Anyone here go from IB to Consulting>

Long story short, I fucking hate IB and it is not for me. Interested in consulting but feel like I'm too late to the show (1st year analyst) as I'm out of college now and I didn't go to a target school. I'm at a solid MM shop but not sure how that would translate into consulting.

Some concerns I have : 
-What's the process for recruiting at consulting out of school? Can I network into consulting?

-If I network, will my current employer find out?

-What's a good way to frame the story about wanting to leave IB?

Comments (12)

Most Helpful
Oct 11, 2021 - 11:19am

Several former bankers at my MBB. For the story talk about how after working in banking you want to work on the strategic side and actually get into the weeds of company and make it better rather than just a high level view of the financials. Also better client exposure in a consulting firm and you can always learn new things whilst the banking process becomes repetitive after a while. Networking is a good way in - they are looking for experienced all the time. However if you have less than 2 years of experience you'll probably come in at the entry level (Ba/a/ac). Worth noting that all the ex-bankers I've met have been from BBs and EBs and generally from target schools. This is partially because prestige matters in consulting but also maybe that's where the better quality talent came from. 

  • Analyst 1 in IB-M&A
Oct 11, 2021 - 4:40pm

Makes sense. In my situation (MM and semi-target) should I not even target MBBs? Maybe focus on more niche firms? Or is it still worth a shot.

I'm fine entering at the Business Analyst role…just want to know how to get there!

  • Intern in IB - Gen
Oct 12, 2021 - 2:24pm

I would definitely still target MBB. I know some people who've moved from F500 finc to MBB so I would think MM IB would be looked at favorably. Don't count yourself out without even shooting your shot.

  • Consultant in Consulting
Oct 11, 2021 - 7:27pm

Definitely doable. I did one year post-MBA at an EB then switched to MBB. I've seen plenty of folks internally who did the same at the Analyst level. Networking is far far less important in consulting than it was for banking recruiting. Focus on getting a solid referral from someone you know at each of the firms and then just focus on nailing the fit and case interviews

  • Summer Associate in IB-M&A
Oct 11, 2021 - 11:21pm

Did you aim for any of the tier 1 cities (NY/SF)? If so, did you find it more or less difficult to do so? Finally, what was your impetus for leaving IB to move to MBB?

  • Consultant in Consulting
Oct 16, 2021 - 11:04am

Yeah I only applied to NY. Just need a solid reason for wanting to be in that city (significant other, interested in the practice areas that office specializes in, etc.). It may be more competitive but they also have the most spots to give, You need a good reason to recruit at a non-tier 1 city as they can sniff out if you're just doing it because it's easier.

On leaving IB, I didn't want to have the lives my VPs and more senior associates did. Grinding just as hard as us and looking pretty worn down all the time. Exit opps weren't appealing to me either as I was not interested in corp dev and wouldn't be able to get a good PE job. Consulting has more varied things you can do afterwards and weekends are always protected. 

  • Analyst 1 in IB-M&A
Oct 12, 2021 - 5:00pm

When you say a referral do you mean from the firms I'm trying to get into? Wouldn't that require networking? Or do you mean it's a matter of one solid referral than networking with a whole team like it is in banking?

  • Consultant in Consulting
Oct 16, 2021 - 10:56am

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