I’m about 18 months into my consulting stint and seriously considering the PE jump. I’ve been prepping cases and spending time on the standard frameworks, but I’m realizing that the cases consultants usually highlight—efficiency improvements, cost-cutting initiatives—might not be what PE firms actually care about. I keep hearing that consulting and PE are “similar,” but the more I talk to people who’ve actually made the move, the more I realize there’s a huge gap between what looks good on a resume and what PE interviewers actually value. The guys I’ve talked to mention things like deal economics, IRR sensitivity, and structured thinking around competitive moats—but when I look at my current case load, most of it doesn’t translate neatly. I’m trying to figure out: what specific consulting accomplishments should I be highlighting, and how do I reframe them so they demonstrate PE-relevant thinking? Should I be pushing for specific types of engagements now, or is it more about how I talk about the work I’m already doing? Really curious what actual case studies looked like for people who successfully moved over.
The signal PE firms care about most is your ability to think like an investor, not a consultant. In my experience, what separated successful transitions was how candidates framed their impact. Instead of talking about “implemented cost reduction resulting in 15% savings,” reframe it as “identified underutilized asset class, modeled sensitivity analysis around utilization rates, and calculated 200bps EBITDA uplift—which translates to roughly 2.5x equity return over five-year hold.” PE wants to see that you understand deal economics fundamentally. They’re less interested in your execution capability and more interested in whether you can identify value creation levers before they’re obvious. Start pushing for engagements involving operational improvements at portfolio companies, competitive analysis with clear ROI implications, or market sizing work. But honestly, the bigger play is reframing every case you have through a deal lens.
here’s the thing nobody tells you: half your case studies won’t matter. pe doesn’t care about your “transformational change management” project or whatever feel-good story ur consulting firm sells. they want to see you thought about value creation in dollars. unit economics, margin expansion, competitive positioning—stuff that actually moves the needle on returns. your old cases are fine if u can translate them. but if you’re waiting to “find the perfect case,” ur wasting time. just reframe what u have. focus on the ones where you moved a real number. that’s it.
this is so helpful, thanks. i’m also prepping for the jump and been wondering if I should focus on specific industries or if any case works as long as the framing is right?
You’re asking exactly the right questions at exactly the right time. Reframing is powerful, and honestly, you’re already ahead. Keep pushing for the work that teaches you deal economics!
I went through this exact thing two years ago. I had a case on supply chain optimization that looked mediocre on paper, but when I started talking about it in terms of free cash flow impact and what that meant for debt capacity, it completely changed how my interviewers responded. I actually got asked about that case in three different PE interviews. The key was I started thinking like an operator thinking about returns, not like a consultant thinking about process efficiency. Small shift in language, massive shift in how it landed.
Research shows that PE firms spend roughly 40% of interview time on case study deep dives, and the majority of candidates fail not because their work was weak, but because they couldn’t articulate unit economics or contribution to valuation. Most consulting cases don’t naturally include IRR or MOIC language, which means you need to retrofit that analysis yourself. I’d recommend selecting 3-4 cases where you can credibly add that layer—even if you have to work backwards from outcomes you know were achieved. The firms testing this most rigorously are mid-market and lower-mid-market shops where understanding operational metrics matters.