And learning how everything is connected and how decisions can have ripple effects is pretty cool. Your second year as an investment banker gets better – in the 10-14 hours/day range but also with unpredictably tough periods. This is the biggest superficial difference. Not exhaustive, or entirely mutually exclusive, but here are some guidelines to help you distinguish: Industry and company analysis (with a financial focus), Arranging financing (whatever method(s) are chosen), Corporate strategy that dovetails with M&A (i.e. As another poster pointed out risk advisory / audit is, for all intensive purposes, audit. The Clawback Index: How will it Change the Game? manbearpig- could you elaborate on how you chose consulting over other careers? If you're thinking more about earning a couple hundred grand a year as a programmer, this largely applies to jobs on the west coast, where cost of living is also super high. For example, if I'm looking for a Finance Manager to support our IT organization and manage allocation of IT expenses, someone who already knows the organization, people and our IT systems might be preferable to a Management Consultant. c) Asset management (aka the buy side): Has fundamental investors and quants. Consulting is focused on you OWNING a piece of the entire project, setting your own deliverables and timeline, and executing against that framework. Chose Evercore over GS & MS for Full Time - Did I make the right choice? The whole asset mgmt industry suffers from fee compression but it's not as bad as the headwinds under b). As a new user, you get over 200 WSO Credits free, For me, my "passions" didn't remotely line up with anything that would be particularly marketable, at least as main strategy or topic in my career. Can anyone who has gone this route share their input? Given both fields today offer significant compensation, do whichever you think you'd be better at. I think that's literally the only Canadian target school for Goldman, McKinsey, Bain etc. It's at least a 15-year commitment and by then you are a died-in-the-wool I-banker, consultant, tech-guy or whatever or else you'll be long gone. Starting salaries for entrant bankers are $80,000-$150,000 for bachelor-degree holders, while consultants receive $65,000-$100,000. Most of my colleagues seem to be doing okay on the surface, but I can't help but wonder if some of them regret not doing consulting full-time instead. New comments cannot be posted and votes cannot be cast, Press J to jump to the feed. Actually, the real big earners in finance also start companies.. If you work in finance, plan on living in NYC or London (yes, there are plenty of other locations obviously but these are the most prominent). with MC you don't get the ACA as you do with audit/m&a so if I wanted to transition would I have to start of as an analyst? I’m avoiding IB because I don’t want to work 100-120 hours a week. Money can be great once you make partner in the right firm and get your share of 'carried interest'. Click here for the major differences between consulting and trading. About to start college this fall. Podcast: E142: Everett Cook (Rho Business Banking) - 11/10, Podcast: TE140: Doug Foley The Breakout Blueprint - 11/24, Podcast: E141: Chris Hutchins (Wealthfront) - Automating your financial life - 12/8, Podcast: E143: Eoghan McCabe (Intercom) - Insecurities and ego in business - 12/22, Podcast: E144: Kate Miller (Miss Grass) - Building a cannabis brand - 1/5, 2,447 questions - 203 PE funds. This is usually heavily tied to stocks though - if the tech sector takes a dump, those numbers hit $200k or less in a hurry. Mind you this feedback starts late in the day too because they're busy... Then the MD only gets to it before he heads home, and his changes just happen to be the direction you had taken to begin with!! This is an important question for prospective applicants (in particular, undergrad/MBA students) looking for summer internships and full-time jobs alike. Haha, Leveraged Sell-Out did a great job with this paragraph: "Throughout the credit crunch, elitism has been one of the last few fibers holding together the morale of the younger ranks of Wall Street... Deal flow could literally be non-existent in private equity or your hedge fund could be down 20%, but hey-buy side, strong side.". After X years of that, you'll become a manager. I also think learning to code grants you hard skills, whereas finance only teaches you Excel and critical thinking. Anyone in the business of scaling businesses is an entrepreneur - which, arguably, is itself a job. Consultants average 12 hours/day, with the typical variations depending on client, team goals, etc. This simply means that consultants and bankers make comparable base salaries, and at the end of the year, bankers are awarded a bonus which can comprise more than 50% of their total annual compensation. Manager positions require 5-8y experience, and quite a bit of knowledge on your specific industry. This is less discussed but equally important. 3rd+ Year Analyst in Investment Banking - Industry/Coverage">, Intern in Investment Banking - Generalist">. bump - let's update this post a bit. Bye bye sleep! Apologies - I'm going to offer you two pieces of conflicting advice. You won't find much good info on this site about the transfer, as anytime Big 4 is mentioned everyone comes out of the woodwork to stroke their egos and bash the whole idea. Both industries are great platforms to build a foundation for later success in business, but both are also tough jobs compared to normal 9-5s; make your decision based on what you think you can handle and what you think will motivate you. so you can reward or punish any content you deem worthy right away. -the relationships you’ve built with more senior colleagues and the doors they can open for you. That means you don't get stuck but you may get 'counseled out' aka fired. Posted this in another place, but belongs here too. It doesn't cover your consulting questions but it has almost everything about the experience in MM PE. Don't know that industry well but I gather the 7 figure question depends on what happens to the company you work for and therefore your stocks/stock options. Based on what you've said about your school and classwork, it sounds like you would have an edge in recruiting for finance jobs. Hi, I just received 2 offers, a Operations Analyst (back office) at a Branded Investment bank and a Management Consultant at a small boutique consulting firm. (I was lucky enough to be able to secondarily integrate some things, like my interest in linguistics, into what I do professionally — but I don't think that's always the rule.) Banking salaries average 50-100% higher than consulting salaries, with the difference increasingly significant as your seniority increases. I wanted to get into and IB but none recruit at my school. This 5 year old post took the words out of my mouth. An example of a hard truth is the importance of networking- that project allocation is partially based on your relationships. I was tentative at first. But from a cashflow perspective, it’s exactly the same!”. ^you are completely delusional. More senior people can come on later and are savvy enough to negotiate a meaningful chunk, but as a junior person, you need to be one of the first fifty people to get paid life-changing money. Press question mark to learn the rest of the keyboard shortcuts. In consulting, that expectation isn't necessarily built in, per se, but you still will have to put some hours here and there. Charged probably $40 an hour per head (they were good and fast). Go into investment banking, then move into a private equity or hedge fund after your second year. Soft skills: Note that making partner doesn't normally translate into 7 figures. consulting is even way more mind numbing. I am currently a first year analyst at an M&A group of my bank. The cons of investment banking – the long hours, the repetitive and unengaging nature of the work, the lack of non-finance exit opportunities – mattered far more to him than a 6-figure salary. Looking at my friends in banking, well I haven't seen them in years because they're driving themselves to the bone. Much of the time at investment banks, you are given incremental work – eg, add these updated numbers to the model, bind these presentations, insert a graph on chart 11. Join today for free help from, Consulting salaries from analyst to partner, How to get a consulting job in a tough economy. Look at the higher earners in these fields; which of those is more suited to your personality? lol face time with clients. by big42corpfin. Consultants move on to a vast array of fields – from industry to academia, government to non-profit. "Passion" is overrated in a general sense but you're choosing between two great options. or Want to Sign up with your social account? Press question mark to learn the rest of the keyboard shortcuts. Bankers work brutal hours, no surprise. There likely was at the time but that is no longer true - I am amazed at the number of peers that I have making 400k+ per year. 2) Microsoft Powerpoint – much less exposure here depending on the focus of your work (for instance, more in Corporate Finance, less in Mergers & Acquisitions). You have years to think about a career, and you absolutely shouldn't feel set on a career until you've had at least one internship in the field to see if you enjoy the environment. That's not unique to a trade.. As I've done so, the work itself has become intrinsically enjoyable as I slowly get better at what I do. Final reason why banking hours are so bad - because no one gives a flying fox about you as a person, and you are but a resource. Were you associate or ba. Someone who starts in CF (especially in an FDLP) will have more direct, relevant experience. As a result, I’m stuck between choosing tech or high finance as a career. The initial reason I even wanted to go into M&A and then move to PE is because I wanted to work with companies in order to understand how they function and how the people that run them think. (Originally Posted: 04/27/2011). We've been there - breaking into consulting is hard. From my perspective, those with a technical background fare better in venture capital, especially as more venture firms look to hire former programmers, product managers, and technical founders.
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