What’s the difference between management consulting in a bank (e.g. UBS or Deutschebank) and in the banking division of a consulting firm (e.g. Accenture or even MBB)? I’ve tax background and I’m evaluating a move to management consulting. I’d like to understand differences in term of projects, exit opportunities, salary and w/l balance.

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WLB is usually a bit better at banks, since it doesn't come with extra baggage in terms of +1 assignments.

Projects may be similar in nature, banks hire ACN and Deloitte to staff on projects, since they lack internal resources...

Exit opportunities are a little better with consulting companies, also corporate progression is faster, if you're aggressive enough. With banks, it's a bit more rigid, e.g. 3 years in one position with pretty much the same salary.

Btw, I started in tax at Big 4, moved to IB, now at management consulting for cap markets... Best thing about Accenture is that I can upskill, and look towards transitioning to cloud consulting.

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Thanks for your explanation, very appreciated! It looks like it’s the same situation between big4 vs industry! Less exit opportunities, slightly better salary and w/l balance.

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