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How is everyone planning for potential layoffs?
The best 'advice to my younger self' yet
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My friends clearing close to half a mil as a dentist. I can say consulting was the wrong choice. But thatās implying that I wouldāve been smart enough to clear med school.. which is highly unlikely.
You have to subtract opportunity cost & malpractice insurance - from an NPV perspective, Strategy consulting still comes on top in most cases
Yeah IB pays high but the key element to this is living at home. Saving that salary while virtually 0 expenses is insane. With those hours, he doesnāt even have time to spend his money so everyrhing is legit saved
Yep. Probably near zero expenses when you're working 23 hours per day.
He may have a heart attack in another three years
Skipped the heart attack, he's out the door!
IB has crazy layoffs. Each bank has been laying off thousands. Hedge funds and PE have more growth but the environment can be hostile. The grass is not always greener believe me.
Have you heard of Deloitte? :)
He stayed at home in Chicago for his first 2 years out of undergrad and saved on rent. Just accepted an offer at a fund with much better work life balance. Worth the 3 years of stress if you ask me.
Emm no - not for me. If he was working the typical 100+ hours.
My friends in IB have literally no life outside of work. They may make more but wasting 3 years of your prime in your 20s to me is not worth it. Iāll make that kind of money when Iām old
What EY 2 said - in your early to mid twenties you have friends and the energy for fun but by your thirties you have all the time to work and all your friends settle and get busy
https://youtu.be/ROlDmux7Tk4
Nice to see someone else remembers this video!
Saved, salary, cash, or what? Either way, I also should have followed my gut when I was younger and head to IB :P.
If only I could turn back time.
Good for him. He's doing it right saving. At this rate he'll be living pretty comfortable in a few years :)
Trajectory of our comp is pretty steep...not all consulting is the wrong choice ;) - source: someone who left IB at a big bank
Because BAs and associates do the same thing. So it made no sense for BAs to become associates and then EMs. To be clear- the associate role obviously still exists, but is for the post-grad hires. The BA->EM route I believe is currently only in the US/Canada...many foreign clients value age/experience a little more so itās harder to have a 23-24 year old EM
It took me 16 years in consulting to get to 250k when promoted to Director
yeah I am leaving Deloitte cuz of this comment
What city? I have a lot of friends who have been doing banking for 3 years and certainly do not have 250k. Even more who last barely 1-1.5 years and now work in FP&A & other āmundaneā lower paying jobs than consulting. The grass isnāt always greener
FP&A is a BO function and a cost center - itās really not that great for comp trajectory
Itās the stay at home part not the IB.
Donāt imagine he had many free trips to five star hotel in the Maldives first class on Emirates or Singapore. If you value that as investable, and assume reasonable returns, a consultant would do as well if they stayed at home. Not to mention no expenses Mon-Thurs.
Plus Bankers are wankers! š
I'm staying at home as well for my first couple of years. Definitely won't come near the amount he's saved in 3 years though, unfortunately. Will still be much better off for sure.
That sounds hedge fund as hell lol
What level is ur brother?
Good for him! šš½