Non Top-3 BB London vs MBB Continental EU
Hello guys, Dilemma is kind of self explanatory, yet would like to add some more flavor into it.
Ideal exit is tech investing in London (TBD strategy). Long term goal: entrepreneurship
Main doubts: - How difficult is it to recruit to top tech investor roles in London (think Silver Lake, TA, Summit, Insight, GA, Index - late to early stage order) while being a consultant in continental EU? - Is overall reputation of non-GS/JPM/MS BB TMT teams in London better than continental EU MBB? In my mind McK is one of the strongest brand I can think in terms of alumni placement etc, yet not sure how regional offices can perform on this end given that taking the top-10 funds in each category, 80% of seats are occupied by ex-bankers. Better being at a firm where less people go into investing (consulting) or at a place where it’s more common (banking) even if non top-3?
Would be very grateful to hear your input!
Bump
My immediate guess would be the BB offer to move into tech investing? In any case you can just lateral later to a stronger BB/EB. McK to PE has happened plenty of times but is definitely more difficult than any BB offer.
I agree and it is very fair as a consideration. Yet I am wondering if I am being a bit myopic in this as arguably in the long term an MBB has an edge in terms of network and successful alumni. Not really sure what I should prioritize
Interesting take - I somewhat doubt that the long-term network is really a differentiator between BB/MBB.
For sure MBB has strong alumni in top executive positions but BB will have a much stronger alumni base for PE which I assume is more aligned to your long-term goal.
I think the only thing that matters here is thinking about what your absolute long-term goals are and which opportunity would align better with that long-term goal. If it’s PE then BB would be better. If it’s moving to an operational role at a non-finance company then likely MBB is the better choice. If it’s about leaving as many doors open as possible then it’s probably BB. The only caveat there is if you know what team you’re in for your BB - if it’s something like RE and you don’t want to do RE long-term then very much possible that MBB is the better choice (you would probably get pigeonholed into RE unless you move to a different group early on). If it’s something a bit more wide-casting like TMT, Industrials, etc then BB would still open more doors.
Even then, IB -> MBB is 100% more possible than MBB -> IB which is kind of what I’m alluding to if leaving doors open is your goal.
The funds you listed don't typically recruit either MBB or non-GS/MS/JPM bankers anyway, at least for the late stage funds with early stage being less structured; for PE placement for funds that consider consultants MBB is MBB anywhere (whether London or continental office), whereas the same is not true for bankers. Overall I would lean MBB for your goals, while acknowledging that from any of these paths this will be an uphill battle. MBB will also provide you with better optionality for the goals you have (MBA, launching a start up straightaway, etc.)
Thanks for your input, highly appreciate it. So you would say that aside from GS/MS/JPM all other analysts don’t really stand a chance even with a clear background of experiences in the sector? Networking with people at these funds does not work in any way?
Re funds that recruit for MBB consultants also in continental EU. Could you mention me some? I know of H&F, BainCap, but would be curious to hear if any other
Also interesting the argument on starting a startup straight away from consulting. Would you say the skills you gain in IB do not really equip you for that?
Yes, anything but GS/MS/JPM and you already come at a disadvantage for Large Cap PE recruiting in London, I can't speak about the early stage stuff. Networking etc. all works and is 100% required but this will be an uphill battle, there are maybe 50 associates spots a year at the shops you mention and their peers (>10bn funds) and everyone wants to recruit for them. For funds that like consultants just go on their team pages and look, I would say Permira, Cinven would be obvious ones to add but there are others I don't have off the top of my head. MBB and IB won't prepare you for launching a start up, but all else being equal I imagine it will be marginally easier to raise capital and leverage your network in the space if you are ex-McK vs say ex-BofA.
Thank you for this input. Would you say the answer is transferable to more niche tech shops only? I get that KKR, Apollo, BX etc massively poach from the top 3, yet would be more keen to have a tech investing role which I think has some self selection connected to it (e.g. industrials guys would recruit for buyouts generalists generally, but not for tech only shop. Taking aside Silver Lake, do they fall under your earlier stage bucket where you do not have a view? Thanks for your time again!
Answer is applicable to any >10bn fund in PE and GE. TA, GA, Summit (to take the ones in the OP), whatever, all of what I said applies there. They have plenty of candidates from the top 3 tech teams to poach from. Again, it is very much possible from other shops but one should be cognizant that you start with a disadvantage. Would also add that even being from a top 3 bank it is also extremely competitive, don’t think people realise how though MF/UMM PE recruiting is in London. There are just way fewer places than in the US.
Eaque qui est et. Voluptatem dolor iste est et odio. Ea laborum repudiandae dolorum voluptatem. Facilis aut et rerum sed sint autem necessitatibus. Accusantium et eius error provident fugit illo.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...