| Topic Name: |
Consulting - What's it like? |
| Message Name: |
My humble opinion |
| Date Posted: |
02/06/2002 |
| In Reply To: |
I'm a junior economics major at a top Ivy League school, and I'm thinking about what I'm going
to do after graduation. I've never had a summer job, but I've had a couple of part time
jobs in college. My GPA is a 2.73 right now, and I don't have any extracurriculars so far
in college.
What is consulting/i-banking like, and how would I know if this is the path I should
take? It seems like most economics majors at my school go for consulting/i-banking
jobs.
Also, is it very important that I get a job this summer? Should I try to get a consulting or
i-banking type job this summer through my school's recruiting program?
What other types of jobs can
economics majors get?
Advice is appreciated. |
| Message: |
IB and strategy consulting are great job choices, but they are also rather difficult to secure, especially given the current economic condition. But there is hope, yet.
As way of background, I graduated from a Big Ten school and got a job with a top-tier mngt consulting firm and had opportunities for other banking and consulting positions. But that was when the economy was alive and kicking (or so seemed to be).
Nevertheless, the reason I chose MC was for two reasons: 1) Lifestyle, 2) Business school. After interning in the Mergers & Aquisitions division of an IB, I decided that the 90-100 hour work weeks were not for me. And even though I am a finance major, I found IB a bit constraining - there's not a whole lot to do other than quantitative crunching. That said, however, there's no other job out there that can hone your quant. skills like IB. And the pay, 2001 excluded, has been outrageous over the past few years. Looking forward, comp. probably won't be what it used to be, but you still earn a pretty penny. Also, IB has a reputation as a less effective feeder into the top B-Schools as consulting, though that's just a reputation which I choose to take at face value - it isn't a fast and hard rule, so to say.
Consulting is more laid back, perhaps 50-60 hours of work a week, and takes a more holistic view towards business. Instead of churning out spreadsheets, you research for presentation slides for clients. Client projects range in focus, from brand positioning to cost effectiveness. Also, strat. firms have a reputation for placing their employees in top B-Schools.
This info just scrapes the surface. For more educated lit, check out Vault's or WetFeet's guide to IB and MC.
As for getting a summer job, you should absolutely try to get one. I will warn you, however, that the intern market is extremely tight, and the market is tighter due to the economy. Interns at banks or MCs usually either know somebody big at the firm or have really high credentials. But its not the end of the world if you can't find a internship. Employers understand how hard it is to secure one of those jobs, especially now. Instead, do something related to what you might want to do. If its IB, see if there's a local financial investing firm looking for some short-term help.
In the meantime, get those grades up and start logging some community service. Ivy or no IVY, you need a 3.00 bare minimum to get a glance at these firms. And to avoid having your resume thrown in the trash right away, you need to show some initiative, whether that be in community service or through an extracirricular. I will warn you that if you have no history with any community service or EC group and suddenly you become Mother Theresa your senior year, recruiters will view it as window dressing. But it helps, nonetheless.
I agree with the other individual concerning other jobs for econ. majors. You might want to look for jobs with the government, like the Department of Commerce or Census Bureau. Pay is lousy, but the minimum requirements for applying are lower and the work experience can be rewarding.
That's it for now. If need any more input, just yell.
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