Where does consulting fall in the grand scheme of things among Wall St/finance careers? Is it a joke? Is it the least sexy? Are MBB firms considered the only ones worthwhile?

funnylike
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Whose 22 year old is this

likefunnysmart

Yes new grad but I’m self-aware enough to know that prestige and external perception do influence me (a different argument if that’s good or not), so I just wanted to get a sense

likefunnyuplifting

Just fyi consulting and finance careers are really not apples to apples comparison

like

You're still in the phase where other peoples' perception is paramount - and that's fine. But the older you get the less appealing this personality attribute is. So yes in the grand scheme of things - where do all of these 3 professions rank? Who cares - there are two types of people: People who are known for something and people who are not.

like

Who is your audience that is judging you? In my experience majority of people don’t know who the MBB firms are and the big 4 are just accountants. Let alone naming any other consulting firm.

If it’s prestige with random people you want, the answer is not consulting. If you want a good career that pays above average (and very well above average depending on how far you take it) stay with it.

likehelpful

If we are judging right now sure associate at big 4 is not as “sexy” as saying you are in IB and so on but I’m assuming you all have barely started your careers. Like others have said you may want to consider wlb and who knows how long everyone will work in these current jobs, many are very cutthroat with tough hours. But if it’s something you really want to try for in your career to work at one of these firms try it now while you’re young and I’m assuming have less responsibilities

smart

Someone needs to watch this

https://youtu.be/ROlDmux7Tk4

likefunny

This is both gold. Please more 😂

like

In the grand scheme of things , you grow up eventually

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To try and give you an off the cuff, not well thought out answer, I think working in PE is the pinnacle prestige in that world. Since it’s the upward funnel that many IB/MBB people try and get to. Then you probably have Bulge Bracket (BB) and MBB as roughly the same tier. Some might see one as better than the other, but it’s close.

Then from there I’m not sure you have a huge difference in prestige between non BB IB and Tier 2 strategy shops.

Bottom line though: Most non-professionals don’t know what BCG or Credit Suisse IB actually means so deciding a life path based on those opinions is less than ideal.

likehelpful

VC to PE is kinda as startups are to tech. Some are a big deal, others are just another shop

They're not the same thing as PE though. Different goals and volumes. VCs don't flip companies by gutting them, and have way less under management.

And on that topic, PE actually has a terrible reputation in certain parts of the general public. One, no fame. No average Joe has ever heard of Apollo or KKR, unlike IB's Goldman or JPM brands, or VC's A16Z books and absurdly well known portfolio. Two, the average Joe has a pretty good chance of having heard of "company sold and PE firm fired everyone." Way worse look than IB economy-wide shenanigans, because it feels almost personal and is core to the business model.

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If you are interested in pure vanity become an actor, rock star or go date Pete Davidson.

likefunny

Grand scheme: it’s all made up and pointless. All live and die one day and the earth keeps turning, not giving one iota about careers or industries. Eventually it will all be nothing

likeuplifting

This ☝🏼

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People worry about prestige when they have nothing else to offer. Find work you are interested in, that pays decently, and then do whatever you need to do to make sure work isn’t your identity or personality. What is sexy is people who are kind, contributing members of society- people who invest time and effort in their community to make it better.

But if you, in any way can be labeled as a finance bro, that is the least sexy.

likeuplifting

Prestige doesn't put food on the table. Funnily enough, many cardiologists at Mass Gen, one of the most prestigious hospitals in the country, make just $250k, while the same specialists at the university of Kansas might earn $400k.

You have to be GOOD at any of these paths to see the real money - prestige and pay are correlated, not causal. Choose the one you think you can live with for 30 years.

like

As someone else said, HF or Megafund PE are typically the highest ‘prestige’.

From there BB and MBB go head to head.

On the east coast, BB IB reigns, and MBB is second class.

On the west coast - tech, startups, or lifestyle friendly high-paying roles are much more revered. Banking is viewed very negatively.

Also keep in mind a lot of people will think working at Google / GS in the back office is prestigious. In reality these are very not impressive roles among people who know.

like

Do MBB ever go to HFs? What are the most market-facing teams in consulting?

OP I’d also consider WLB. Probably about 1-2 years into your professional career you begin to quickly realize what you value in a job’s WLB and satisfaction and many many people would take consulting over banking, or even a “lower” form of consulting over strategy consulting because of this and be totally happy. Or vice versa.

If you want prestige don’t even care for Goldman, I think not everyone knows what that means. I don’t care about prestige but “I consulted the prime minister of a leading nation” sounds way more sexy in my opinion. And if thats not enough for you at least in germany you could basically take a Porsche as a company car at Roland Berger for example. You also travel around the world in case you ned your “sorry I have to hang up im heading to my frequent travelers lounge” or whatever you need to get your “prestige” but honestly I’d rather prefer decent salary and good working locations to be able to afford a nice house at the beach instead of hustling on wall-street in your 400 square feet apartment

Lol ok

To say prestige doesn’t matter is foolish, as it can be a useful tool. However at a certain point in your career people stop caring about prestige much. It becomes all about results.

Early in your career prestige may seem really important. After a few years other things become paramount such as WLB, enjoying the work you do and comp. Typically the more prestigious the firm/job the less WLB you have, it’s somewhat of a balancing act. I think a lot of people put a lot of effort into getting into a top tier firm, realize it’s overrated and get burnt out faster from the long hours then opt for work they enjoy more at a less prestigious firm with better WLB. Ultimately, if you end up in IB/PE/Tech/Consulting you’ll be making likely plenty of money regardless of what firm you end up at and all these careers are prestigious when compared to nearly every other industry with the exception of corporate lawyers and doctors which both require post grad degree.

Wow you think corporate law is more prestigious? We are just slaves to the PE firms (my clients) who make more money and work less than us.

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