Yes, I think you can probably move into IB from consulting, assuming the hiring market stays the same or improves by then (currently it’s not great). Most banks make lateral hires on an “as needed” basis, so you find out quickly, interview, and start right away because they are usually filling the spot of someone who just quit unexpectedly. There’s no real best time for doing this, but a lot of Analysts do quit after getting their bonuses in the middle of the calendar year, so August should work.

I am a recent graduate from a top 25 undergraduate business program. I double majored in a STEM field as well, and I finished school with a 3.7 GPA.

I am set to start a B4 consulting gig in January in their healthcare team. I have a connection there that told me to email him a few weeks before to possibly get assigned to a deals related engagement.

Beyond that, I have spent the past 6 months (between graduation and my start date) working two internships. 1 at a search fund where I’ve had the chance to source deals, email business owners, partake in business owner and broker calls, review CIMS, and conduct some financial analysis. The second opportunity was 3 months at a growth equity firm as an investment analyst intern.

Wanted to see if you think I have a good shot just based on some of this information to break in from consulting. My goal was to make a switch by August 2024. I plan to start networking and studying ASAP.

Is there a specific time where most
applications come out, or is it on a as needed basis for these firms? And if I manage to land a role, are they usually set to start a year out or within a few weeks/ months, or it just depends? Appreciate the help.

It’s possible, but it really depends on what you’re doing at the boutique asset manager (i.e., front/middle/back office job) and what your technical skills and previous internships look like. The issue right now is that it’s currently a pretty bad hiring market for IB, so you may have to wait until things improve or just aim for smaller firms (but will be tough even there).

I think you should have a good chance at these firms considering you already interviewed at a top bank and made it through several interviews there. I think the biggest problem will be that if you stay in Mexico, there are just fewer opportunities because it’s a smaller industry (though the lack of qualified candidates there also works in your favor).

All you could really do to improve your chances now is to win some type of finance role that is more closely related to IB/PE/VC, such as corporate banking at a large bank or TAS at a Big 4 firm or an independent valuation firm or something similar.

My background:
1) Studied Engineering at a target
2) Worked at a boutique private debt fund focused on infrastructure right out of school for three months before receiving an offer to work at a T2 consulting firm
3) Currently working at the T2 consulting firm (it’s been 9 months now)

My target IB firm is actually an EB. The thing is I already interviewed with them a year ago and got dinged in my third interview with a VP.

I don’t know if it’s worth mentioning but I live in Mexico and yes I have read your article on Mexico’s IB industry.

Thanks! Glad to hear it.

Thanks for your reply Brian. Will explore the idea of FIG/FSG-focused boutiques and/or combined firms – I hadn’t realised that indeed there might be IB firms focused on working specifically with PE clients. And for what it’s worth, I bought your networking guide (+ interview toolkit) and have been really impressed with the quality of the stuff. The networking guide especially encouraged me to just reach out more via LinkedIn so far with great results. Thank you.

1) You could probably find some FIG/FSG-focused boutique M&A firms or combined M&A / consulting firms that might be interested. I think it would be tough to go directly to a large bank with your current background.

2) You might be able to get an Associate role at a boutique firm. For larger banks, you would probably need an MBA or direct IB experience at a smaller firm first.