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Moving from consulting to IB

 
#1 Moving from consulting to IB
10/08/2006 15:08

grad to deleted (#0)

Im currently an analyst at a full house consulting firm (I don't work in IT). I'm going to be frank i love money, I need money and im prepared to work all hours of the day for it. I enjoy consulting but do not think it will bring the money and thus the lifestyle I strive for. I'm considering applying for grad schemes at IB's this September with a view (if successful) to joining a year later (2007). The grad salary at IB is more or about on par with what I would/will be on after two years where I am.

I guess my questions are 1) am I being greedy 2) Should I wait and do maybe 3 years in consulting and then possibly an MBA then go into IB 3) Would an internal strategy role in an IB pay more as a career than staying in consulting as a career?

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#2 RE: Moving from consulting to IB
18/10/2006 16:15

Mikey to grad (#1)

While scrolling through topics, I saw this unanswered gem and i'd be interested to know people's views on this one. At least he's honest!!

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#3 RE: Moving from consulting to IB
19/10/2006 09:19

IB All the way to Mikey (#2)

Look my friend grad. Banking is the most lucarative profession in the corporate world. All bankers from compliance officers to M&A advisers are paid more than consultants. If you join a strat house - yes then the money is comparable to back to middle office bankers but the fact is you get a stellar brand on ure resume and a chance to move into industry at a senior role.

If you want money. If you are willing to work hard. If you want prestige. If you want a good lifestyle then banking is the place. Trust me you will fly if you go in and do well.

Lastly unless you are in a start house, you will soon learn you have no hard skills to transfer. Consultancy in a non strat sphere is basically a wheeler dealer type profession.

Goodluk with you search. I'm sure you'll do well. Your frank and determined. And those are the two most important prerequisites for IB.

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#4 RE: Moving from consulting to IB
19/10/2006 10:45

grad to IB All the way (#3)

IB All The Way.

Thank you for your response to my question. It is much appreciated. Can you tell me what IB's I would have a realistic chance of getting into considering my current consulting brand is not all that strong. I'm assuming (being realistic) that places such as GS, ML, MS, LB are out the question. Perhaps more useful would be if you could briefly tier the banks in your opinion.

Many thanks again

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#5 RE: Moving from consulting to IB
19/10/2006 10:54

IB all the way to grad (#4)

Is it IB you want to do - as in front office investment banking or a middle-back office role?

Also pls tellme which firm and univ and experience. It depends mainly on those reasons. I shall then give you a list of firms including boutiques and those with non proper grad roles. But trust me I was in the same situtation as you. You know what I mean when I say a non strat firm is basically garbage/nonsense work. The partners are literally sales persons like car dealers willing to sell anything.

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#6 RE: Moving from consulting to IB
19/10/2006 11:40

grad to IB all the way (#5)

I'm at Capgemini. Want to work in Sales. Went to UCL and then Warwick for a masters. Approximately 18months in current role. No extra languages....sounding bleak?

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#7 RE: Moving from consulting to IB
19/10/2006 12:04

grad to IB all the way (#5)

I'm at Capgemini. Want to work in Sales. Went to UCL and then Warwick for a masters. Approximately 18months in current role. No extra languages....sounding bleak?

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#8 RE: Moving from consulting to IB
19/10/2006 13:37

DG to grad (#7)

BarCap is hiring like crazy at the moment. Your best bet is to find a decent headhunter - I can recommend a couple from Project Partners and Leathwaite Int'l.

Dan

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#9 RE: Moving from consulting to IB
19/10/2006 15:09

grad to DG (#8)

Cheers Dan. Can anyone recommend anymore that are good. I know there a few cowboy recruitment firms out there?

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#10 RE: Moving from consulting to IB
19/10/2006 15:19

grad to DG (#8)

Cheers Dan. Can anyone recommend anymore that are good. I know there a few cowboy recruitment firms out there?

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#11 RE: Moving from consulting to IB
19/10/2006 15:19

DG to grad (#9)

Rereading your experience, you may find LI is more for v.experienced hires.

I would phone (not email) the following headhunters and ask to speak to someone given your experience and what you're looking for.

Robert Walters

Aston Carter

McGregor Boyall

Project Partners

If you speak to all 4 you'll have covered probably all the top IBs.

Good luck.

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#12 RE: Moving from consulting to IB
19/10/2006 15:22

DG to DG (#11)

Ironically, I'm looking to move from Banking (8yrs at Credit Suisse) to IT Consultancy.

Have had initial interviews so far with PwC & Deloitte..

Boy, do I love the joy that is job hunting...

Dan

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#13 RE: Moving from consulting to IB
19/10/2006 15:23

Ib all the way to DG (#11)

You've got a good chance. Send 30 applications out and see whathappens. Remember most of it depends on your determination and howmuch effort your willing to put.

I suggest you also contact :

Freshminds

Hays

For 10 of the better firms apply for middle office roles. Get your foot in first is my suggestion.

best of luck

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#14 RE: Moving from consulting to IB
20/10/2006 13:03

Another Anon to grad (#7)

It's definently possible to make the move from Consulting to I-Banking. I'm currently pondering whether to jump ship and join a past client of mine, who want me to come on board and own the programme that I originally helped to shape. Typically if one wants to move into Front Office, as per Cap Grad's desires, I'm afraid it's a very, very long shot. Even if you have worked in I-Banking environments with Cap, since the types of work that traditional full service consulting firms offer is very different from those that are akin to a Front Office Sales position. My advice is that if you are serious about moving into sales, do an MBA at a Top 10 B-School.

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#15 RE: Moving from consulting to IB
21/12/2006 16:23

Headhunter to Another Anon (#14)

An MBA is relatively meaningless to the big IBs - they want to see real world banking experience. Depending on age CapGrad could move across at analyst level, but he will need a 2:1 or better and circa 360 UCAS points. Front office is even more competitive than MBB - with a short shelf life if you dont make the grade. The sales function is one step removed - at least in the equities, derivatives, bonds markets - behind the traders, and is a feasible target. Aim high!!!

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#16 RE: Moving from consulting to IB
02/01/2007 17:56

DeloitteGrad to Headhunter (#15)

I've just started at one of the Big4 Services firms in IT Consulting and am already planning my move.

I'd like to switch to IB after my first promotion (2 years time). I have the chance to do CIMA here - do you think that might help with IB applications?

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