I think most of the standard points in the “consulting to IB” transition (https://mergersandinquisitions.com/consulting-to-investment-banking/) would apply here. They will be skeptical about your knowledge of finance and deals and your ability to work longer hours. At the MBA level, they also really want to see efforts you’ve made before even entering the program to make the switch, such as activities outside work, self-study, a pre-MBA internship if possible, etc. You should emphasize the client work in consulting and the deals from corporate development and not talk about corporate strategy as much since that’s the least relevant skill set here, as it requires neither deal skills nor client work.

Thank you for providing such valuable resources. I’m currently preparing for MBA recruitment this fall at a T10 program. My professional background spans consulting and corporate strategy/development, with a focus more heavily tilted towards strategy. As I aim to transition into investment banking to pursue more impactful and results-oriented work, I’m curious about how banks perceive candidates with consulting/strategy backgrounds. Are there specific transferable skills I should highlight and do you have recommendations on positioning ‘why finance and IB’ given a non-finance background?

Thank you very much

The usual idea is that you get accepted into the MBA program first and then leave for some type of pre-MBA internship (or something else short-term) before the MBA begins. If you can’t do that, I don’t think it would hurt your chances to move into a business/finance role at a lesser-known company before applying tot he MBA as long as you make it clear why you switched roles.

Hi,
I’m in a similar situation (software engineer at a prestigious startup) – I understand that having a stepping stone role in finance helps with IB recruiting, but would that make me a less compelling MBA candidate for top programs? In this scenario, I’m assuming that I can’t land a stepping stone job at a prestigious company given I have no relevant experience, vs having more years at a well-known tech company. I’ve gotten the impression that it’s easier to recruit from top programs, but your application needs to stand out to get admitted.

Yes, part-time programs at the top schools can work for IB roles, but the internship timing will be tricky because you’ll have to leave your other role early or somehow take off a few months to do an internship. It happens, but it’s not always easy to request that.

You can probably find Associates from roughly the top ~20 MBA programs in Chicago, but the M7 place the most. It is still worth applying to places like U Michigan as a backup plan.

You’re in an awkward position then because banks usually hire Analysts out of MFin programs and Associates out of MBA programs… so they might not know what to do with you. I think it would depend on how much total experience you have.

What about an non target MBA, and then a MFin in a prestiogious university?
It still add value?

Thanks

It tends to be very difficult to switch firms at the Associate level after completing an internship because almost anyone who gets a return offer accepts it. So some combination of luck, under-hiring, intern under-performance, and networking is required. In most cases, you will have a much higher chance of switching firms if you target lateral roles at the EB banks once you’ve won a full-time return offer at the BB and started working there.

If you don’t want to do that, your best bet is to develop 5-10 solid contacts at the EBs you’re interested in, speak with each one a few times, keep them updated over the summer, and ask them about possible openings midway through.