Enjoy this rather scathing review of banking and consulting from Guy Kawasaki. Your choice to believe or disbelieve.
Q. Why did you carve out investment banking and consulting?
A. With investment banking, you make a lot of money, and you get a distorted feeling of how wonderful you are. You'll be flying around in corporate jets and you'll be attending board meetings, but you don't really add value.
The issue with consulting is that if you go straight to work for a consultant, you develop this perspective that the hard part is the analysis and the decision. In reality, that's not the hard part. The hard part is implementing the decision, not making it.
So the problem with consulting is you get paid $400 an hour, you do your beautiful charts, you make your PowerPoint presentation, you tell the client what they should do, and you go on to the next project. Meanwhile, you're building up this belief that you're a genius: you know how to analyze; you know how to make a decision; and, worst of all, you know how to implement -- but all without implementing.
You can develop an absolutely incorrect perception of yourself as a great manager when, in fact, you haven't implemented anything. You haven't fired anybody. You haven't introduced a product. You haven't supported a customer. All you've done is make spreadsheets and PowerPoint presentations.
You can also throw venture capital into this pile. Going into venture capital straight out of school is a big mistake because entrepreneurs start sucking up to you and ask you stuff you know nothing about -- like how to run a company.
Jobs for college graduates should make them gain knowledge in at least one of these three areas: how to make something, how to sell something or how to support something.