| Topic Name: |
Consulting - What's it like? |
| Message Name: |
Thanks! (and more questions :)) |
| Date Posted: |
02/08/2002 |
| In Reply To: |
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. |
| Message: |
Wow, that was awesome. I truly appreciate the info!
I think my problem is that I really have NO idea as to what I want to do. You say to maybe look for jobs with the government, etc. How, exactly, would I go about getting one of these jobs, and what would I DO if I got one? Same at a bank - What kind of work, specifically, would I do? I know these are junior high questions, but I would really like to know exactly what kind of work I would be doing, and what kind of opportunities exist!
I am a junior at the University of Illinois, but I'm not in the college of business. Basically, after transferring from engineering after my freshman year, I didn't have a good enough GPA to get into CBA. So, that's why I'm in LAS-Econ.
More questions:
How much do you think it will hurt me not graduating from the college of business?
I figured out that NOT including my freshman year, my GPA is 3.564. But overall, it is 3.136. How much do you think that will hurt me?
I don't really expect you to know the answers to those last questions, but I am very curious as to what various jobs entail.
Thanks again for everything you've said, and thanks in advance for any additional information you can provide!
Brad
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