{ "media_type": "text", "post_content": "I haven't worked in consulting long enough to know if I like it (3 months). Have yet to travel, make my own slide decks, or work 50+ hr weeks. However, I just received an offer for IB. Do I stay or leave?", "post_id": "61062a1c35fa03002019eaee", "reply_count": 30, "vote_count": 2, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

I haven't worked in consulting long enough to know if I like it (3 months). Have yet to travel, make my own slide decks, or work 50+ hr weeks. However, I just received an offer for IB. Do I stay or leave?

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Context: I did IB before consulting From your post I’m going to take it that you’re a junior (analyst/associate type)? Firstly, focusing on ‘comp’ is absolutely wrong way of thinking about this at this point in your career (in particular) so I’m glad you’ve ignored those that tried to direct you to that. To me it comes down to two main things: 1. Do you want to eventually work in the buyside? If yes then IB is a no-brainer. 2. Brand name/prestige: you said the offer is at Big 4 US bank (never heard of this term), I’m going to assume it’s a BB and thus has a MUCH stronger brand name in the IB world compared to what KPMG has in the consulting world. This puts another point in the IB category. I don’t think brand name/prestige matters in the long run but early on in your career it makes a difference. If you want to apply for an MBA later on it could make a difference coming from say a Morgan Stanley vs. a KPMG especially at the top schools (Harvard, Wharton, Stanford) as in the consultant category you’re competing against MBB but in the IB category, others are competing against you. In terms of other non-buyside exit ops, you’d likely have same/similar access to types of roles your MBB friends have access to coming from an IB. Many corporate strategy (and corporate dev.) roles are open to IB experience, many top startups also recruit from both IBanks and top consulting firms. You also have to be aware of how much you’ll be working (likely 80+ hours weekly with occasional 90+/100 hour week) and the very monotonous nature (super detail oriented, scrubbing data, scrubbing numbers) of the work especially compared to consulting. You likely won’t be interacting directly with a client for years and would likely need to put your head down, have thick skin, suck it up, and get the job done. It’s equally not as hard as it sounds and sometimes harder than it sounds. A 60 hour week in consulting is worse than an 80 hour week in banking. Banking has occasional downtime and is like a marathon, consulting is a sprint. If you were at an MBB it possibly wouldn’t be worth the move, if you were at an Oliver Wyman type it may have warranted a bit more discussion, but if I’m in your shoes right now (depending on what you want out of life in the short term and your career trajectory) I would take the IB offer.

likesmarthelpful

Sorry A1, I misread

I agree with most that IB is the way to go if you think you can handle the 80h+ weeks. Also some said salary isn‘t relevant but I think it is. In IB yours will grow 20-30% per year while KPMG is ~5%, that means almost 2x the salary in IB vs KPMG in 3 years. If you don‘t love your job in consulting then you will think about the opportunity you have missed…(what if…)

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likesmart

IR, Corporate Development, Corporate Strategy, PE, VC

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I’d go IB, you can always come back, but that door isn’t necessarily always open.

likesmart

If you do two years of IB, I assure you, case interviews will be fine.

likesmart

IB hours: 80+ hour weeks, and that's a slow week. You get paid more, but you work a lot more. It's great experience and as said, you can always transition back. Personally, I'd recommend taking it. Is it a bulge bracket or middle market/boutique?

likesmart

Then definitely do it. The network alone is worth it.

likesmart

Which bank?

smart

Citi?

Did you get approached by someone or did you apply yourself to get to an offer? Just curious because I’m in consulting for 3 months as well and have only 50+ hour weeks and feel drained and want to leave lol

IB hours are horrible, you have no idea what it’s like until you’ve worked them. M&A market is white hot and you will absolutely be grinding into the early morning hours regularly. I’m working 60-70 hours a week right now and it’s light compared to my IB experience. Do not underestimate IB or think it is comparable to consulting.

Hey OP! Can I DM you about your move?

Sure

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