Consulting to I-Banking Transition
Out of college, I went through a commercial banking Management Development Program and did credit analysis for a little over a year. I understand that commercial is crap and not at all respected by i-bankers - I felt the same and jumped to consulting.
I've been at a Big 4 consulting firm for three years and moved up the ranks pretty quickly (3 promotions in 27 months, where it normally takes about 6-7 years). I feel I am at a bit of a crossroads right now and am exploring options. Basically, I'm looking for thoughts on a transition into i-banking - feasibility, potential approaches, and realistic timeframes.
The major caveat is that I don't want to be a bottom-feeder. Pushing reset on my career is not an option. Not to be brash but I've fought my way up in consulting and to be shoulder-to-shoulder with fresh college grads would be mildly insulting. I understand that I would have much to learn about the business but I've led engagement teams of 6-8 people on high-profile projects and I've interfaced with and provided guidance to CFOs on a daily basis.
I don't want to go in through an infrastructure post because at least in consulting, I have seen little success in parlaying that into a client-facing role. The discussion about using an MBA as a springboard is a valid point but one I am already considering. I'm applying to b-schools right now as another potential option.
Re: Consulting to I-Banking Transition
Out of college, I went through a commercial banking Management Development Program and did credit analysis for a little over a year. I understand that commercial is crap and not at all respected by i-bankers - I felt the same and jumped to consulting.
I've been at a Big 4 consulting firm for three years and moved up the ranks pretty quickly (3 promotions in 27 months, where it normally takes about 6-7 years). I feel I am at a bit of a crossroads right now and am exploring options. Basically, I'm looking for thoughts on a transition into i-banking - feasibility, potential approaches, and realistic timeframes.
The major caveat is that I don't want to be a bottom-feeder. Pushing reset on my career is not an option. Not to be brash but I've fought my way up in consulting and to be shoulder-to-shoulder with fresh college grads would be mildly insulting. I understand that I would have much to learn about the business but I've led engagement teams of 6-8 people on high-profile projects and I've interfaced with and provided guidance to CFOs on a daily basis.
I don't want to go in through an infrastructure post because at least in consulting, I have seen little success in parlaying that into a client-facing role. The discussion about using an MBA as a springboard is a valid point but one I am already considering. I'm applying to b-schools right now as another potential option.
With this kind of an attitute you're going to have a difficult time getting into banking. The "Bottom-feeders" you speak of still make more than you. At this point, your only option is B-school unless you can talk a smaller shop into taking you on board.
I apologize if my original
I apologize if my original post rubbed you the wrong way. My point more or less is that I have built career equity in consulting and that I want to protect against its erosion with a jump into i-banking. I'm sure you would feel the same if you came into consulting - you would want your experience to be considered, not only in your pay but also in your title.
It's true that the lower level employees probably make more than me at a cursory glance. But, if we add some context to this discussion - location, per diems, and hours - I probably have the edge.
Re: I apologize if my original
I apologize if my original post rubbed you the wrong way. My point more or less is that I have built career equity in consulting and that I want to protect against its erosion with a jump into i-banking. I'm sure you would feel the same if you came into consulting - you would want your experience to be considered, not only in your pay but also in your title.
It's true that the lower level employees probably make more than me at a cursory glance. But, if we add some context to this discussion - location, per diems, and hours - I probably have the edge.
Sure, but you need to remember that investment banks follow a hierarchical structure. Without business school, making it to the Associate level is basically going to be impossible unless you have some really killer experience. The only examples I've seen of this are actually folks who've left banking and are coming back...one guy I know of did 2 years GS, 2 years disney CPG (corporate strategy), and came back as an Associate.
I hate to break it to you but the "Career equity" means very little to most bankers: you haven't been working on deals. Even guys who do two years at McKinsey or Bain come to banking as an Analyst before b-school.
To be frank, your best bet at this point is b-school. There is unfortunately no way to bank the time you've put in and cash it out (by coming in as an associate) unless you've done something really extraordinary.
If you start in banking,
If you start in banking, you'll get paid exactly what all the other mbas do. There'll be guys with a lot better and more relevant experience than you too.
That being said, you could leverage your "equity" and perhaps get promoted to vp and beyond faster. but you're gonna get the package everyone else gets