MBB Internship to PE

Hey there :)

Congrats on the MBB internship! With just a summer, it’s very rare to go straight into PE analyst programs. Those are designed for undergrads who committed to banking and usually recruit 1–2 years in advance. PE firms almost never hire undergrads from consulting directly into analyst seats.

The much more standard route is: finish your MBB internship → convert to full-time → after ~2 years, recruit for PE associate roles (that’s where consultants are attractive). The only exceptions where you might see a direct jump are smaller PE shops or growth equity funds with a strategy angle, but even then they’ll prefer banking-trained analysts.

So the cleanest play is to secure your MBB return offer, build the experience, and then recruit for PE associate roles. That path is well-trodden and realistic.

best, Alessa :)

Hi there,

For PE recruiting, here’s the breakdown of what works in my opinion:

• Directly after internship: It’s very rare for PE firms to hire undergrads straight into analyst roles from consulting. The analyst tracks at top PE firms are typically filled by investment banking analysts. Some middle-market firms may consider consultants, but it’s not the standard path.
• After 2 years full-time at MBB: This is the classic route. Many consultants transition to PE at the associate level (post–business analyst), especially into mid-market funds, growth equity, and sometimes megafunds if you have strong deal exposure or PE casework. Bain Capital is the one exception where Bain undergrads occasionally make the jump early, but even that is exceptional.
• Which firms hire consultants: Growth equity funds (Summit Partners, General Atlantic, Insight Partners), mid-market buyout firms (e.g. Advent, Hg, Cinven in Europe), and Bain Capital are the most open to ex-consultants. Traditional analyst programs at Blackstone, KKR, etc. almost exclusively hire bankers.

Best,

Evelina

Hey, congrats on the 2026 summer internship! That's a huge win.

You should absolutely try to do both and keep your options open.

The PE analyst path right after the consulting internship is not the usual route, so it will be tough. But since you don't have a full-time offer yet, it's smart to explore all your options.

The most common and realistic path is to get the full-time MBB offer and then recruit for PE after two years. That consulting experience is incredibly valuable.

Ultimately, your goal this summer should be to perform at your best and build your network. That's the key to getting any great job, no matter which path you choose.

Hi There,

I think Alessa gave a great answer! I would also say that at MBB I would focus on getting staffed on Due Diligence projects. Many PE firms do love ex-consultants, but they usually want to see a fair amount of Diligence experience especially if you are looking to be on an investment team. If PE Ops sounds more your speed then you don't need to focus as much on the Diligence engagements.

Hope this helps!

Hi there,

First of all, congratulations on the consulting summer internship!

I would be happy to share my thoughts on your question:

• First of all, contrary to what other coaches have said, I would strongly advise you to try directly entering the PE industry and see what the outcome is. While it may not happen this often, there is no reason you shouldn't be hired directly, and I've helped a few of my coachees do so.
• Moreover, contrary to what other coaches have said, while there is a certain chance you may receive a return offer after your consulting internship, this isn't guaranteed either, which supports my advice that you should at least give it a try and apply directly.

If you would like a more detailed discussion on your specific situation, please don't hesitate to contact me directly.

Best,

Hagen

In general, I believe the real issue here is that you don't want to accept an offer and then be looking for a different job and rescind the offer after having accepted it. 

If this is the case, it is a matter of personal risk preference (and morals), and it's really a personal decision.

If this is not a constraint, then I don't see why you wouldn't be trying to get the full time job in a PE anyway. It's not that easy to get into, and if you are able to join early (or even start learning about the companies and networking), its obviously better for you.