Exploding Offer Decision McKinsey vs. BAML IB
An MBA here at a M7 school trying to decide between 2 internship offers for this summer, one at McKinsey NY and another at BAML IB in the TMT. McKinsey is offering 165k prorated for the summer vs 150k for BAML. How do you think the hours compare? I heard that if you count in the travel time it's pretty much the same hourly rate.
Long-term I can see both having good exit opps with PE and a senior mgmt role but what does the salary progression compare between the 2?
Think long term.
I'd argue it depends on what you want to do. If you're dead-set on Finance do BAML.
If you aren't certain what your long term role will be then do McKinsey.
IB lets you do almost anything in finance, whereas McKinsey will open up almost any business career track outside of finance (or possibly even inside depending on your project work).
I would echo the point about relative rank in the industries. In management consulting McKinsey is the #1 brand. In IB BAML is a great firm but its in the second tier of the BB banks, still probably at or near the top of its tier but it isn't tier 1.
One thing about traveling for consulting is, you might not be working during the hours you travel. If you are like me and traveling isn't too exhausting for you, this could give you a few hours to unwind and watch a movie or read, get some time to yourself. I remember someone mentioned this in an old thread talking about why the travel doesn't exhaust them.
Just my $0.02, I am going the banking route but considered Consulting for a short period.