The pathway
How you actually get there, here
How you become one varies far more by country than what one does. This is the UK route. Most people take one of these ways in; the right one depends on where you're starting from.
- 1
Venture Capital Associate (L2) Internal Promotion
2-3 years as an AssociateSkills to master
- Consistently delivering high-quality diligence, demonstrating strong analytical rigour, beginning to build an external network, and showing initiative beyond assigned tasks.
You're ready to move on when
- Successfully led multiple diligence workstreams independently.
- Consistently produced investment memos requiring minimal Partner revisions.
- Actively mentored junior team members and contributed to team knowledge sharing.
- Started to proactively source new companies and bring them to the team's attention.
- 2
Investment Banking Analyst/Associate
3-5 years in M&A, Corporate Finance, or ECMSkills to master
- Transitioning from transaction execution to investment thesis development, adapting financial modelling skills to early-stage companies (which often lack revenue), and developing a proactive sourcing mindset.
You're ready to move on when
- Strong command of financial modelling and valuation techniques.
- Experience in managing complex deal processes and coordinating multiple workstreams.
- Demonstrated interest in technology and startups beyond traditional corporate finance.
- Ability to work independently and under significant pressure.
- 3
Strategy Consultant (e.g., MBB, Tier 2)
3-5 years as a Consultant or Senior ConsultantSkills to master
- Applying strategic frameworks to investment decisions, developing deep industry expertise, and translating high-level strategic thinking into actionable diligence plans and financial projections.
You're ready to move on when
- Proven ability to analyse complex markets and competitive landscapes.
- Strong problem-solving and critical thinking skills.
- Excellent presentation and communication abilities.
- Experience in client-facing roles, managing expectations and delivering insights.