Consulting to Private Equity: How to Make the Transition Successfully

For many consultants, breaking into private equity is an opportunity to take full ownership of the deal: starting with the top of the funnel, working through the mechanics of deal execution, and driving post-acquisition strategy as an owner and advisor. And while investment banking is still the dominant feeder path, an increasing number of PE firms are hiring top-performing consultants, especially from consulting firms with well-established PE commercial due diligence practices.

As a Private Equity Associate at Charlesbank, I worked across our sector teams in healthcare, business services, and consumer services, gaining firsthand experience in executing platform transactions and driving initiatives within portfolio companies. Before Charlesbank, I was an AC at Bain & Co in Atlanta, and I'm especially happy to work with people targeting PE from outside NYC, SF, Boston, or Chicago. Navigating the consulting to private equity jump isn’t easy – most firms are biased toward banking backgrounds, and even those open to consultant hires expect you to close the gap fast, especially when it comes to financial modeling, deal mechanics, and investment judgment.

The good news? It’s absolutely doable if you approach the transition with the right strategy. This guide breaks down why some consultants get in and others don’t, what firms are really looking for, and how to position yourself to land the offer, whether you’re pre-MBA, in an MBA program, or post-MBA and ready to pivot.

Why Consultants Want to Move Into Private Equity

Consultants are drawn to private equity because it offers deeper ownership, higher upside, and a chance to move from advising strategy to executing it. While management consulting builds strong analytical thinking, communication, and problem-solving (all valuable skills), many consultants eventually want more direct impact and accountability. In the private equity industry, you're not just telling companies what to do, but you're helping run them, improve them, and profit from that success.

Beyond the intellectual challenge, private equity firms also offer significant financial upside. In addition to high base salaries and performance bonuses, mid-level and senior private equity professionals earn carried interest, a share of the profits from successful deals, which can lead to real long-term wealth creation. For ambitious consultants looking to own outcomes, PE represents the next level.

The Differences Between Consulting and Private Equity

Consulting and private equity are both elite career paths: competitive, well-compensated, and filled with learning opportunities. But they’re built for different types of professionals. If you’re deciding between the two (or considering making the jump), here’s a tactical breakdown of what actually sets them apart, beyond just the headlines.

Nature of the Work

In consulting, your job is to analyze problems, synthesize insights, and recommend solutions, often with limited data and on tight timelines. You advise. In private equity, you own the problem. You’re not just giving recommendations, you’re investing capital and taking responsibility for the outcome.

Expect deeper involvement in strategy execution: building management teams, tweaking pricing models, fixing supply chains. Consultants optimize PowerPoint decks. PE investors optimize entire P&Ls.

Responsibility and Decision-Making

Consultants carry a heavy cognitive load and often present to C-level clients early in their careers. But in PE, the stakes are higher and more direct. You’re managing someone else’s money, often hundreds of millions. One bad call can sink a deal or stall returns.

Every investment committee memo you write and every diligence model you build has direct financial consequences. It's a different level of accountability, and one that people aspiring to private equity should think critically about before making the jump.

Compensation Potential

At the entry level, private equity pays more, full stop. Associates typically earn $150K-$300K+ with bonuses and the carry potential. In consulting, post-undergrad or pre-MBA comp tends to land in the $100K-$160K range. Over time, the gap widens.

If you stay in PE and earn carry, your upside is potentially massive. Consulting is still well-paid, but it rarely offers wealth-building equity unless you pivot into operating roles or partnerships.

Work-Life Balance

Neither path is easy, and neither should be chosen for “balance.” But the demands differ. Consulting often involves predictable travel (think Mon-Thurs fly-outs), frequent context switching, and pressure to deliver polished outputs fast.

PE is more office-based, but deals drive the schedule. 70-80 hour weeks are common, and hours get even longer when deals heat up. That said, PE often gives you more control over your calendar when you’re not in a live deal.

Career Progression and Structure

Consulting firms offer clear, linear promotion paths, analyst to associate to manager, etc. Private equity is less structured. Firms are smaller, flatter, and more opaque. You’ll be competing for fewer senior seats, and some partners simply never leave. Advancement often depends on deal flow, firm growth, and internal politics. The upside? If you’re exceptional, you can move up quickly, or pivot to operating, VC, or even start your own fund.

Industry Exposure

Both fields offer cross-industry exposure, but the depth is different. In consulting, you might touch five industries in five months, great for breadth, but often surface-level. In PE, you’ll go deep: you may spend months (or years) on a single vertical or portfolio company, learning how the business actually works from the inside. If you want broad business fluency, start in consulting. If you want operator-level understanding, PE delivers it.

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Can You Break Into PE Without Investment Banking?

Yes, but the bar is higher, and the path is narrower. While most private equity firms still lean heavily toward ex-bankers, especially for associate roles, consultants can absolutely break in, especially if you position yourself correctly.

What gets you in the door without coming from investment banking?

• Exceptional pedigree (top firm, top academic background)
• Demonstrated modeling skills (via a modeling test, deal experience, or a strong pre-MBA internship)
• Clear investing mindset, not just a “curious about PE” story, but one that reflects judgment, risk awareness, and interest in ownership
• Healthcare, tech, or industry-specific expertise, especially relevant for sector-focused funds

You can break in without banking, but you need to show private equity firms that you won’t require hand-holding on deal execution, and that you understand what it means to think and act like an investor. Most of all, you need to be ready to prove that in a paper LBO, a case study, or a live interview.

When Should You Make the Switch From Consulting to Private Equity? (And When You Shouldn’t)

Ideal Timing for Pre-MBA vs. Post-MBA

Pre-MBA:

The best time to jump is often after 2-3 years at a top consulting firm, when your resume is strongest and you haven’t yet been siloed into one track. Many private equity firms want to mold early talent. If you can get in at the pre-MBA level, you’ll start as an associate and can grow into VP and beyond, without needing to re-recruit post-MBA.

Post-MBA:

This route is harder unless you have a pre-MBA investing internship, a strong finance background, or a direct pre-MBA PE stint. Post-MBA recruiting tends to favor career switchers with relevant pre-MBA experience. If you’re going post-MBA without prior PE, expect to target growth equity, operating roles at portfolio companies, or investor relations-adjacent roles as your entry point. It’s a longer game to get into a more traditional role.

Tradeoffs and Deal Fatigue

PE comes with prestige and upside, but also pressure and grind. Many consultants underestimate how relentless the deal cycle can be. When you’re in a live deal, it’s all-consuming, late nights, weekend work, fast pivots, and real money on the line. There’s also the emotional fatigue of chasing deals that fall apart after weeks of diligence.

To figure out whether this is for you, ask yourself:

• Are you energized by live execution work, or do you prefer structured problem-solving?
• Are you excited to spend time in Excel, legal docs, and CIMs, not just strategy decks?
• Can you handle delayed gratification, knowing that results (and carry) take years to realize?

If your answer to these is a resounding “Yes”, this might be a great path for you; if it’s a “No”, PE might look better on the outside than it feels on the inside. If you’d like to chat about your personal circumstances and goals, feel free to book a call with me. I’d be happy to help you figure out if PE is right for you and, if so, how to navigate the transition.

Signs PE Isn’t the Right Fit

Private equity isn’t for everyone, and that’s OK! Here are signs it might not be the right move for you (yet):

• You dread deep operational or financial work and prefer high-level strategy
• You want immediate feedback and short project cycles, not 3-year investment arcs
• You’re driven by client interaction and presentation, not ownership and accountability
• You’re already burning out in consulting and expect PE to be an “easier” option
• You want fast, clear career progression. PE timelines are longer, flatter, and more variable

If these resonate, consider adjacent paths: growth equity, corporate development, VC, or staying in consulting a bit longer while you build the skills and story to pivot later.

5 Benefits of Moving to Private Equity

There’s a reason so many top consultants are drawn to private equity. It’s not just about the money (though that’s real). It’s about wanting to move from high-level strategy to hands-on ownership, to have a seat at the table where decisions are made, capital is deployed, and results truly matter.

For consultants who crave deeper impact, greater responsibility, and long-term skin in the game, PE offers a path that’s both challenging and rewarding.

1. You move from advisor to owner.

In consulting, you build the strategy. In private equity, you live with the outcome. Instead of recommending changes from the sidelines, you’re the one signing off on them and accountable if they fail. That shift from presentation to ownership is one of the biggest motivators for consultants looking to make the jump. You’re not just solving problems; you’re solving them for companies you own.

2. You have real skin in the game, and the stakes are higher.

Private equity firms invest other people’s money (often hundreds of millions of it), and they expect their teams to act like fiduciaries. You’re not just modeling outcomes, you’re making decisions that directly affect returns. That kind of pressure isn’t for everyone, but for driven professionals, it’s energizing. It forces you to think like a long-term operator.

3. There is meaningful wealth creation through co-investment carry.

Base salaries and bonuses in the private equity industry are typically higher than in consulting. But the real upside comes from carry, your share of the profits when a deal performs well. It doesn’t kick in overnight, but over time, it can be life-changing. Many firms offer associates the opportunity to co-invest, or commit their own capital to the fund on a fee-free basis. This structure aligns incentives in a way consulting simply doesn’t: when the portfolio wins, you win too.

4. Fewer Flights, More Focus

Consulting can mean four flights a week, every week, sometimes for projects you’re not passionate about. PE has its grind (especially around deals), but the travel is more purposeful and less constant. You’re usually tied to new deals and portfolio companies, not spread across new clients every few months. That stability allows for deeper work and more focused execution.

5. Operational Depth (Without Being in Ops)

In consulting, your exposure to business operations is high-level and time-limited. In PE, it’s deeper and more sustained. You’ll work side-by-side with management teams, evaluate real P&Ls, and see firsthand how strategic levers actually move results. If you want to build true operational fluency (without going in-house), private equity gives you the reps.

5 Disadvantages of Moving to Private Equity

1. The Hours Can Be Brutal and Less Predictable

Yes, consulting is demanding. But PE is its own kind of grind. When you’re in a live deal or preparing for an investment committee, your calendar doesn’t matter; only the deadline does. Expect late nights, weekend work, and unpredictable intensity that spikes around deals. Unlike consulting, no partner is shielding you: you’re expected to deliver.

2. You’re Accountable for the Outcome, Not Just the Advice

In consulting, your work ends with a slide deck. In PE, it ends with results, sometimes years down the line. That ownership is rewarding, but it also means your mistakes carry weight. A bad model assumption or flawed diligence read doesn’t just get a “nice try”; it could cost millions. If you’re not ready to live with the long-term consequences of your decisions, this might not be the right leap.

3. The Career Ladder Isn’t Always Clear

In consulting, promotion timelines are built into the model. In PE, they’re based on performance, firm growth, and internal dynamics, many of which are outside your control. There are fewer senior seats, partners stay longer, and the path to VP or Principal can feel ambiguous unless the fund is actively growing or raising capital.

4. You’ll Do Execution-Focused Work, Not Just Strategy

Private equity sounds glamorous, but day to day, you’ll be crunching models, pulling comps, reviewing CIMs, and chasing diligence requests. The work is hands-on, detail-heavy, and execution-focused. There’s less polish, more substance. If you love the “big picture thinking” of consulting but hate operational or financial weeds, this may not be the right fit.

5. It’s a High-Reward, High-Pressure Environment

Unlike consulting firms with diversified clients and annuity-style revenue, PE firms live and die by their portfolio. If returns underperform or a deal blows up, it’s felt across the team. That pressure trickles down, especially at smaller funds or first-time vehicles. If you value predictability and institutional stability, this is something to weigh seriously.

Bottom Line

Private equity is one of the most challenging (and rewarding) paths a consultant can pursue. The work is intense, the stakes are real, and the pressure is constant. But for those who want deeper ownership, long-term impact, and the opportunity to build real value (and wealth), it can be an incredibly fulfilling next step. You’re no longer advising from the sidelines; you’re in the game.

That said, it’s not for everyone. PE rewards resilience, autonomy, and a sharp investing mindset. If that energizes you, and you’re willing to close the skill gaps and put in the reps, the move from consulting to private equity is absolutely doable.

Just go in with your eyes open, your story tight, and your expectations grounded. You don’t need to be a banker; you just need to prove you can think, operate, and invest like one.

Work With Me

If you’re a consultant thinking about breaking into private equity, I’d love to help. Whether you’re navigating headhunter outreach, prepping for LBO interviews, or figuring out how to position your story, I’ve been in your shoes and know what it takes to make the switch. Let’s work together to make it happen.

Read these next:

• Private Equity Career Overview: Jobs, Path, & Salary
• Private Equity Roles: The Different Career Paths
• The 5 Most Prestigious Private Equity Firms
• Top Skills You Need to Break Into Private Equity
• How Much Do You Actually Make in Private Equity: Salary Levels and Progression

FAQs

Can I go from consulting to private equity?

• Yes, but it’s competitive. While the PE industry still favors investment banking backgrounds, many PE professionals today come from top-tier consulting firms. To stand out, you'll need strong financial skills, an investor mindset, and a clear story about why you're making the switch.

What is the 80/20 rule in private equity?

• In private equity, the 80/20 rule means 80% of returns often come from 20% of the firm’s portfolio companies. PE firms focus on high-impact investments to maximize value.

Why do PE firms hire consultants?

• Private equity firms hire consultants for their expertise in improving portfolio companies. Consultants help assess operations, perform due diligence, and drive strategic growth in the private equity industry.

Is private equity better than consulting?

• Whether private equity is better than consulting depends on career goals. PE offers higher responsibility and potential rewards, while consulting offers variety and a broader range of industries.

What do consultants do in private equity?

• Once in PE, former consultants often lean on their deep industry knowledge and strategic thinking to assess investments, support portfolio companies, and drive value creation. The work is more hands-on than in consulting; you’re not just advising, you’re accountable for results.