Regret taking a Corporate Strategy offer, now what?
Hey fellow monkeys,
I'm in an awkward situation now. After graduating from a target school, I did 2.5 years consulting at a T2 consulting firm (think Deloitte S&O, ATKearney, Strategy&). Earlier this year, I decided to leave and had 3 offers: two are strategy roles at different corporates (1 in industrial goods, 1 in Internet), the other is still in consulting (MBB). I had quite some struggle deciding on which offer to take, and eventually made the decision (which I regret dearly now) to go with Corporate Strategy at the industrial goods company.
In my defense (back then), I didn't choose the MBB offer because they cut my tenure, so I basically have to re-do a lot of things that I have already done as junior at the T2 firm. Btw the two corporate offer, the decision is more a function of fit and location than anything else.
Now 3 months into my new job, I found myself really not excited by this function as well as this industry. In hindsight, I took this offer only to leave my old firm, which is a sinking ship btw, but I really didn't think through what this career switch means and where it's gonna lead me.
Having invested my savings in stock market and having done several CDDs during my time at consulting, actually I've always been fascinated by investing. I've come to realize that ultimately I want to work at the buyside (PE/VC/HF). and my current position will certainly not lead me to that. I've thought of 2 possible "turnaround" approaches:
- approach the MBB firm that offered me before, basically ask for a "take-back". Then go from MBB to buyside
- stay at current position, and apply to b-school next year. Then b-school-->IB/MBB--->buyside
Right now, I'm not sure which approach to take, i.e. which gives me higher chances/preps me better for a career in buyside? Which path makes more sense to you?
It's a long post and I thank you for your time reading it. Any inputs would be appreciated. Thanks!
It would be hard for you to get to the buy-side from business school without any experience prior. I will just give you a random nugget of hope. Odds of this happening are low, but I was interviewed for a PE role (didn't get it ultimately) simply off the back of my strategy experience, as that PE fund was looking to move into the sector my company (an acquisitive F500) is involved in.
Hey thanks for replying. Wondering if you eventually ended up in PE after b-school. If not, do you still work in strategy function now?
From what I've seen 1 would be a better option, assuming that they reconsider you. Out of curiousity how severe was the tenure cut?
They took 1.5 years off my plate and basically have me start as second year BA/A/AC, which actually came as a huge surprise, considering how well I've done in the interviews. Anyway, life ain't easy...
Unfortunately this is your best option. McKinsey and Bain will also give you better shots at buyside than BCG. I know it's tough getting cut in tenure but in the long term of your career it's not a big deal if it gets you to the right place.
Going b-school->IB/MBB->buyside is extremely tough. I know very few that have done it and those that have are at relatively unknown/new PE funds.
You also have to think hard about why you actually want to work on the buyside. Know that PE/VC in today's environment is less about pure investing - everyone's chasing the same assets so it's about networking, sourcing, and beating out others in the process. HF depending on style may be more of what you're looking for, though a lot are coverage models these days as well where there's not much idea generation.
Lastly, let's just say you do get into PE/VC after doing MBB. Most of the firms will not promote you without an MBA unless you're a superstar, and there's no guarantee of getting back into the industry afterwards. In fact, many people I know who did PE/VC->Bschool ended up in corporate strategy/product roles.
Hey JustADude, thanks a lot for your insightful comment. I was always aware that going into PE as post-MBA banker/consultant would be very difficult. Never really understand why tho, I guess it's because skillsets at senior level at IB/MBB are less transferrable to PE than at junior level? Would really appreciate if you can shed some light on this.
Coming back to another point of yours, it sounds like no rosy picture even if I made the cut to go from MBB to PE. But for me that's further down the road. This may sound naive but I'd rather try and be wrong (again!) than never try at all.
Thanks again for your insightful comments. It's very nice to have a reality check and to know what i'm getting myself into!
Not entirely true. Firms like to promote internally because they are usually better than their MBA counterparts as they have consistently performed at a high standard for the past few years
These don't seem mutually exclusive to me. You could and should pursue both avenues. You'll know about the MBB position sooner I'd think, and you can't really turn it down at this point. The sooner the better. If it doesn't, you've already started down the b-school path which is an excellent out if you're stuck in a job and career you don't want.
Laboriosam ut est perferendis quo qui neque. Vitae unde aut dolorem nihil ab optio nobis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...