Considering Consulting Instead of IB
Just to give some context, current sophomore at a small non-target - semi-target business school east coast. GPA = basically a 4 and tons of EC experience.
Basically, I have spent the past few years learning a ton about IB, taking all our school programs, and knowing the technicals down to the T. Also, I have taken a ton of time to build a super strong network at almost every bank I've been interested in (some CEOs and high-ups included). I would say I am a pretty competent finance student who enjoys doing the work. This is not to come off as a hardo, this is just to give context.
However, I've recently been thinking about how the IB lifestyle and WLB may be too much for me early on (and I have always wanted to be in LMM PE/ Growth-equity, or Hedge fund if the WLB isn't there with PE/GE). Is it too late for me to consider the other best path into PE/GE: consulting? Or is this still a possibility for a young guy like me? Would appreciate anything you guys might have to say. Thank you!
If anyone would like more information on the situation feel free to ask. As long as it is not too personal I will most likely answer it
Have you done a small boutique internship to get a feel for it before you write it off?
Have you done an internship in consulting or spoken to people in the industry to confirm your beliefs on the space?
I am currently interning at a boutique MM investment bank and definitely enjoy the work and really want to work hard, but I think that I am scared to mess with my sleep schedule (I fall apart if I go multiple days without 6-8 hours of sleep). I have admittedly not explored the consulting field too much, but I don't think I have time to do a consulting internship anymore, as I am recruiting for IB this spring.
I think you should place more of an emphasis on which job offers a career path/day to day work that is more in line with your goals. While IB usually has worse WLB in general, there are tons of shops and groups that are not nearly as bad from a WLB perspective, and tons of consulting companies that have awful WLB. If you know WLB is a priority, then I would make that the first criteria for positions in whatever industry you do end up pursuing, but I would make the day to day work/career path the main choice for determining the overarching industry you will pursue. If you do pursue consulting, I don't think it is too late at all, consulting seemed to have a later recruiting cycle than IB when I was in undergrad, hope this helps.
Interesting. Thank you so much for your help and I will definitely take WLB into account (might be tougher given that my interest is TMT, and I have noticed most firms with TMT groups tend to be sweatiest). Also, do you think that choosing a WLB-focused will affect my PE recruiting? I definitely want to do well for myself financially, and I understand GE/LMM-MM has money to be made. I just don't want to close off opportunities for myself by picking a WLB-focused investment bank.
Short answer no, while top TMT groups at EB/BB's with the "best" exits are usually sweaty, if your goal is LMM/MM, that is attainable from a wider variety of banks/groups. Ultimately, deal experience and networking are often the most important things for LMM/MM recruiting, and you do not have to be at a notoriously sweaty group to attain either of those.
I did consulting prior to my MBA working at a non-MBB commercial due diligence focused shop (LEK/EYP) type of place. If your goal is PE, I think any bank would give you a better shot. WLB is definitely tougher in IB but you will get a lot more relevant experience to what you will be doing in PE in IB vs PE so if I were you, I will stick it out and do IB. I went to consulting having the same concerns as you about WLB. But honestly, working long hours is easier when you are single and have less commitment versus when you are married and have more family commitment so might be worth it to grind it out while you can to reach your career goal of breaking into PE.
Thanks for the insights. For me I am absolutely open to (and want to) work hard, but the biggest concern (I mentioned it somewhere else in the forum too) is my sleep schedule. Have you noticed that people are able to get good sleep schedules in IB over the long term? Or does the work take over sleep as well? I ask this because I have health issues in regards to lack of sleep.
Provident et est occaecati consequatur voluptatibus enim. Eligendi corporis adipisci sunt. Laboriosam laboriosam et aliquam. Nisi autem facilis et itaque voluptatibus. Perspiciatis doloremque distinctio est exercitationem commodi aliquam incidunt.
Aperiam rem omnis numquam nihil earum eligendi incidunt. Deleniti rerum consequatur dolore ut rerum. Et qui assumenda dolor consequatur ducimus. Voluptatem fugiat non possimus laudantium autem. Est enim sunt neque provident maxime vitae sapiente. At facilis laudantium dignissimos voluptas. Ipsam voluptatem non possimus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...