MBB to PE transition

Current MBB consultant thinking about recruiting for MF/UMM at some of the consultant friendly shops when on cycle comes around.

I know barely enough basic finance to get past the interview (but I can do a paper LBO and I've spoken to enough people to know that I know enough to get by at the consultant friendly firm interviews since they don't require models). I'm worried about what happens on the job though.

Can a consultant who has made the transition before explain what the training at consultant friendly PE firms looks like and how you get caught up to the bankers with modeling, accounting, etc? How much of this is structured vs. on your own time?

Comments (12)

Most Helpful
  • Analyst 2 in Consulting
Jul 3, 2022 - 9:00pm

Ex-MBB here, only recruited for MF/UMM that were at least 30% consultant classes. Was only asked to make a 1 hr LBO once (template that too). Got one MF offer and one UMM

All other were paper LBO only with 0 finance technicals. Was mainly asked business brainteasers + commercial DD type case questions (market, customer comp. Dynamics)

Basically be able to talk about the cDDs you worked on in a lot of detail and summarize the deal succinctly and you'll be good

DM me- happy to chat more over phone if you need help with the process

  • Consultant in Consulting
Jul 3, 2022 - 9:35pm

Makes sense and thanks for the reply! Was wondering more about the transition once you started the job as well - how did you get to speed on finance, accounting, and modeling compared to the bankers? Did the firm provide the training or was it up to you to figure out? Happy to send you a DM too if you want to go off anon!

  • Analyst 2 in Consulting
Jul 3, 2022 - 9:50pm

Good question- also keeping it public so it can help others too

This is one of the reasons I opted for a fund that takes about a 1/2 of the class from consulting. I'd be more worried if I went to a firm like Apollo where they don't know how to leverage or coach a consultant background

A) consultant skill set is appreciated- especially if you've done a lot of diligence cases, the skill set is quite transferable

B) 2-3 week formal training + resources and peers to help with the transition. It's not hard stuff to learn, just need reps!

Jul 9, 2022 - 8:33am
zisogiannis, what's your opinion? Comment below:

Such great pieces of information! Really appreciate your insights!

I am working at MBB right now but thinking of making the transition to PE. Unfortunately, I cannot PM you...feel free to send me a message here to start the conversation! :) 

I would appreciate a lot your help/support. 

Aug 15, 2022 - 12:49pm
supajee, what's your opinion? Comment below:

Hey, I'm a recent hire at MBB and also interested in PE. Would love if it you could DM me so we could talk more

  • Prospect in IB-M&A
Jul 4, 2022 - 1:33am

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