Interview again at MBB?
So I got dinged after a final round at one of Bain's larger offices, and accepted a position in that same city with a reputable tier 2 firm. The final round went pretty well, I think one stupid math hiccup is what cost me.
What I am wondering is, how long before I can reapply and be considered for an interview & possible lateral? I have 2 close friends who will be starting at that Bain office this fall, if that helps. Can ACs recommend people for interviews? If so, how long after they start working, without seeming too presumptuous?
Basically I think I will be quite happy at the tier 2 firm because I really liked the people there, but my ultimate goal is PE, and the exit ops at Bain are just far superior in that area.
If your ultimate goal is PE, you really should've gotten into investment banking.
Typically 18-24 months. But bear in mind, latering into MBB as an analyst is very rare. Especially at a firm that dinged you during interviews. It is much easier to just hire another undergrad rather than hire a lateral.
During my 3 years at a large MBB office, we maybe had 1-2 laterals per year, tops. Of those laterals, most had spent 18-24 months at a tier 2 firm.
The reason there are so few laterals is the analyst program is only 2-3 years long anyway. So if you join after 18-24 months, you'll outgrow the position after only a short period of time, but will not have been at the firm long enough to be promoted or to exit. Again, it is easier for them to just hire another undergrad. The key, then, is to find an office that is aggressively trying to expand and needs to find talent quickly, especially off-cycle (meaning, separate from the university recruiting timeline).
As to your question about analysts recommending people - yes, that definitely helps. In fact, for a lateral, that is probably the only way to get in (applying online w/o a recommendation is a low-probability strategy).
If I were you, I would potentially try to laterial into McK or BCG, as getting into Bain could be difficult (I mean, you can still try, but could be challenging). I would also try to find an office that is trying to expand rapidly and is hiring off-cycle. The best way to do this is to cultivate contacts at those firms and have them recommend you when the office is trying to expand. As you can tell, lateraling into MBB as an analyst requires a bit of luck, in terms of timing.
Hope that helps.
Depending on the tier two, you may be better off staying where you are. Some of it is definitely self-selection, but PE, specifically the number of due diligences you're going to get, are higher at some tier two firms than some MBB offices.
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