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

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