Investment Banking to Consulting Analyst Year 1
I'm coming in next year as a banker. It would be ideal for me to pivot into consulting (ideally MBB) but was wondering if that's even possible during year 1 of my analyst years. How would the recruiting process look like? Would the job market for consulting be better by then?
Based on the most helpful WSO content, pivoting from investment banking to consulting, especially to a top-tier firm like MBB (McKinsey, Boston Consulting Group, or Bain & Company), is indeed possible, even during your first year as an analyst. Here's how you might approach this transition:
Networking: Start building relationships with consultants and recruiters at your target consulting firms. Attend networking events, reach out via LinkedIn, and seek informational interviews to learn more about the roles and firms you're interested in.
Skillset: Ensure your banking skills are transferable. Highlight your analytical abilities, financial modeling, and client-facing experience, which are valuable in consulting.
Recruiting Process: Typically, the recruiting process for consulting firms involves submitting an application, attending networking events, and going through multiple rounds of interviews, which often include case studies and behavioral questions.
Timing: According to insights from WSO, recruiting for consulting roles can happen at various times, but there's a notable uptick in hiring around Christmas time and just before or after the new year. It's also common for firms to hire in the fall, ahead of their campus recruiting schedule.
Job Market: The job market can be unpredictable, but if you're coming from a strong investment banking background, your skills will be in demand. Keep an eye on economic trends and consulting industry reports to gauge the market's health.
Preparation: Brush up on case study preparation, as consulting interviews will require a different skill set than banking interviews. Familiarize yourself with the consulting framework and practice cases.
Remember, while the transition is possible, it will require a strategic approach and dedication. It's also important to craft a compelling story for why you want to make the switch from banking to consulting, which will resonate with recruiters and interviewers.
Sources: Ask Me: Former Strategy Consulting Recruiter, Q&A: 1st year VC analyst (~750M AUM), Economic Consulting Q&A - Past experience at major firms, Why the hell do people work in NYC/SF IBD?, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1
Why wouldn’t you just recruit for consulting. Taking a spot from someone who actually wants to do banking long term or exit to PE.
It has been possible the past few years before this year. Many in your shoes did this. However, lateral hiring for juniors at MBB is nonexistent right now. Whether that improves depends on whether business will improve for these firms which I don't know the answer to unfortunately. However, if you choose to go forward with this, the approach you'd want to take is to reach out to a few people you know at MBB similar to how you likely got your banking role (even if they're currently your classmates now, they'll still be able to refer you) and learn how to do case interviews. You're also much more likely to get traction as a lateral if you're coming in from BB/EB. I haven't seen any analyst laterals from MM IB but it's obviously possible (just tougher).
Easier to go from BB to MBB than from a MM to MBB
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