I’ve been hearing a lot of conflicting signals about whether PE firms actually want consultants, and I’m trying to cut through the noise because the narrative keeps changing depending on who I talk to.
One version of reality: “PE firms don’t want consultants because you haven’t seen a deal.” Another version: “Consultants are money in the bank because you can think on your feet and manage complexity.” And I’ve heard everything in between—stuff about how mega funds don’t hire from consulting but lower mid-market does, or how it matters what tier of consulting firm you come from, or how specific partner backgrounds determine whether consultants get a real shot.
But I don’t actually know which of this is true and which is just mythology that’s gotten locked into everyone’s mental model.
So here’s what I actually want to understand: Are PE firms really hiring consultants at scale, or is it more like a rare exception? If they are, which types of shops are most open to it—and I mean honest types, not just “any firm might consider you.” What gaps do they expect you to have, and what gaps are they actually willing to teach around versus things they expect you to show up with? And conversely, what consulting backgrounds do they see as liabilities?
let’s kill some myths right now. mega funds? mostly no, unless u went to the same undergrad as a partner. large mid-market? absolutely, they hire consultants regularly. lower mid-market and small funds? they’ll take anyone with a pulse. the real story is that pe hiring is relationship-driven, not credential-driven. you could be from tier two consulting and still get a great gig if someone vouches for u. the «consulting background is a liability» thing is overblown—what’s actually a liability is showing up unprepared or thinking consulting skills directly transfer. they don’t.
The consulting-to-PE pipeline is well-established but not homogeneous. Tier-one consulting firms (McKinsey, BCG, Bain) have clear track records with mid-market and mega funds, though placement depends heavily on partner relationships. Tier-two firms place more frequently into lower mid-market and secondary funds. The firms most open to consultants are those with partners who came from consulting themselves—they understand the learning curve and value analytical rigor. The persistent gaps firms accept: deal exposure and operational experience. What they expect you to master before joining: financial modeling, investable thesis development, and investor mindset. The actual liability isn’t consulting background; it’s consultants who treat PE like advisory work.
Based on placement tracking, mid-market funds hire consultants at 15-20% annual input rate, while mega funds trend toward 5-8%. Firm-sourced hiring shows consultants land roles primarily through existing PM relationships (70% of placements) rather than open recruiting. Key differentiator: consulting background from analytically intensive practices (financial restructuring, corporate development, M&A strategy) outperforms general strategy. Firms with CFO-track partners show 40% higher consultant-to-portfolio hiring. The primary expectation gap centers on operational mindset; firms view consultant modeling fluency as given, not exceptional.
from what ppl told me, mid-market shops r actually super open to hiring consultants. like they get ur analytical approach even if u haven’t seen deals. its the huge mega funds that r more picky abt having specific exit experience.
The good news? PE firms absolutely do hire consultants, especially at mid-market where there’s real hunger for analytical talent. Your consulting background is a genuine asset if you can show deal thinking!