| Topic Name: |
Consulting vs. Banking |
| Message Name: |
Vs. |
| Date Posted: |
03/20/2006 |
| In Reply To: |
Agree with everything berkeley'd has said. In the Northeast, travel doesn't have to be a huge component of your life, so I tend to downplay that in terms of what makes people grow to dislike the job. But other things I've seen include general dissatisfaction with the day-to-day work (painfully tracking down disparate facts and aggregating into an analysis, cranking out multiple versions of PPT pages, accepting new workstreams and input from all sorts of clients and partner types, working on problems as a cog in a machine rather than as the leader of the effort), and more of a dislike of always being an outsider, rather than part of the client team. There is also something aroud client service -- we do client service, you are always at the behest of the client in many ways, and sometimes that can introduce chaos into your life (sudden meetings, sudden weekend work, sudden travel, cancelled dinners and events). Finally, sometimes people like a couple of the types of work we do, but not all of it, and try to figure out a way to do only what they like, which makes sense (they might like deal work, and go into PE or other financial, for example).
Friends of mine who have left have generally either wanted to do something more tangible, whether it's operational at a client or deal-based in finance. Or they've wanted something more predictable, where they might work as hard but be able to schedule things more clearly and live their life more manageably. That's what I got on this topic. |
| Message: |
I think lot of the stuff said is true for both IB and MC - numerous PPT pages that go straight to dumpster, unpredictable schedule, analysis, etc.
MC work a little bit less - 70 hours versus 80-90. Immediate payoff is worse (compensation stinks in comparison to IB), but potential is higher. On risk-adjusted basis you'll probably come out the same.
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