Took $70K Pay-Cut for Job. Need UMM/MF to Justify
Incoming McK/Bain NYC consultant here who took the offer over a much higher paying return offer that was outside of finance.
Have previously recruited for IB so am familiar with the technicals, and have read all threads on which PE firms are consultant friendly and who their HH's are.
Broadly looking for 2024 updated views on the following questions & advice from ex-MMB PE folks:
1) How do I target being staffed on PEPI/PEG studies at McK/Bain?
2) Do most people on-cycle after their 1st year vs the summer before starting?
3) Which is more advantageous: on-cycle or off-cycle coming from consulting?
4) Any extra hurdles / barriers coming from consulting when networking, talking with HHs, interviewing, (other than scrutiny on techs & modeling)
5) Any advice on things to do to prepare during the rest of senior year (already bought training courses, planning on reaching out to school alums and ex-MBBs in PE)
Background if helpful: Target school, Strong GPA in STEM major.
Wondering if it would be beneficial to do a spring PE internship or try to win some buyout pitch competitions to improve my CV. Resume currently lacks finance experience apart from a BS search fund during the school year.
Based on the most helpful WSO content, here are detailed insights and advice for your situation:
Targeting PEPI/PEG Studies at McK/Bain:
On-Cycle vs. Summer Before Starting:
On-Cycle vs. Off-Cycle:
Extra Hurdles/Barriers Coming from Consulting:
Advice for Preparation During Senior Year:
Your background from a target school with a strong GPA in a STEM major is a solid foundation. Enhancing your finance experience through internships and competitions will further strengthen your profile.
Sources: Staying a third year as a PE associate vs. doing something nontraditional, Q&A - Post-MBA VP, Q&A - Post-MBA VP, (London) So you didn’t get any spring weeks, here’s what you need to do:, Q&A: Former MBB Consultant
Following
The $70k won't matter in a few years. You only think about compensation when you sign an offer - focus on the job and what you want to do after
0) You definitely don't need PE to justify taking MBB. Long-term, a consulting track will still exceed earnings of most non-finance jobs (tech, etc.) unless you get really lucky with stock options or picked the right 1 in 100 start-up.
1) Make your interest clear to your staffer and remain vocal to keep them to a deadline ("no room right now but will make sure you get to join by march"). You could also go to lunch with the PEG partners, etc. to express interest and help influence staffing.
2) I probably see more of the latter given most consulting programs are 3 years (versus 2 for IB), so you're afforded more time to prep and gain additional experience, unless you have no intention of doing the 3rd year (then timing-wise, you'd need to do pre-start recruiting or off-cycle fairly early in your first year)
3) Doesn't matter IMO as on-cycles placements are decreasing and many firms opting out, so I wouldn't worry about seats filling
4) You hit the big hurdles (technicals, modeling ability, familiarity with finance lingo and deal processes). I'd also focus on (i) relaying your genuine interest in finance (e.g., an interviewer may ask why you chose MBB over IB), (ii) intent to work hard (consultants are often rightly or wrongly viewed as softer or more entitled versus bankers who typically work more hours and IB generally has a lesser emphasis on working norms, professional development, balance, etc. versus MBB, (iii) intent to join and complete your program (might sound straightforward but consultants are often more fickle (e.g., accept PE job 2 years ahead then flake for a start-up or other opportunity when it gets closer) or anecdotally job hop more often (e.g., do 1 year of associate program, then decide they want to do something else or don't enjoy the work). These are all the negative generalizations and a minority of candidates, but if firms have been burned by the above, the may be predispositions to have concerns.
5) Great list. Would also emphasize practice model tests, studying 3-statement accounting, and starting to think about what types of firms interest you (growth vs. LBO; value vs. growth; tech/consumer/industrials/energy/etc.; geo).
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