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Banking is broad. I think consultants pick and choose which parts to compare. The banking roles that pay higher are often more work and super high turnover. The chill roles pay less and are quite stable.
Yes
Banking pays really well. Just joined WF as a Business Execution Director in the Corporate Properties group base pay 310k with 30% bonus. I end my day 5.
With those hours, IB/PE is objectively better.
Most consulting folks don't work those hours though.
^ source: works at BCG
Chief
@OP: These LEK posts have gone past the point of being cringey and are just absurd now.
To answer your question, though, those are *LEK* hours, not hours typical across the consulting industry. LEK is a dumpster fire and IB is definitely a better deal if you want to work those hours.
lol, I assumed LEK but not sure if serious or troll.
I work like 9-4
Chief
I definitely don’t work those hours, and neither does anyone else I know
Pro
Is this a management consulting specific thing? I definitely don't work till midnight or 1:00 am. Never.
Pro
Just saw in the comments you said this is LEK. LOL. The memes aren't just memes I guess.
Consultants don’t work until 12-1am. Not even at mbb.
Only on DDs you’ll have that
If you can't manage your time efficiently then there's a problem. If you have too many projects then there a different problem but ultimately, you should only be working the hours you're being compensated for and if you can't complete the work in that time there's an issue.
Never worked those hrs 9 years at deloitte. Max I have worked is till 8, and that is also close to deadlines
Continued: when I joined my company, I feel like people sold consulting as an “in-between” between IB and industry. When you ask people why they didn’t choose banking, they say “better WLB.” Really!?
I’ll go so far as to say on an hour by hour basis, I think we work similarly. My friends in banking often of hours of downtime during the day. Downtime 4pm to 6pm waiting for MD comments. Downtime 8pm - 10pm, allowing them to workout. Then a sprint of work 10pm - 2am.
Compare that with consistently working until 12am, is it that much better!?
I’m just sick of this, man. Tried therapy, it did nothing.
Sorry to hear that. Have you tried working with a coach? That seems like a more appropriate solution than therapy for this particular situation
I don't know anyone in consulting who works those hours.
Get a different job.
What the hell are you actually doing at midnight? Who estimated that project?
Currently in banking now and I think banking is worse from a work life balance . At least with consulting, I would lead client engagements onsite and travel to different areas depending on need. In banking I’m in my office for 10 hours a day on zoom calls. Currently looking to go government route and have a side business/investments that I actually enjoy doing .
Why not consider what kind of work enjoy, and worry less about the pay or career path. Do you like helping clients? You can be financially comfortable in either sector. I work in consulting because I enjoy the variety and like working directly with clients to address their issues. I've never considered doing banking as for me it could be really boring compared with consulting. But it sounds like you are working crazy hours. Over several decades with Big 4 firms I never worked hours like that. Maybe you just need to find an better firm.
I left LEK but stayed in consulting. Just went to Big 4 instead…
This is an LEK problem, not an industry problem
Your projects aren't staffed correctly
Yeah I work way less hours than that
I don't work more than 40 hours a week unless I'm approved for OT, generally speaking. If its an urgent client need, of course I'll throw in the extra time over a weekend or a late night, but I balance it out during slower periods the following week, for example.
Collectively, we need to refuse to work for free. Your firm/the client need to hire more staff. Companies already use consultants to pay less money to employees and benefits, so don't let them abuse conaultants as well.
And my firm is a small business (about 50 of us); I make about $120k a year, amazing insurance and have unlimited PTO. If you are at the big 4 or somewhere up there, consider making a little less to have a much happier life. Smaller firms have just as much talent and businesses are starting to go with them since they are cheaper.
If you want to know the reality of Banking (financial industry) get an consulting job in a bank and that way you get to see the worst of both worlds