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Anyone saying that wlb is the same is out of their minds - unless you’re traveling every week to a mine in the middle of nowhere. IB is consistently 1-3am finishes, weekend work, and vacation is a luxury. Out of my entire network, I have never had a friend say their wlb in IB (BB amd EB) is close…70 hours would be a dream for them and it’s terrible for consulting.
S& completely wrong. Not sure how it is there, but from working at bcg can tell you it is far far better WLB on average than banking
I’ve been at both BCG and MS. Our WLB is significantly better. Anyone who says otherwise is incorrect. BCG is not easy but it’s no where near regular 90+ hour work weeks.
Comp is lower - but probably by less than you imagine since 175k base + 20-30% bonus + 5% PSRF and a much more generous expense policy gets you pretty far and promotions are faster on balance in consulting.
Finally and importantly I’ve found the culture here much better.
Both. People are way nicer, your exit opportunities are more diverse, and I think the work is a lot more interesting personally
I will say the banking hours are terrifying a bit. Not so much that you have to work late but that it’s consistently one all nighter after another…
Mentor
Sorry if I missed this but are you pre or post-MBA? I’d advise someone to go BCG regardless because I don’t believe IB hours are in any way worth it, but I think BCG is even more of a slam dunk choice if you’re post-MBA. Reason being is the exits that some people prefer IB for (PE, VC, HF) are going to be far less if not shut off for a post-MBA Associate in IB.
Mentor
To me if there’s any doubt in your mind that finance is what you want to do for your career, then take BCG 100%.
I am an ex-banker.
If you are in your early 20s and can sacrifice 2-3 years, the financial return is far far greater in the IB route. Don’t think about your next 3 year’s income. The real difference will be over 5+ years. You will make what a BCG junior partner makes after one promotion at a PE or HF.
Mentor
This is assuming you want to do PE or HF. Which if that’s the case then MS is definitely the better choice. Disagree on the financial return for anything other than that though.
Coach
Do you want to do finance? Then do MS.
I agree with the others that WLB isn’t much different - but I do think the cultures are very different, especially for women.
Post MBA, here. I agree that some if the exits to MFs will be shut off but I think middle market is viable.
Mentor
Yep!
If I were to go banking, could I lateral to consulting at project leader level, or would they make me redo some time
Mentor
I don’t believe it would be possible. MBB usually even down titles managers that come in from T2 and other firms because it’s very hard to start right as a PL with no C experience.