Experienced Hire from BB -- Career Path?

Rank: Chimp | 15

Hey Monkeys,

I just wanted to thank WSO for all the great advice! I wouldn't be in my current position without it. That being said, this is my first post, so I apologize if I still sound like somewhat of a novice.

I recently graduated from a Southern Semi-Target School (think Vandy, Emory) with a double major in Biochemistry and Economics (GPA ~3.8/3.9). Originally, I wanted to become a doctor, but decided to try out the job market, and was fortunate enough to land an analyst position at a BB in PWM (Chicago); I have been at my firm for 2 years and have passed the CFA lvl 1 -- looking to try the CFA lvl 2 in June.

Our team has been really successful (largest team in our region) and I became an associate by the end of my 1st year. At the beginning of this year, I was recruited by a tier 2 consulting firm and got an offer. I think this is a great opportunity -- management consulting, great career development -- so I am leaning towards accepting the offer.

I never really thought about applying to other firms, but do you guys think I should try and apply for tier 1 (MBB) in the future? On the other hand, I could stay with my current BB and apply to grad school this following year. However, I am worried that I do not have enough business experience (2 years now, 3 upon matriculation) and will be dinged for other candidates with more experience. I have taken the GMAT (760) and am looking at possibly doing a MD/MBA (or maybe just MBA). My dream job would be to specialize in the healthcare sector, whether it be business strategy or PE.

Lastly, from the topics I have read, it seems unlikely to break into PE unless you are with Mck or Bain. I also do not think that my current BB PWM role could help me break into PE (not IBD). Please understand that I really am excited about my opportunity with this potential employer -- what concerns me are the exit opportunities (and if they align with my future goals).

Any help would be appreciated and sorry for the long post :)

Comments (10)

 
5/16/13

In my opinion PWM Associate at a BB in Chicago is much better than 2nd tier management consulting. Unless it's 1st tier I would not move.

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5/16/13
Beny23:

In my opinion PWM Associate at a BB in Chicago is much better than 2nd tier management consulting. Unless it's 1st tier I would not move.

Can't say I agree if the end goal is PE or corporate strategy.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."

 
5/18/13
duffmt6:
Beny23:

In my opinion PWM Associate at a BB in Chicago is much better than 2nd tier management consulting. Unless it's 1st tier I would not move.

Can't say I agree if the end goal is PE or corporate strategy.

Appreciate the responses guys! One of my reasons for wanting to accept this offer is that I had no prior internship experience in college. I did medical research for 3 straight summers in college (received publications -- pre-med mentality), but never really had a corporate internship. I thought it might be beneficial to try something different, and to also have another "brand name" on my resume.

From an exit-opportunity prospective, do you think that accepting this offer would help in terms of hire-ability? I know that this is far in the future, but I like to plan out every step (I'm crazy, I know). It just seems that our generation tends to jump companies a lot, ex: do 2 years at ABC + 2 years at XYZ. Not as much company loyalty.

@The Sour Patch Kid

No worries, I value your input! My concern is that I read that PE is harder to break into post-MBA. Therefore, would a post-MBA MBB consultant have a more difficult time getting a PE position than a pre-MBA MBB consultant? That was my main reason for looking into trying out MBB before grad school.

Also, does anyone know if there are any other exit opportunities for PWM? I know that the "true goal" is to become a FA -- I have seen AM, but it doesn't seem like a traditional career path, ex: IB -> PE. Sorry if it's off topic, but there isn't a forum for PWM.

Thanks!

 
5/19/13
duffmt6:
Beny23:

In my opinion PWM Associate at a BB in Chicago is much better than 2nd tier management consulting. Unless it's 1st tier I would not move.

Can't say I agree if the end goal is PE or corporate strategy.

This. OP isn't in BB IBD, he's in PWM. Not trying to knock his job, but the Tier 2 consulting will give you better exit opps and strengthen your MBA profile. Now you have a finance and strategy background.

Could provide a leap to MBB, directly to PE or possibly if he wants BB IBD out of MBA.

 
5/22/13
peinvestor2012:
duffmt6:

Beny23:
In my opinion PWM Associate at a BB in Chicago is much better than 2nd tier management consulting. Unless it's 1st tier I would not move.

Can't say I agree if the end goal is PE or corporate strategy.

This. OP isn't in BB IBD, he's in PWM. Not trying to knock his job, but the Tier 2 consulting will give you better exit opps and strengthen your MBA profile. Now you have a finance and strategy background.

Could provide a leap to MBB, directly to PE or possibly if he wants BB IBD out of MBA.

peinvestor2012, thanks for your input! I am fairly certain I will be accepting the offer this week. I have talked to my friends, and they all say it's a great opportunity.

If I were to potentially leap to MBB, do you recommend doing it after 1 or 2 years? If I am fortunate/lucky enough to receive an offer, I would have to start over as an entry-level, so would it make more sense to apply after 1 year?

 
5/23/13
Beny23:

In my opinion PWM Associate at a BB in Chicago is much better than 2nd tier management consulting. Unless it's 1st tier I would not move.

No.

Either way, if you stay in PWM or move to that 2nd tier consulting firm, you will most likely need an MBA to get into PE...but like someone else already mentioned, the consulting role should result in a better profile for top b-school applications and will position you better for PE recruiting later on.

Congrats on the 760 and good luck.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.

 
5/27/13
Flake:
Beny23:

In my opinion PWM Associate at a BB in Chicago is much better than 2nd tier management consulting. Unless it's 1st tier I would not move.

No.

Either way, if you stay in PWM or move to that 2nd tier consulting firm, you will most likely need an MBA to get into PE...but like someone else already mentioned, the consulting role should result in a better profile for top b-school applications and will position you better for PE recruiting later on.

Congrats on the 760 and good luck.

Thanks for the advice everyone! I have decided to accept the offer (after talking with the fam over the long weekend).

 
5/16/13

I'm still in school, so take this with a grain of salt, but I would definitely jump to the consulting firm, even though it is "only" tier 2. It seems to fit better with your dream job in strategy (PE will probably be a stretch either way right now), and the tier 2 shop plus your great GMAT score will likely get you into a great business school. A lot of the top medical schools also have great business schools, so you could do the MD/MBA, like you mentioned earlier. You could easily apply to MBB from whatever school you decide to go to.

 
5/22/13

What firms are you including in Tier 2?

 
5/23/13

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