Many investment bankers consider switching to consulting at some point in their careers. The skills learned in investment banking like financial modeling, M&A deals, valuation are very transferable to consulting roles. However, the lifestyle and work style are quite different. Consulting usually offers better work-life balance but requires extensive travel. With proper preparation and networking, it’s possible to make the transition. This article will provide insights on how to make the move from investment banking to consulting.
investment banking and consulting have different lifestyles
Investment banking is known for long hours and weekend work, while consulting is more project-based with busy periods when on client projects but more flexibility when between projects. Banking focuses more on financial transactions, while consulting tackles strategy problems across industries. So bankers need to adapt to consulting’s case-based interviews and working style.
leveraging transferable skills from banking to consulting
Many skills like financial modeling, valuation, M&A, and business case analysis apply directly. Bankers are used to grueling workloads and tight deadlines. Soft skills in communication, presentation and relationship management are valued in both fields. Highlight these crossover abilities in applications and interviews.
networking is crucial for investment bankers switching to consulting
Networking is vital to transition between the two selective fields. Attend industry events, connect with headhunters and consultants on LinkedIn. Ask for informational interviews. Get referrals from people in both industries. Leverage your undergrad, MBA and internship connections.
preparation is key for consultants from banking background
Restudy consulting case books and do mock cases. Research firms to find the right fit. Brush up soft skills and storytelling abilities. Expect case and behavioral questions at interviews. Explain why you want to switch from banking to consulting convincingly.
be adaptable during the transition process to consulting
The first year will require learning the consulting methods and culture. Be open-minded and get a mentor. Find ways to add value using your finance skills. Get staffed on projects matching your background at first. Identify knowledge gaps and develop new consulting skills.
With careful preparation, networking and transferable skills, it’s possible for investment bankers to switch into consulting roles. Adapting to the case-based interview style and project lifestyle are key to making the transition successful.