M&A consulting to IB? Is it worth trying again

Based on the most helpful WSO content, transitioning from M&A consulting to IB is absolutely possible and worth considering if you're committed to a career in finance. Here’s a breakdown of advice and steps to help you navigate this decision:

1. Assess Your Motivation for IB

• If your goal is to maximize compensation and gain exposure to high-profile deals, IB is a logical next step. However, be prepared for the significantly higher hours (70-100+ per week) compared to your current role.
• Reflect on whether the IB lifestyle aligns with your long-term career goals and personal interests. If you're more drawn to startups or other industries, it might be worth exploring those paths instead.

2. Leverage Your Current Role

• Your experience in M&A consulting, especially working closely with deal teams, is highly relevant to IB. Highlight this in your resume and during interviews as it demonstrates your understanding of the deal process.
• Your exposure to strong teams at big banks and PE firms is a networking goldmine. Start reaching out to these contacts to express your interest in IB and seek advice or referrals.

3. Recruiting Strategy

• Networking: This is your most critical tool. Reconnect with alumni from your school (even as a non-target, top 35 with a 3.9 GPA is impressive) and professionals you've worked with during your internship or current role.
• Resume: Tailor your resume to emphasize deal experience, financial modeling, and any relevant technical skills. Use WSO’s investment banking resume templates to ensure it’s polished.
• Lateral Hiring: Many banks are open to lateral hires, especially at the analyst or associate level. Focus on boutique and middle-market firms, as they may have more flexibility in hiring candidates with non-traditional backgrounds.
• MBA Route: If lateral hiring doesn’t work out, consider pursuing an MBA at a top-tier program. With your GPA and experience, you could position yourself well for post-MBA associate roles in IB.

4. Alternative Career Paths

• If IB doesn’t feel like the right fit, consider roles in corporate development, private equity, or venture capital. These fields often value M&A experience and offer a better work-life balance compared to IB.
• If startups interest you, explore roles in finance operations, strategy, or even founder-level opportunities where your analytical and deal experience could be highly valuable.

5. Compensation Consideration

• Your current comp ($73k + 10% bonus) is below IB analyst pay, even at boutiques. IB analysts in Chicago typically earn $85k-$100k base with bonuses that can double total comp. If maximizing earnings is a priority, IB is a clear step up.

6. Action Plan

• Short-Term: Start networking aggressively, update your resume, and apply for lateral IB roles. Use your current role to build more deal experience and technical skills.
• Long-Term: If IB doesn’t materialize, consider an MBA or pivot to other finance roles that align with your interests.

Ultimately, the decision comes down to your long-term goals. If you’re passionate about finance and willing to commit to the IB lifestyle, it’s worth pursuing. However, if your interests lie elsewhere, don’t hesitate to explore other paths that align with your passions and values.

Sources: Advice for SAs who didn't get return offers, Q&A: Pivoting & Upselling Your Skill Set - Big 4 to DCM, Ratings Agency CA to IB, You want a summer analyst offer? Here's how..., Banking -> Startup PM on who SHOULD join IB, IB SA No Offer -> Major Entertainment Strategy + Perspectives on Recovering from Failure