At what level investment bank are you better off at in Consulting than Banking?

Assuming one gets dinged by the BBs and EBs (and MBB for that matter) at what point is it better to take a tier2/big 4 strategy consulting job for the exit ops (both PE & industry) rather than take a job at a lesser bank?

Not to single these out but is it something like Wells, Raymond James or Cowen, or more like DA Davidson and below?

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Comments (17)

  • Prospect in IB-M&A
Dec 6, 2019 - 10:52pm

I don't know why people are throwing ms at him but this is true. I go to a top target and I can actually confirm this.

  • Analyst 2 in IB - Gen
Dec 6, 2019 - 4:45am

Lol!! Have seen exits to PE from Wells, RJ, Cowen and DA Davidson. Obviously the number of exits per class, funds size, AUM, and location differs than your typical BB/EB/Top MM candidates.

Have noticed the further you move away from MFs or UMMs, the harder it gets for consultants to lateral to buyside.

Dec 6, 2019 - 8:33am

Historically speaking, consulting firms that place well in PE are those with heavy CDD capabilities and the most famous ones are LEK and PEY (outside of MBBs of course). OW's heavy focus on FS can also help land some PE roles but it depends on the type of engagements you end up doing for 2-3 years. Do a LinkedIn search of the top 50 or so PE firms and see from which consulting firms people have come from. That should give you a better idea of where to aim for. I also want to point out that this may differ quite a bit by geography (EU vs US) so make sure you also pick the location(s) you could be happy working in/relocating to.

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  • Analyst 1 in IB-M&A
Dec 6, 2019 - 11:31am

MBB would be seen as on par with a mid-tier BB (BAML, CS, etc). However, in terms of PE exits, a DB or UBS would get you many more looks as opposed to a Parthenon or LEK. The gap in skillset would usually just be too large.

Most Helpful
Dec 6, 2019 - 1:07pm

All y'all IB analysts so hung up on banking that you are missing OP including industry in his exit ops. If you want PE above all else, then MM IB makes more sense than T2 consulting, given that banking gives you a much easier time looking for PE exits. If you're open to a wider variety of exit options then consulting becomes much more attractive.

Dec 6, 2019 - 10:43pm

The simple answer is if you like finance do the "lower tier" finance job. If you like consulting projects do that line of work. They are very distinct paths, skills, day to day functions, etc. so if you have a preference is for finance don't do consulting just because you think the consulting job you'd get is at a "more prestigious" firm.

Dec 8, 2019 - 7:04pm

Am I the only one that thinks this question is completely ridiculous?! Everyone here is so obsessed over prestige and the name of the firm.

If you are interested in the work that IB does and the exit opportunities that IB leads to such as PE then aim for IB even if its a smaller shop. Consulting is a completely different ball game, but if you are interested in that type of work and going into more of a strategy type role down the line then take consulting.

Not sure why you guys are obsessing so much on the prestige of the firms name, ffs do the work you want to do

Dec 9, 2019 - 9:43pm

no youre correct this question is fucin absurd. This message board never ceases to amaze me. So many out of touch children on this board.

Its almost hilarious

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