IB to MBB Switch As A First Year?

"I will be beginning work at a coverage group in a top investment bank in a couple months"

"or do I apply as an experienced candidate, assuming I will have around 1 year of experience in banking"

You cannot apply as an experienced candidate because it is experience at the time of applying.

Bumping

Some thoughts and advice below -

• I would really keep an open mind about staying in banking. Unless you want to be a career consultant or are thoroughly uninterested in finance/mkts/deals, there are few good reasons to make this transition
  • The banking skill-set is Excel and PPT (split depends on indiv circumstances and deals but maybe 60/40 on avg in favor of excel) and the consulting skill-set is mostly PPT with limited excel (maybe 80/20 on avg in favor of PPT). Further, the knowledge base built in banking (what an LBO/M&A/IPO/HY deal is and how it gets structured, why asset prices move the way they do, how money and credit work, etc) is much more powerful than consulting (mostly generalist problem solving + abstract strategic thinking that any smart person could do w/ minimal training). No matter what you do next, advanced finance/acct knowledge + ninja status in excel makes you a very valuable person to have around, and this is exactly what 1-2 years in banking will give you
  •  It is true that consulting offers junior talent more client-facing opportunities than does banking. I suppose if you are a sub-optimal communicator or really need to work on your relationship management skills, then I could see the benefit of going the consulting route. If not, imo you are better off foregoing that exposure (some of which you will also still get in banking from working w senior bankers) in favor of getting the hard skills / technical reps offered by banking
  • It is hard to imagine any doors that are opened up by MBB that are not also opened up by GS/MS/EVR/CVP ... Want to go to the world bank? grad school? a non-profit? strategy / corp dev? startup? All will treat bankers and consultants relatively equally. Want to go to PE/VC/HF? Bankers will have a substansial leg up
  • I think its a mistake to prioritize WLB at 22, but if that's a major consideration for you, then yes it will be marginally better in MBB. But be advised that you will spend much time in airports and tier 3 cities
  • Not gonna beat a dead horse on the pay, but the delta is significant as you know
• If, after considering all the above, you still want to make the switch, would do it during the first ~6 months of your new job 
  • Position resume bullet points to emphasize consulting skills - deliverables where you had to communicate the rationale behind a deal, models that had both a financial and a statistical component, benchmarking exercises that focused on both financial and operational metrics, etc
  • Use your network. Your ivy league degree means you will know people at MBB. See if friends/peers can get you in touch with recruiters. This will be much more fruitful than simply applying online
  • Play the long game and be patient. Don't move to a mid consulting shop just cause you are desparate to get out banking. You'll regret it. Hold for MBB. If your contacts say "we aren't currently hiring laterals" or anything else that politely says "not now," leave it alone but follow up in a few months
  • Be willing to come in at entry level and take a pay cut, neither of which will matter in the long-run if you're going to be better at the job / less likely to burn out / better positioned for your future dreams
  • Do at least 10 practices cases, out loud with a peer or industry professional who can provide feedback, before even a first round. These take practice and are different from banking interviews. Cnt tell you how many smart ppl I've seen embarass themselves because they hadn't practiced
  • Be positive in your interviews. Do not speak negatively about your firm or banking in general. Instead, craft a narrative that says you enjoy your current role but feel consulting is a modestly better fit for your strengths and interests, and are excited about the transition for reasons A, B, and C

Good luck