Why Few MBB Consultants Move into Banking: Realities of Career Transitions

The Management Consulted report examines the exit paths for 1,644 client-facing consultants from McKinsey, Bain & BCG over a four-month window (Aug 18 – Nov 18, 2025). While 13.7 % left into ‘Financial Services’, that encompasses more than just investment banking: only 3 % of the total exited to investment banks, hedge funds or trading firms specifically. Thus, although finance remains a significant draw, investment banking is a minor segment within it. [1][Primary Article]

Within banking exits, senior roles are extremely uncommon. Only 0.3 % of total exits were at Vice President level into IB or similar, and Managing Director exits were similarly rare, at 2.9 % of all finance or broader exits—reflecting steep hierarchy and high barriers for senior roles. [Primary Article]

On the supply side, consultants continue to prefer exits into segments where their skills in strategy, operations, transformation, and general business advisory are directly valued. Private equity (5.1 % of total exits), venture capital, corporate roles in financial services, and software firms outpace investment banking in appeal. Larger private companies, often PE- or VC-backed tech firms, dominate as landing spots.[1]

In terms of geography, exits into banking are concentrated in the US and UK but still modest. Only about 22 % of banking exits by consultants go to the US, 18 % to the UK, indicating that finance-industry movement is globally fractured and likely to depend on local banking market structures and demand. [Primary Article]

Strategic implications: for investment banks seeking mid-tier talent, hiring from MBB may not yield many candidates; those looking to attract more will need to address perception gaps about deal exposure, compensation volatility, and culture. For consultants, those considering moving to IB must be realistic about role level, adjust expectations for seniority, and perhaps pursue proxy deal experience within consulting or during transitions (e.g. via PE due diligence, financial modelling) to bridge the gap. Open questions include whether AI or marketplace disruptions in banking might shift these dynamics, potentially lowering entry barriers for non-bankers.