M&A in consulting firms (especially MBBs)

Do the Corporate finance subdivisions of consulting firms (especially MBBs) do basically the same functions as an IBD division? I have been applying to many IBD firms and I just want to be sure that applying for internship roles in the corporate finance departments of consulting firm is really applying for a similar job function to IBD

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As someone whose worked in both, no. God no. IB can build DCF models, accretion dilution models etc. to support a transaction. Some consulting firms can’t provide anything resembling a forecast for a specific company’s earnings without running into regulatory issues.

M&A consulting might have you researching a commercial landscape and projected growth for a market in a commercial due diligence, or looking into headcount reductions and backing out a SG&A synergy number. But you’re not the ones running the company model or coming up with a purchase price.

 

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