Q&A - Former IB to MBB

Banker2MBB's picture
Rank: Monkey | 45

Hello friends,

This forum was a great resource over the years and I thought I would provide an opportunity for people to ask me questions. After working for 2 years in IB I have made the transition to MBB.

The rational behind my move was that I did not know what I wanted my next career step to be and wanted to optimize for skills and optionality. My decision was really influenced by the book How To Win In A Winner Take All World.

I know there are some people here who are interested in making a similar type of move so I am happy to share my general exp and help in anyway that I can.

Comments (20)

Mar 24, 2020

Were you considering PE as well? If so, why did you ultimately decide on MBB over PE?

Mar 24, 2020

PE was not really an interest to me. I wanted optionality and continue to build a strong set of skills. I felt like going to PE would not support that.

Mar 24, 2020

How did you go about making the change? Would you have any advice as to making the transition ? I presume experienced hire recruiting for MBB is different to doing it directly out of school.

Mar 24, 2020

What specifically in the book you read persuaded you to make the change? Is MBB in your opinion the best way to 'win in a winner take all world'? Have considered MBB as well due to my interest in start up etc - thank you for this AMA!

Mar 24, 2020

The process really has two parts: 1) Get an interview 2) Crush the interview.

1) Get an interview
I found this part to be very easy. I had a few friends who where either currently at MBB or alumni and expressed my desire to make the transition. They connected me with their experience hire recruiters and I worked with them on a date for the interview. I was able to get interviews at all three. From my understanding, MBB is growing quickly so they are always looking for strong candidates and getting a referral from a consultant is incredibly helpful as well.

2) Crush the interview
This is essentially the same as the process in school. You will need to case prep. I won't bore you with the details here since there is a ton of information on this. If you have specific questions on this, feel free to ask.

Mar 24, 2020

The book explains that cultivating adaptability and the ability to connect different type of technical skills in team-based work is crucial to thriving in the rapidly changing future.

This

is a good summary of the point and my thought process was that building a skill-set at MBB and getting that experience would move me closer to becoming a "Glue" person.

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Mar 25, 2020

Thank you! Very interesting insight.

Mar 24, 2020

Why did you feel consulting gave you more optionality than I-banking? Are you planning to leave after 2 years or so at MBB and if so, what are (some of) your long term career goals?

Mar 25, 2020

It isn't that I felt IB did not provide me with optionality - more that I felt that I had extracted the value I needed to from IB. If you are familiar with the 80/20 rule, I felt that in roughly three years of IB in a coverage group, I had learned close to 80% of what my MD knew. The other 20% would be learned through years of reps.

Thus if you are optimizing for skills, learning, optionality, it is time to move on to something else. Consulting, specially at MBB, provided me with that opportunity and allow me to complement my IB skills. Not sure how long I will be there for, but going into it with the intention of doing 2-3 years and then reassessing then.

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Mar 27, 2020

I'm sorry man but there is no way you learned in 3 years 80% your MD did in his 15+ year career.

You barely scratched the surface. Sure you probably have a better technical skillset than he does, but how many transactions did you run? Did you learn how to carry out a complete M&A deal, from start to finish including bringing in the client, selling your bank the right way through the pitch and then guiding the client throughout the entire transaction, marketing them to possible investors all the while keeping your entire team in check to make sure the deal progresses as needed?

I understand that spending a few years in banking can jumpstart your career and allow you to do amazing things in the future, but there is no way you can compare the knowledge of a junior banker to an MD.

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Mar 24, 2020

At a T20 MBA and failed at IB recruiting. Can you share your thoughts on how to approach FT Consulting recruiting from here on? Thanks.

Funniest
Mar 24, 2020
  1. Get an interview
  2. Crush the interview
  3. Live in shame that you will never be an investment banker
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Mar 25, 2020

This is generally correct. The interview process is really two parts: 1) Get the interview and 2) Crush the interview

I would suggest you focus on reaching out to alumni and begin networking to secure an interview. Once you have your interview date, it will come down to grinding on cases to ensure you can knock it out of the part.

Most Helpful
Mar 25, 2020

Did you have to start as an entry-level Associate Consultant or did they give you credit for your two years of IB? Also, can you talk about work-life balance, pay, next steps?

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  • Intern in PE - LBOs
Mar 31, 2020

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  • Intern in IB - Ind
Apr 1, 2020

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  • Intern in IB - Gen
Apr 1, 2020

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Apr 1, 2020

Knowing someone who was in management consulting (think like PwC, EY, etc.) and then switched to IB as an associate, he said, "Consulting is the fucking worst." And would regularly try to talk friends out of pursuing consulting.

Maybe the consulting experience at MBB is clouds above over all other management consulting...but I doubt it.

My question is- what's your end goal? C-suite? How does consulting help you get there better than IB?

Apr 1, 2020
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