I noticed many of the 2017 IB Summer Analysts who received FT offers turned them down for roles in Consulting, specifically Oliver Wyman, BCG, and McKinsey.
Can anybody shed light on this trend? It surprises me a bit given that there are fewer exits from Consulting and it looks like everybody and their mother wants to go into PE, at least on this site.
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There's never a clear answer to why an individual might want to switch. Some may have realized that they can't put up with the hours/lifestyle of IB but want a great job in which they can grow and learn a lot. Some may have realized that the work they were doing in IB was not as interesting as they had hoped and they have heard that the work in consulting is a lot more interesting and varied. Some may just care about prestige. If someone is working for a no-name boutique IB or a lesser known bank, I wouldn't be surprised if they switched to MBB, which are the top names in consulting, and the GS/MS/JPM of consulting.
That's true. I'm mainly referring to the kids interning at GS/MS/JPM though, have recently seen a bunch with "incoming analyst at OW/MK/BCG" or "incoming analyst at [insert mid or MF PE]".
MBB is a good path to PE and arguably more interesting work.
Not sure if it’s fair to say consulting leads to fewer exits. Just not the exits (PE/HF) that are a big focus on this forum. Consulting (esp the MBBs, OW) can open up PE opps (there are some shops that are very consulting friendly), along with strategy/OP type roles at large tech or F100 firms, or notable startups. Consulting probably opens up broader array of opps given skill sets and broader understanding by mainstream / wider audience.
Have known some bankers that made the switch to consulting either directly or after MBA. Though I’ve also seen the reverse. Could be people discovering what’s a better fit for their interests, lifestyle preferences, or grass is greener...
I agree with what you're saying. IMO consulting is probably much more interesting. Probably just as demanding in terms of lifestyle though considering the travel. Generally I don't see many consultants going to PE though, I might just not be looking at the right ones
Not as common as IB -> PE, but there are some consultants to PE. Some places are quite consulting friendly (generally ones where partners / sr professionals themselves come from consulting, or have had some ties with it like Bain Capital).
Then there are also some PE firms with strategy/in-house Ops teams that work with management to improve/grow their portco’s. Professionals in those teams are usually from consulting backgrounds.
I’ve never done consulting, but traveling + work is pretty tiring, and must get old quick. Being on a plane 1-2+ times a week doesn’t sound fun (probably pretty easy to get sick). Not quite the same, but I have a lot more meetings in my role now and find the disruptive stop-&-go nature with less desk time tough to get things done vs. longer, more predictable desk times at IB (where you can kind of get into a rhythm). I imagine what makes consulting more enjoyable is there seems to be greater emphasis on culture and team-building events, but maybe YMMV depending on groups/regions.
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