| Topic Name: |
IB vs. McK |
| Message Name: |
answers |
| Date Posted: |
03/07/2006 |
| In Reply To: |
I'm thinking of changing my career path from consulting (McK) into investment banking (M&A) in London, UK.
1. Compared with consulting, how is the work in M&A like?
2. How is my experience in consulting valued? (BA + 1 year as an associate)
3. What entry position can I expect?
4. What salary can I expect?
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| Message: |
1. It's more exciting but also more stressful, you work on multiple deals at the same time, and you work longer hours. In consulting you have weekends off - in I-Banking you don't. Never.
2. & 3. You should be able to join as a first year associate - especially in the current market environment. Apply directly to the large banks, but also try to go through a recruiting consultant such as Michael Page.
4. More than you make now. First year associate with an MBA is typically around USD 200,000 in NYC or London. Don't know if the same applies without an MBA but I would imagine it does not make a huge difference. Total compensation increases by around USD 50k per year. But don't forget that you will have to give up your life as you know it. If you stay at McK you can also make a lot of money 6 years from now.
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