Best odds to get into PE: Consulting or IB Energy?
Hey guys I’m in need of your advice as I’m in a super crucial (or at least I think I am) moment in my career which might define my odds to break into PE.
The situation: I graduated in December form a target school (Ivy). I did a few internships (summer and fall) in BB banking as well as consulting. Because of the amount of debt and financial burdens, I really needed to start working in January right after school. The problem is that banks are super structured and all new hires start in the summer. So I managed to get 2 offers: one in consulting which I started in a few weeks ago, and the other one at a BB energy group to start in July.
The facts: The consulting firm is not MBB but a T2 strongly respected, especially in FS. Lots of people from that firm have gone on to PE MM and small shops.
The BB bank where I’m supposed to start in July is in Houston in the energy group. Though well respected, perhaps not the top energy group in Houston despite the massive deals they execute.
I have an obscene student debt so no plans any time soon to go to B-school unless someone (employer or fellowship) pays for it.
The dilema: My goal is to break into PE but my concern is that if I stay in consulting, I might have to work super hard to network/recruit since it isn’t MBB, plus I won’t have the same opportunities to go to a MF.
On the other hand, I’m afraid that if I go to Houston I might be pigeonholed into energy and might be practically impossible to break into a generalist group. The other concern is that the underlying bank doesn’t seem to have a strong placement into energy PE funds based in the LinkedIn stalking-research I’ve conducted.
So monkeys, what to do? What would you recommend? Thank you in advance. I appreciate the input.
PE recruiting from OW is extremely tough but doable. Energy will likely (likely) corner you in energy.
Thanks for the feedback
Ignoring for a second the possible awkward resignation conversation you might have to have, in general, mediocre IB to PE group placement > any non MBB consulting firm placement. There's also a third route, which is continue the consulting gig and give it time to see if you actually like it. If not, then try to lateral to a bank.
I'd definitely go with the energy IBD offer. Even as an MBB consultant, recruiting is an uphill battle (outside of a small handful of consultant friendly firms who exclusively hire MBB). OW sends people to PE, but usually it's 1.5bn funds that aren't very well known. I'd go with IB for sure. Energy gets respected on non-energy funds and you'll get a ton of looks.
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