Hello all,
I'm new to WSO (I created this account a while ago, but never truly used it until recently), so my apologies if this a double post. I turned down a post graduate offer at a boutique investment banking firm to work at a large multinational consulting firm... Which I now realize is a mistake given my interests. I am confident in my ability to gain admission to a top 20 MBA program, but was wondering if anyone could provide advice or guidance on how to best prepare for a career in I-banking as a career switcher. Some questions I specifically had in mind:
1) What are the biggest differences between associates that were promoted from analyst positions and associates out of B-school? I understand some of the clear differences, such as lack of modelling exposure. Are there others that might not be as obvious?
2) For those who did make the transition from other industries to banking: What were some of the biggest surprises/challenges you experienced?
3) What qualities are important to have in order to be a strong associate?
Really appreciate any and all insights.
Curious to know as well. By the way, why do you think Consulting was a mistake-could you be more specific?Thanks
Overall, consulting was a great experience for my professional development. From what I know now, I would say the exposure to large companies and senior executives is nearly unparalleled (I do not know how this compares to banking). I work on a TMT M&A team for one of the Big 4 consulting shops, which allows for me to interact with the types of clients served by Bulge Bracket banks. I believe this exposure has helped me brush up my PPT and Excel skills (these were lacking during my senior year).
However: The type of work I do just doesn't appeal to me, plain and simple. Although my firm does win a small amount of the more "pure" strategy work on the buy-side of M&A deals, I haven't been on those engagements (those are reserved for a different group in the firm). Almost all of the work I've done centers around Operations and Tech integration, after a deal has been struck. I know the grass is greener on the other side, but I just genuinely miss working with financial models, and really would like the opportunity to advise clients on matters that aren't tech/operations/strategy focused.
Did you consider starting at the boutique and lateraling to a BB/EB? I know a couple alums from my non-target that did that.
I plan on doing the same if I'm not able to secure a BB/EB/MM offer by graduation
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