Consulting or I-Banking ??
GBR was really fun. For those who missed out, here is a recap of GBR. And ofcourse, the banner above is from Class of 2008 and I am some where in there :)
On a more serious note, every one at GBR stressed the need to sit down and do some introspection during the summer. The next two years are going to shape the future so you really need to know where you want to go.
Now some thing more interesting happened at GBR. I was sitting on the lunch table with a MBA1 student and pretty soon I could see the match in our personalities. And we hit a long conversation about life, about being a go getter and pre/post MBA career. She is transitioning into I-banking and at present, I am looking to move into strategic consulting for a career. But she sent me an email later advising me that I should also look into I-banking. She thinks that my personality is better matched for I-banking. I have been really good with maths (my dad is a maths lecturer) so finance might be my thing, but we will see.
So here is a question for all my readers. What are the different career related books that I should read to access if I am making the right choice. She recommended:
A) Liar's Poker
B) Money Business
If you have more suggestions, toss them my way.
On a more serious note, every one at GBR stressed the need to sit down and do some introspection during the summer. The next two years are going to shape the future so you really need to know where you want to go.
Now some thing more interesting happened at GBR. I was sitting on the lunch table with a MBA1 student and pretty soon I could see the match in our personalities. And we hit a long conversation about life, about being a go getter and pre/post MBA career. She is transitioning into I-banking and at present, I am looking to move into strategic consulting for a career. But she sent me an email later advising me that I should also look into I-banking. She thinks that my personality is better matched for I-banking. I have been really good with maths (my dad is a maths lecturer) so finance might be my thing, but we will see.
So here is a question for all my readers. What are the different career related books that I should read to access if I am making the right choice. She recommended:
A) Liar's Poker
B) Money Business
If you have more suggestions, toss them my way.
posted by MGalBlue at 2:27 PM
10 Comments:
i think, while choosing a career the important question is "if the career suits you" rather than "if you are suitable for that career path". I Banking is glamorous and probably will be good food for your mathematical brain, but there are other aspects which might bring down the value of that career quite a bit. Ross surely will give you enough info to have a close look at IB, and surely you can take an informed decision.
good luck.
Thinking McKinsey Way should help you regardnig consulting.
Also I read a book from Running of the Bulls from Wharton to Wall Street , which is abt the exp of undersrags at Wharton and does talk a lot abt some of the students exp of interning at I Banks :) It was scary ..
Good luck with the decision
I think Monkey Business debunks the "IBanking is glamorous" myth quite well. And even though it's a satire, I've heard from a *lot* of IBankers that it's not very far from the truth :-).
The upside is that it gives you exposure to various industries and companies, similar to consulting. There are quant aspects to it that sound pretty interesting, but you might have to come up with similar models when you're a consultant, no? (that's a q because I still haven't started researching consulting seriously).
Also, similar to consulting, the lifestyle is definitely gruelling. I have a few friends who are IBanking associates at bulge bracket banks, and they work 9am-2am 6-7 days a week. And from what I hear, it doesn't really get better till you hit the SVP level. Something to keep in mind.
Both have very demanding careers, IB probably a bit more than consulting. With the latter chances are you will be travelling a lot. A lot of the consulting firms will ask you to travel Mondays to Thursday depending on where your project is. With IB, expect to work till 2am - 3 am easy your first 3 years or so. Both have a significant burnout and people tend to leave after 3-4 years and move into corporate / industry jobs. Therefore, your personal time for family etc is limited in either one of these, just go with what you want for yourself and where you think you will position yourself better for long-term success.
I am a bit late, but Congrats on your admit to Ross with aid..phenomenal...
IB vs Consulting..aah the eternal question...are you from a finance background...I think then IB makes a lot of sense...otherwise if you are pure tech like moi..Consulting seems attactive as we can leverage our past experience to some extent..
the hours in both are crazy..though MC has a LOT of travel on top of it..
Liar's Poker is an interesting read but deals with Sales and Trading. Monkey Business is all about the evil in IB - exaggeration in some parts. You must look at the wetfeet and vault guides and also "day-in-the-life-of-profiles" to see if you fit into IB.
I suggest you read biographies - Soros and Buffet - both men of finance but with very different approaches. Neither had an MBA.
I've never done ibanking so I don't have first hand experience, but I do know that they pay you extravagantly for a reason. It's because you will not have a life for the first few years out of b-school. And many people burn out.
Consulting I've done for a few years, and while I enjoy the work, traveling does suck. A lot. Again, it takes a huge toll on your personal life. And the projects that you get staffed on are largely beyond your control. So you may be working on a crappy project for months. You will also have to balance the truth with what the client wants to hear. So people who will never bend the truth slightly might want to stay away...
Don't mean to sound discouraging. There are bright sides to both careers of course. Happy decision making! =)
p.s. I think there's a book called "consulting demons" that you might want to check out.
Thanks Miss Architect! That definitely gives me the confidence I need to make that extra investment. I am actually getting a huge discount so the regular price difference would have been $1K!
FELIZ CINCO DE MAYO!!
Isn't it hillarious?
I posted a link to it the second it came out
http://electrizze.blogspot.com/2006/04/columbia-business-school-follies.html
Interesting Books for Aspiring MBAs (don’t worry: no GMAT prep manuals here)
http://blog.stacyblackman.com/2006/05/15/interesting-books-for-aspiring-mbas-dont-worry-no-gmat-prep-manuals-here/
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