Advice for moving from consulting into IB / PE

Hi everyone,

I’m a strategy consultant with 3 YOE at a T2 firm (e.g. LEK, EYP, S&) in London, primarily focused on M&A CDD and value creation for PE clients. I’m now looking to pivot into IB and PE, and would really appreciate any advice from those who’ve made a similar move or have insights into the process. My long-term goal is PE, but I’m looking to break into IB first (explained more in Q4).

Here are a few specific questions:

  1. Graduate vs. Experienced Hire:
    Given my experience, would I be better off applying to graduate analyst programs (if I’m even eligible)? Or should I focus on experienced hire roles (Analyst or Associate)? If targeting EH roles, do banks even recruit for Y1 Analyst positions? How can I tell if a posting is for Y1/Y2/Y3 Analyst? I’m open to starting as a Y1 if it increases my chances, and conscious I’d be competing with IB laterals in the EH pool.
  2. Odds of Breaking into IB:
    Realistically, how tough is it to make the switch from consulting to IB? I know it’s less common than the reverse — but is that also because fewer consultants pursue the move (e.g. because of WLB, having to restart)
  3. Odds of Breaking into PE:
    Is PE significantly harder to break into than IB for someone with my background? Would appreciate any clarity here, as I’m assuming IB might be a more achievable near-term entry point.
  4. Recruiting for IB and PE Simultaneously:
    Would you recommend applying to both IB and PE roles in parallel? There’s some overlap in prep (e.g., technicals), but I’ve heard mixed opinions - some suggest focusing on one path for credibility with recruiters. My rationale for trying both is to de-risk the process: if I don’t land a PE offer, I’d at least hope an IB role puts me one step closer rather than staying longer in consulting.
  5. Strategy for Breaking In:
    For those who successfully made the switch - what actually worked? Headhunters, direct applications, referrals, networking?

Would really appreciate any advice, especially from those who’ve made the pivot or currently work in IB/PE and have seen consultants make the move. Thanks!

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