Left IB for consulting, now want into PE - how to position?
Hey,
I'm looking to apply for middle-market PE positions in earnest over the next year. I spent 1 year in an industry group for a mid-market IB, cashed my bonus, and left for a management consulting firm where I've been for 2 years.
I know that when I get into interviews, one of the first questions is going to be "Why'd you leave [banking firm]?" What's the best way to address this? The real reasons were complicated, and they're not all things I want to bring up in an interview:
- wanted to get experience outside the industry of my IB group
- wanted to get experience with bigger companies than just MM
- wanted to get operations / strategy experience
- lifestyle issues (my S.O. drew a line in the sand about the consistent 90-100 hour work weeks... this is the "real" reason but also the one I feel that I can't state in an interview)
- the big deals I was working on fell apart due to the credit market tightening up
- my group was having a lot of political problems (a lot of the MDs / VPs I'd worked with most closely left right before or right after I did)
Thoughts? I don't want to make it look as though I was forced out, when in fact I made top bonus... and I don't want to make it look as though I didn't like finance, when I'm trying to get back in.
So you left because your S.O. ordered you to leave ? Wow.
i think leaving for your s.o. is a fair reason. you realize there are a lot of people in this world that ultimately value their lives over work. So far my s.o. has been pretty good about my work, but if it came down to the wire, I would definitely consider leaving for her.
to the op, i think two good reasons for switching from IB to consulting are 1) wanting to get experience in a wider range of industries and different types of companies 2) getting the operations and strategy experience. i think you want to stray away from the bigger companies notion because many PE firms work with small to mid-size companies.
I think you have a good skill set with both banking and consulting. PE firms will like that because you will have the financial savvy and the operational experience to facilitate in due diligence, etc. Just spin your more complete background.
I think this is pretty spot on. The operational experience will most likely be viewed as a big plus. I also second the motion to not mention bigger companies...that seems like a ding waiting to happen. Good luck.
Regards
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