Valuation Consulting to "Real" Finance

Hi everyone,

I'm hoping to pick some brains on a career change that will likely require some perseverance and extra effort.

I've been working in the valuation and economic consulting group for a Big 4 accounting firm for the past two years. I was a Chinese and Economics double-major at a top-20 undergrad school with a good GPA, but I didn't really consider banking or other finance opportunities for various reasons which I now regret. I've also passed the level 1 CFA exam. There are some pros and cons to my job:

Pros: Get involved in a lot of deals/transactions, get to take on a more involved role than I may have in other positions, learn and apply lots of valuation techniques and do all the research/analytic functions I would at a bank, stand out from my peers, have not been laid off

Cons: Work banker hours for accountant money, middle-office perception, no defined exit path (especially to front-office finance roles)

Like most everyone on this forum, my eventual goal is to work in a buy-side investment capacity. As I see it, I have basically three options: 1) apply directly to buy-side opportunities Pros: Most direct Cons: Tough economy, may lead to me working middle-office role (something I want to avoid)

2) apply to banking opportunities and basically "start over" as an analyst (maybe associate if I'm lucky, I've seen this done once) Pros: probably my best shot, I'd be more experienced than most of my cohort, better money than my current job Cons: Tough economy, basically starting from scratch in terms of networking and development

3) Wait a few years; get an MBA, and then try #1 and/or #2 (I'm pretty confident I can get into a top-10 MBA program) Pros: Get two years away from work; get a "fresh start" at breaking into the real finance world Cons: Expensive, I don't really "want" an MBA as far as an educational experience, my CFA efforts would be (more of) a waste

Of the three paths, what would you choose or recommend? Has anyone made this transition, or does anyone know someone who has? I know it's a crowded market and a tough challenge for anyone but I'd appreciate any advice or feedback you all may have.