Is consulting to IB possible in london?

Question

Hi everyone,

I’m a strategy consultant with 3 YOE at a T2 firm (e.g. LEK, EYP, S&) in London, primarily focused on M&A CDD and value creation for PE clients. I’m now looking to pivot into IB and PE, and would really appreciate any advice from those who’ve made a similar move or have insights into the process. My long-term goal is PE, but I’m looking to break into IB first (explained more in Q4).

Here are a few specific questions:

Graduate vs. Experienced Hire:
Given my experience, would I be better off applying to graduate analyst programs (if I’m even eligible)? Or should I focus on experienced hire roles (Analyst or Associate)? If targeting EH roles, do banks even recruit for Y1 Analyst positions? How can I tell if a posting is for Y1/Y2/Y3 Analyst? I’m open to starting as a Y1 if it increases my chances, and conscious I’d be competing with IB laterals in the EH pool.
Odds of Breaking into IB:
Realistically, how tough is it to make the switch from consulting to IB? I know it’s less common than the reverse — but is that also because fewer consultants pursue the move (e.g. because of WLB, having to restart)
Odds of Breaking into PE:
Is PE significantly harder to break into than IB for someone with my background? Would appreciate any clarity here, as I’m assuming IB might be a more achievable near-term entry point.
Recruiting for IB and PE Simultaneously:
Would you recommend applying to both IB and PE roles in parallel? There’s some overlap in prep (e.g., technicals), but I’ve heard mixed opinions - some suggest focusing on one path for credibility with recruiters. My rationale for trying both is to de-risk the process: if I don’t land a PE offer, I’d at least hope an IB role puts me one step closer rather than staying longer in consulting.
Strategy for Breaking In:
For those who successfully made the switch - what actually worked? Headhunters, direct applications, referrals, networking?

Would really appreciate any advice, especially from those who’ve made the pivot or currently work in IB/PE and have seen consultants make the move. Thanks!

Answer 1

Great questions. I would think about your situation in the following manner.

1. Graduate vs. Experienced Hire

Apply as an experienced hire, not through graduate programs — you’re likely ineligible.
Focus on Analyst roles, not Associate (most Associates have IB execution or MBA experience).
Be open to starting as a Y1 Analyst — it improves your chances and signals humility.
Postings often won’t state “Y1/Y2,” so use LinkedIn, referrals, and networking to clarify levels.

2. Breaking into IB from Consulting

It’s tough but possible, especially with M&A/PE consulting experience like yours.
You’re competing with IB analysts who have deal execution skills — so prep technicals hard.
It’s less common partly because few consultants go for it, not because it’s unattainable.

3. Breaking into PE Directly

Harder than IB — PE funds typically hire ex-IB analysts.
You could explore LMM, growth equity, or ops-focused funds, which value your background more.
IB is a solid stepping stone to PE and gives you the skillset and signalling to pivot in 1–2 years.

4. Applying to IB & PE in Parallel

It’s fine to do both — just tailor your story:
- For IB: “Want to build technical deal skills.”
- For PE: “Want to be on the investing side of deals I’ve supported.”
Don’t volunteer that you’re pursuing both unless asked — focus your message per audience.

Answer 2

I see you've received a couple of great answers already and you've put some thought into the topic already.

Honestly, what I'd recommend you do additionally is have more conversations with people in London who work in the industry. They're going to have the best feel for what is currently happening, and they might connect you with people who could present you with opportunities.

If you're struggling to get in touch with these sorts of people, you might find this guide useful:

Expert Guide: How To Get Referrals Via LinkedIn?

Best,
Cristian

Answer 3

Hey,

There’s a lot to cover here but it’s very possible to go from consulting directly to PE.

If you’re a PE focused consultant, you just need to network and learn the fundamental technical skills (e.g., LBO modelling) very well. Then prep intensively for the interviews.

I was about 50% aligned with McK’s PE practice and we had tonnes of people leaving for both MF and UMM PE.

Maybe it would help to have a chat directly but if your end goal is PE, I’d question why even go to IB when it’s possible to jump directly