you have the most expertise.
I think you're overcomplicating it. The MBB firm doesn't care about your deep industry knowledge. The job is all about acquiring "just enough" knowledge about new industries quickly. Just enough so you're able to confidently present your storyline to clients.
You'll get an interview if you have brand name academics + brand name bank experience and your resume demonstrates success/achievement. How you then get the job is what you learn from the consulting interview guides. Hint: Your industry knowledge does not matter.
Your first project could indeed by in the space that you're familiar with (easier to get staffed as a rookie if your client understands your past work experience ... given you're pretty much useless to the team otherwise, before you have developed your consulting toolkit).
But it could just as well be something completely different. Two projects in luxury goods, and you're a luxury goods expert.
MBB has industry and function based practices, and it is possible to recruit to a specific one. They also have industry specific research arms.
Having experience in that sector can certainly help break in or at least network, but you’re right that it isn’t everything (I.e. you still have to practice your cases).
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