I'm working at a T2 strategy consulting firm (think LEK, Oliver Wyman... etc.). I have 1 YOE and am looking to lateral to investment banking, before going into PE in 1-2 years.
What is the current market like for lateraling? Do I have any chance at all? And how quickly can the move be done (i.e., would it be possible to start this summer / fall, at a small boutique shop)?
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I'd say unlikely - even the small boutique shops are 1. not hiring as much as usual with low deal flow and 2. going to have interest from the thousands of laid-off BB juniors with deals on their resume + IB experience
I would move to a MBB and try for PE from there... plenty of consultant-friendly PE shops out there. Your exits will be way better than trying to do PE from a tiny IB shop
Is consulting hiring at all? I’m interested in making the opposite move.
Very unlikely to happen - may get looks at Nomura or the smaller Japanese / French banks
IB frowns upon consultants - they tend to have minimal excel and modeling skills
Was talking to a friend recently about this who is an ASO1 at a BB right now. He told me to stick to my current strategic fin offer at a FAANG company and wait for some direction since lateral hiring is pretty much limited to experienced analysts and associates. As for 2024 cycle, there might be hope but same story doesn't seem very promising and could very well be a repeat of this year as well.
I do agree with the above poster that in your case going MBB -> PE might be a good move since its more realistic on your current path. Also, if anyone knows of how exits for 2 year of experience in a strat fin role at FAANG -> IB or even MBB looks, please do reply :)
What does a strategic finance role at FAANG look like in terms of responsibilities? Curious because I am considering the going the other way. For IB recruiting, I would say right now is a really tough time for anyone so any one-off openings will go either to current analysts looking to move or all the recently laid off bankers. Back in 2021, plenty of people in non-IB roles were able to lateral into banking since there was such demand for juniors. Would hope the lateral market ends up somewhere in between in the next year or so.
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