Paradoc
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OK so I need some advice

I graduated from Oxford (Balliol) with a 1st in Biological Sciences last year.
Great Alevels etc.

I never really worked too hard during the summers, never bothered doing any work experience at all. After graduating I worked for a start up in London for the last 12 months. Its a reasonable job but I am looking to do something more serious now.

Having ZERO financial background means I am not going to even bother applying for IBD roles.

I am going to apply to MBB consulting this year.

How difficult is it make a move from an MBB firm into private equity after about 2 years?
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fuuji
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Should probably worry about getting a job at MBB first considering they have a yearly intake of under 100 people a year in the UK and you wouldn't be applying for grad schemes.
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Paradoc
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(Original post by fuuji)
Should probably worry about getting a job at MBB first considering they have a yearly intake of under 100 people a year in the UK and you wouldn't be applying for grad schemes.
Hmm, you apply as a junior associate...

I understand its a difficult job to get but then I have a good degree and good experience.

The question is, how easy is it to move from MBB to PE.
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fuuji
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(Original post by Paradoc)
Hmm, you apply as a junior associate...

I understand its a difficult job to get but then I have a good degree and good experience.

The question is, how easy is it to move from MBB to PE.
If you apply for a junior associate you'd be going against people with MBAs so probably a couple years in finance or consulting, pretty certain you'd be applying as a business analyst. Not saying don't apply for management consulting, but apply to other consulting firms too, there are a lot more good ones out there then just MBB. You could likely get interviews at private equity funds, but you will need to know as much finance as the bankers competing with you for the jobs as they are largely case study based and require a lot of financial modeling.
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Paradoc
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(Original post by fuuji)
If you apply for a junior associate you'd be going against people with MBAs so probably a couple years in finance or consulting, pretty certain you'd be applying as a business analyst. Not saying don't apply for management consulting, but apply to other consulting firms too, there are a lot more good ones out there then just MBB. You could likely get interviews at private equity funds, but you will need to know as much finance as the bankers competing with you for the jobs as they are largely case study based and require a lot of financial modeling.
Nah the MBAs apply straight for associate positions. Junior Associates are generally people who have had some work experience post-undergrad or have an advanced degree like medicine or a masters. I probably should apply for a business analyst position but I know people who have got in as a junior associate with a similar amount of work experience.

Ah ok. I see. Maybe an MBA or a summer internship at a bank might be a good idea then.

Thanks for your help.
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jharri1993
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IMO I think even with zero financial background, you have a 'better shot' at IBD than MBB. Regardless of prior experience, there is no way that Mckinsey is easier to get into than Barcap, Nomura, or any of the lower tier IBs.
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MAINE.
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(Original post by jharri1993)
IMO I think even with zero financial background, you have a 'better shot' at IBD than MBB. Regardless of prior experience, there is no way that Mckinsey is easier to get into than Barcap, Nomura, or any of the lower tier IBs.
You get a summer analyst gig at a bank with no finance knowledge, but very unlikely for grad given you are going to be competing with people who did summer stints at banks, and in some cases people who have even more finance experience than that (eg. guy on my internship in IBD already had 1 year of credit restructuring experience).
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jharri1993
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(Original post by MAINE.)
You get a summer analyst gig at a bank with no finance knowledge, but very unlikely for grad given you are going to be competing with people who did summer stints at banks, and in some cases people who have even more finance experience than that (eg. guy on my internship in IBD already had 1 year of credit restructuring experience).
I agree with you that it is extremely difficult to get into IBD with no summers. But what I'm doing is comparing two 'difficult' situations and ranked it beside each other. If you look at the profile of people who got into MBB, they have virtually flawless CVs, it would be crazy to think that a person who wouldn't get an interview in a lower tier bank for IBD would be able to strut into MBB.
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welcometoib
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(Original post by Paradoc)
OK so I need some advice

I graduated from Oxford (Balliol) with a 1st in Biological Sciences last year.
Great Alevels etc.

I never really worked too hard during the summers, never bothered doing any work experience at all. After graduating I worked for a start up in London for the last 12 months. Its a reasonable job but I am looking to do something more serious now.

Having ZERO financial background means I am not going to even bother applying for IBD roles.

I am going to apply to MBB consulting this year.

How difficult is it make a move from an MBB firm into private equity after about 2 years?
firstly, i hope you realise mbb and strat consulting is more competitve than ibd right? secondly, how on earth did you work out to apply for mbb instead of ibd if you want to move to PE? noone cares about a 1st or 2:1, mbb intake is roughly double figures each just about each year.
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fuuji
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(Original post by welcometoib)
firstly, i hope you realise mbb and strat consulting is more competitve than ibd right? secondly, how on earth did you work out to apply for mbb instead of ibd if you want to move to PE? noone cares about a 1st or 2:1, mbb intake is roughly double figures each just about each year.
I know bain takes 8 for their internship so it might not even be double figures haha.
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welcometoib
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(Original post by fuuji)
I know bain takes 8 for their internship so it might not even be double figures haha.
bain dont do summers even, just mck and bcg do summers
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welcometoib
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(Original post by jharri1993)
I agree with you that it is extremely difficult to get into IBD with no summers. But what I'm doing is comparing two 'difficult' situations and ranked it beside each other. If you look at the profile of people who got into MBB, they have virtually flawless CVs, it would be crazy to think that a person who wouldn't get an interview in a lower tier bank for IBD would be able to strut into MBB.
if youre female, ibd is one of the easiest industries to currently get into.
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fuuji
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(Original post by welcometoib)
bain dont do summers even, just mck and bcg do summers
They do, but it's invite only. No idea how you would go about getting an invite.
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welcometoib
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(Original post by fuuji)
They do, but it's invite only. No idea how you would go about getting an invite.
seriously? fml. well, id guess how, but it probably fits into the normal stereotypes so to avoid racial profiling ill avoid lol.

out of those 8 do you know if any were not oxbridge or lse?
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Paradoc
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Thanks for your replies everyone.

(Original post by jharri1993)
I agree with you that it is extremely difficult to get into IBD with no summers. But what I'm doing is comparing two 'difficult' situations and ranked it beside each other. If you look at the profile of people who got into MBB, they have virtually flawless CVs, it would be crazy to think that a person who wouldn't get an interview in a lower tier bank for IBD would be able to strut into MBB.
(Original post by MAINE.)
You get a summer analyst gig at a bank with no finance knowledge, but very unlikely for grad given you are going to be competing with people who did summer stints at banks, and in some cases people who have even more finance experience than that (eg. guy on my internship in IBD already had 1 year of credit restructuring experience).
Yeh so this is my rationale for consulting. Consulting doesn't require any specific prior experience. The people getting the jobs in IBD have invariably done summer internships at the same bank or a different bank.

(Original post by welcometoib)
firstly, i hope you realise mbb and strat consulting is more competitve than ibd right? secondly, how on earth did you work out to apply for mbb instead of ibd if you want to move to PE? noone cares about a 1st or 2:1, mbb intake is roughly double figures each just about each year.
Of course I do but I know I won't get a full time role in IBD without a summer internship.
I do think my best chances are with MBB consulting. Having a few associate/EM contacts, they think my CV is just the kind of CV that has a good shot. They're also in a good position to help me prepare for the case interviews.
Im pretty sure it does matter whether you get a first or 2:1 given that, as the other post said, they are looking for 'flawless' CVs.
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welcometoib
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(Original post by Paradoc)
Thanks for your replies everyone.




Yeh so this is my rationale for consulting. Consulting doesn't require any specific prior experience. The people getting the jobs in IBD have invariably done summer internships at the same bank or a different bank.



Of course I do but I know I won't get a full time role in IBD without a summer internship.
I do think my best chances are with MBB consulting. Having a few associate/EM contacts, they think my CV is just the kind of CV that has a good shot. They're also in a good position to help me prepare for the case interviews.
Im pretty sure it does matter whether you get a first or 2:1 given that, as the other post said, they are looking for 'flawless' CVs.
in industries such as these, a 2.1 or 1st means virtually nil. a flawless cv doesnt mean first, it means the benchmark for a level filters and the 2.1. the flawless part comes from what you did outside the degree at uni, thats whats important. what extra currics did you do?
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Paradoc
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(Original post by welcometoib)
in industries such as these, a 2.1 or 1st means virtually nil. a flawless cv doesnt mean first, it means the benchmark for a level filters and the 2.1. the flawless part comes from what you did outside the degree at uni, thats whats important. what extra currics did you do?
Outside the degree....I got wasted

I was the vice president of a society and was on a couple of other elected committees. Organised a few events. Telephone campaign work. Charity work for a group helping housebound people for two years. The standard stuff basically.

I started a software start up with a friend which ultimately failed.

You don't need to be president of the Oxford Union to work at McKinsey although it helps lol

So are you working there at the moment?
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username738914
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It happens a lot OP.

There are quite a few firms that tend to opt for consultants rather than bankers as well as those who've worked on due diligence cases. Bain Capital (not a subsidiary of Bain&Co) is one of those firms.

Apart from those, there are some European PE shops and some American Megafunds that don't mind taking on MBB consultants.

The real hurdle is being able to model to the same extent as someone coming from IBD, they just have much greater exposure to that specific form of work. So, if you can demonstrate a similar level of competency as well as endure the arduous interview process - there is no reason why you couldn't land a gig.

As said above, if you can get IBD it'll be a slightly easier path/good luck landing a spot at MBB.

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jharri1993
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(Original post by Paradoc)
Outside the degree....I got wasted

I was the vice president of a society and was on a couple of other elected committees. Organised a few events. Telephone campaign work. Charity work for a group helping housebound people for two years. The standard stuff basically.

I started a software start up with a friend which ultimately failed.

You don't need to be president of the Oxford Union to work at McKinsey although it helps lol

So are you working there at the moment?
In all honesty, I still think you have a shot at IBD. I did not do any IBD internships, but still got interviews at a few lower tier banks for IBD. I do think you have a strong track record and should try for IBD. From my experience, I still stand by saying that in your situation, it is a lot easier to get into a lower tier IBD than MBB.
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