Looking to Lateral to MBB After A Year of Trading at an Investment Bank

Question

Hey everyone, I'm originally from the South and got a great opportunity out of college to move and work as a fixed income trader at a major investment bank in New York. It's a top firm and I've learned a lot about working in markets and doing some technical work for clients too. I went to a top 10 school and got great grades to get where I am thinking that this would be my passion for life, but after a year of doing this I realize its not what I like.

I learned about consulting late in college and was always interested in it. I got a chance to sit down with someone a few years older than me last week who works at one of the MBBs and after speaking with them and doing research and basic casing prep over the last month, I'm sure I want to get into consulting. The project based work for clients in my current role at an IB is a lot more interesting than the daily trading I do, so I want to go to a creative problem-solving environment like Bain, BCG or McKinsey.

I have two main questions. Is a year of experience in my current role and my background overall enough to apply to MBB firms? And in the next few months are these firms even hiring people with prior work experience like myself?

Answer 1

Q1) Can I get to MBB possessing 1 year of experience in investment banking?

Q2) Are these firms hiring people with such prior experience?

Hi, there

I hope you are well. Glad to hear that you are that passionate about joining the consulting world – make sure to transmit that during your interviews!

The straightforward answers to your questions are Q1) yes and Q2) yes. Let me elaborate a little bit on each one.

Q1) MBB (and probably other major consulting firms) are primarily looking for candidates with a specific set of problem-solving skills, including active listening, problem structuring, data-driven assessments, client management, communication, presentation, etc. Coming from investment banking, I am sure that you have been exposed to all of them in one way or another and therefore, you are in a position where you can bring relevant stories and insightful analyses during the interview. This is precisely what recruiters are looking for.

Q2) In general, consulting firms are always looking for both unexperienced candidates and industry experts, as the economy becomes more interconnected, and the industries depend on more sophisticated data and technologies. I believe that 1 year of experience does not make you an industry expert, but potentially a generalist with a sharper toolkit. Either way, consulting firms will definitely hire you if you show a strong performance in the interviews. If I might add one suggestion here, I would encourage you to decide whether to apply or not in the upcoming months based on how much you can prepare for the interviews within that time. If you have the time, energy and resources to do that, than go ahead!

I hope it helps and best of luck!

Anderson

Answer 2

Hi there,

1) Is a year of experience in my current role and my background overall enough to apply to MBB firms?

Your background looks good. Yes, you can apply after one year, you will most likely offered an entry-level position though.

2) And in the next few months are these firms even hiring people with prior work experience like myself?

For this, you should check the application deadlines of the respective firms/offices. If you know someone in the firms, they should help to clarify that.

You can find more tips for the application below:

▶ How to Get a Consulting Interview Invitation

Good luck!

Francesco

Answer 3

Hi there,

The answer to both questions is YES.

However, I would apply early next year for a better chance to make it through initial screening. It tends to get slower during the end of the year and the current market is not the best.

Cheers,

Florian

Answer 4

Hi there,

Yes, your background and experience make you a viable candidate for MBB consulting roles. Currently, however, the consulting market is a bit restricted due to the economic climate, so hiring is tighter than usual. That said, applying next year would be a smart move, as hiring quotas will refresh and the demand for lateral hires like yourself is likely to pick up again.

If you need any help with your application, I offer a first free 30-min consultation sessions.

All the best,
Kairavee

Answer 5

1) Yes at a business analyst level. If you stay abit longer maybe senior business analyst
2) Not that i know of. I would stay abit longer in banking, and possibly come in at a SBA or Associate equivalent.