Worth joining MBB as a consultant in early 40s, after 18 years in investments and corporate development?

Question

I've been incredibly lucky to secure a role at MBB, but it’s an entry-level (post MBA) role, and will mean a >50% pay cut to start over in my early 40s. Should I really go ahead with this?

I'm interested in doing something new: challenging myself, growing, learning new skills. I've spent nearly 20 years in investments and corporate development. For the past decade, I've been at a small family office, where I helped build and scale a real estate PE platform. Prior to that, I was in mid-tier IB (sector M&A / ECM coverage), as well as in-house corporate strategy and M&A. A couple years ago during covid, with my personal and professional growth stagnating at the family office, I completed an EMBA and subsequently joined the great resignation.

During the EMBA, I realised I'm far better suited to – and would much rather be back in – the institutional world, partly for its career stability and clear professional trajectories, but mainly for the chance to work with lots of people in an operational leadership role - something I am dying to do more of, but had little chance to do in boutique real estate PE.

However, with now 10+ yrs outside the institutional world, I can't seem to get any traction whatsoever, even for roles which I've held and in which I was successful over a decade ago. The perception is I'm either (1) too old and over-qualified for junior (i.e middle management) roles, or otherwise (2) categorically under-qualified for roles one step up from those, in the sense that I've simply been "out of the market" too long, and thus cannot compete with people who are currently operating from within the institutional environment. My professional networks are mainly limited to real estate, and are great but can only help so much, once the collective hiring teams are faced with the prospect of choosing between (a) hiring people already doing the same jobs at local competitors, of which there are many, and (b) a more unproven concept with greater potential upside (in my humble opinion), in myself. Given the general risk aversion of hiring teams and Boards, and the state of the market over the last few years, my background seems to be a non-starter.

I could start a real estate fund management / advisory business, but I just don't have the risk appetite for that at this point in my life. I owe my family some stability and a clearer future, especially after these past few years.

I'm not too worried about the hours. I've worked plenty hard before (albeit many years ago now) and can do it again, and I have reason to believe the office I'll be joining is on the relatively more forgiving side of things in terms of work-life balance, and there appears to be a near preponderance of employees across the seniority spectrum with young families like myself, who seem pretty well-adjusted.

I'm super excited about working in industries outside of real estate - I've always loved looking at things on the periphery of real estate on the rare occasions I've been afforded the opportunity to do so in the past (agribusiness, or impact investing, for instance).

I'm nervous and excited about the strong likelihood of being an underperformer initially; It's going to take some time to re-adjust to a proper professional environment, but that's exciting and frankly part of the appeal. I've never been an underperformer before, which has made my recent lock-out from the job market all the more jarring.

My big concern is that in the near future, after, say, 4-5 years in MBB, hiring teams will completely discount my last 18 years pre MBB and only consider me for mid-level strategy roles in corporate or PE (for some of which I'm already currently perceived as too old or overqualified). A senior executive recruiter from a SHREK firm recently told me this is likely going to be the case, but I’d like to seek the wisdom of the crowds for a second opinion.

Is that a legitimate concern? How can I bridge that gap and craft a senior role in PE, a listed corporate, or elsewhere that properly accounts for a long and valuable career history and professional network pre MBB, plus a few years of MBB re-skilling and up-skilling? What else should I be thinking about or considering?

Thank you so much.

Answer 1

What sort of roles and in which companies are you targeting from an exit perspective? If you want to leverage MBB for your exit, that experience will count the most but no one will discount 20 years of work entirely. The reality is that post MBB you will have the most lucrative exit opportunities in the fields where you have experience vs new fields but it can be in a corporate environment. So to give you an example - after 4 years in MBB you can join a relatively senior role in say the RE arm of Blackstone but it will be harder to join a senior role in a pharma company.

Many people have leveraged MBB to make the sort of pivot you are making although most would want to have the career you already had :). You will be able to leverage MBB to join large F50 firms much better than without it and if that is your aim I think it is a good move.

Best,

Udayan

Answer 2

Hi,

Thanks for sharing this impressive background. My recommendation would be don't worry, do what you are passionate about; everything else you will figure out later down the road.

Should you make the move? Yes, it’s absolutely worth it if your main goals are personal growth, re-entry into the institutional world, and broadening your sector exposure. Your excitement, willingness to re-learn, and long-term thinking are huge assets, far more important than the temporary pay cut.
Future roles won't erase your past. Smart hiring managers will see your MBB time as a high-caliber reset layered on top of an 18-year investment and corporate development background. Position yourself later as someone who combines operational leadership, investment acumen, and strategy expertise, that’s a rare and valuable profile.

Best of luck!

Answer 3

In your case, I suggest you go all the way to Principal level - you need to attain the same kind of seniority you had before. If you are planning just to stay until the Manager level you may be taking a risk.

Alternatively, joining as an "expert" or trying to have a role description that better reflects your seniority ("advisor") could make more sense).

Now let me very clear. You have relevant seniority, and most of the coaches here are very far away from that seniority level, and left consulting much earlier. This means that for most of them, your question is outside their scope of expertise, and they will be providing their "best guess" but that's it... just their "best guess", even if in some cases based on anecdotal evidence.

You need to be asking this to executive search professionals (with some experience as well), and industry players.