Move from Strategy Consulting to PE (experienced)

My suggestion is that you do your own research - go to Linkedin, look at the career of a few associates and directors at a handful of target PE funds. When did they join, what was the previous role, did they have or not an MBA. 

No answer here is going to replace the amount of insight you'll get from a through investigation into this matter.

Hi there,

1 & 2. PE funds do look beyond MBB, especially if you have solid finance/IB/PE experience like you do as that definitely boosts your profile. 

3. Timing-wise, most people make the move as a Senior Associate/early Project Manager, sometimes with an MBA, but it’s not a strict rule. 

4. Yes, it’s worth already getting in touch with headhunters (e.g. PER, KEA, Blackwood) to get on their radar and understand the market. Nothing to lose here.

Hi there,

1. You don't necessarily need MBB before pivoting to PE, though MBB firms (esp. Bain) probably are more credible with PE firms. Within the current firm, you can try to do more work that are DD, investment related to increase your chance. 

2. Your background and skills mentioned are definitely helpful, and you should totally leverage these during the conversations / interviews.

3. You don't need to wait, esp don't wait for too long. Senior Associate is probably still okay. But I think Project Manager might be too late. As the expectations would be quite different. 

4. There is no harm to start talking earlier! Job searching nowadays are taking longer than a few years back. Even if there is nothing immediate yet, always good to keep yourself on the headhunters' radar and also know about the market situation. 

Best,

Emily

Let me take them one by one.

1. MBB is not a must. What matters more is the breadth of your relevant experience while in consulting. So if you can prove that you have useful expertise that you're bringing over, that matters more than the brand under which you've accumulated the experience.

2. It helps, certainly. Make it visible in your CV and cover letter.

3. That's a big topic in and of itself. The bad (and good, arguably) part about it is that you're not fully in control of where things go. In most cases, you just make the most of the opportunities that come. As a rule of thumb though, it's best if you accumulate at least 2 years at a firm before deciding to leave. 

4. Depending on your timeline, yes, it might make sense to get the discussions going, even if just to get a sense of the market and go through some practice interviews.

Best of luck and feel free to reach out directly if you have any questions!

Cristian

I used to work in PE practice, here's my take:

1. Do these funds only look at MBB or do they also look at T2 consultancies? So is a move to MBB beforehand a must?

The bigger global shops generally hire from MBB only, the reason is because PE isn't a big field and so they do have the luxury of choice. I have however seen MM funds hire from T2s and Big 4 before

2. I have a background with IB and PE internships and a Msc in Finance. Moreover, i have quite some financial modeling experience on projects. Does that increase my chances of getting invited?

Invited to MBB or invited to PE? I think these are strong internships for a potential lateral to MBB, but it would matter less to the PE if you ask me. They are looking at your current role more

3. What is the right time to make that career move? Should i wait so Senior Associate or Project Manager and do a MBA first?

I would suggest move as early as possible to MBB. The benefits of this cannot be understated (I came from a T2 myself). If you go MBB - this increases your chance of getting into a top MBA, which in some cases do still place into PE (e.g. I know a few who MBB have gone to H/S/W and placed into PE after)

4. Does it make sense to already start talking to headhunters and if yes who is specialized there?

I would say no.. better to build up your profile first. 

Lastly - some other important thoughts for you on exiting to PE:

I think it's important to be clear on what role you are looking for, whether its deal team or value creation. An overwhelming majority of deal team comes from IB. An overwhelming majority of value creation comes from consulting. Is it possible to go to deal team from consulting? Yes I have seen so far in SEA only less than a handful of consultants from MBB who were able to make that switch. 

If you want to go to deal team, then MBB or MBA from target PE hiring schools is the path (or even a more drawn out one which is MBA -> IB -> PE). If you want to go to value creation, then the opportunities are broader and more likely