Banking or Consulting

For a summer college internship and entry-level analyst/associate role, here's a breakdown based on the most helpful WSO content:

Banking (MM European Bank IBD):

• Skillset Development: You'll gain strong technical skills, particularly in financial modeling, deal diligence, and understanding the M&A process. These skills are highly valued in Private Equity, Hedge Funds, and Corporate Development roles.
• Exit Opportunities: Banking traditionally offers a clearer path to Private Equity and other buyside roles. However, this path is becoming more competitive, and consulting candidates are also making inroads into PE.
• Lifestyle: Expect long hours and a demanding environment. Banking is notorious for its 'facetime' culture, with occasional all-nighters during critical deal phases.
• Prestige: While MM banks may not carry the same prestige as bulge brackets, they still provide solid training and exit opportunities, especially if you're targeting mid-market PE or corporate roles.

Consulting (T2 Consulting - EYP, Strategy&, LEK):

• Skillset Development: Consulting focuses on qualitative skills like strategic decision-making, problem structuring, and execution planning. You'll also develop strong communication and presentation skills by working directly with management teams.
• Exit Opportunities: Consulting offers broader exit options, including Fortune 500 strategy roles, top-tier MBA programs, and even Private Equity (if you work on finance-focused or diligence projects). It's a versatile starting point if you're unsure about your long-term goals.
• Lifestyle: Consulting generally has better work-life balance compared to banking, though hours can still be long (70+ per week) depending on the project. Travel is often part of the job, which can be exciting or exhausting depending on your preferences.
• Prestige: T2 firms like EYP, Strategy&, and LEK are well-regarded, though they don't carry the same brand recognition as MBB. Still, they provide excellent training and career opportunities.

Key Considerations:

• Long-Term Goals: If you're set on a career in finance or Private Equity, banking might be the better choice. If you're more interested in strategy, operations, or keeping your options open, consulting could be a better fit.
• Work Style: Banking is more technical and deal-focused, while consulting is more strategic and client-facing. Think about which environment aligns better with your strengths and interests.
• Cultural Fit: Talk to people in both industries to get a sense of the culture and day-to-day work. Choose the one that excites you more—it will likely make you happier and more successful.

Both paths offer excellent training and career prospects, so you can't go wrong. It ultimately depends on your personal goals and preferences!

Sources: Q&A: Consulting v. Banking, the age old question. By Former MBB and Bulge Bracket Banker., Q&A: Former MBB Consultant, Why Would Anyone Go Into Consulting?