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As an ex Ibanker I can tell you the following:
Hours: way worse in banking; 10 pm nights are considered good...midnights and weekend work are common
Quality of hours: Consulting is a sprint, everything needs to get done ASAP. In banking you have time to grab coffees, take personal calls etc. A 60-hour week in consulting is tougher than an 80-hour week in banking.
Quality of work: in banking you become an expert at what you do very fast (valuation, financial advisory etc.) and do mostly the same type of work for most of your career (despite bankers sayings it’s different...yes valuing a retail business over an insurance company is different but you are still doing a valuation analysis)....consulting is a lot more broad, you can be completing a commercial dd one day, advising a bank to improve their culture the next, a government on their balance of trades deficit the next...completely different and a lot more interesting at the junior level
Learning: much more learning in consulting, specifically soft skills. You’re exposed to a lot more responsibility and client interaction/ presentation even as an intern at times in consulting. This is not typical in banking and only starts from your senior analyst years. Also in consulting you are forced to think outside of your scope of work; whereas in banking I felt you were punished for this. Very traditional styles in banking over years of being used to the same thing...best to conform and not try to do something different
Exit opps: buyside related investment opps are significantly easier for bankers. For every other opp. I would say it is more equal footing with consultants edging slightly higher (except for corporate dev./ finance related roles).
Personalities: people in banking are generally quite similar (compared to people in consulting anyway); in consulting you have a lot of quirky personalities...as great as that is I do miss the people in banking as it was much easier to relate and communicate with those who think like you...
Pay: at the junior levels, banking is slightly higher but becomes significantly higher the higher up you go. Promotions do take longer in banking, but at the same time less people want to stay for longer periods.
I also think this is a great write up but point out that if you are one of those quirky personalities, you may find it very hard to relate to that culture and be politically disadvantaged by not being one of those folks who clicks “easily”
When is it too late to transfer into IBD? I am 100% set on IBD, but am trying to get the exposure internally before a transition to have a better story/be more convincing.
C1: as a reference point I do mostly PE DD, also curious on IB
Brilliant response! Thanks for taking the time out to answer this. How can one acquire an IBD skillset in consulting? Will CDDs cut it and if so, how many till you get proficient?
Very true C1- would be great to hear that!