Wanted to hear everyone's thoughts on which industry has a better lifestyle. I think this will differ by geography but looking at the UK and US by grade who would win and why. Would be keen to hear people's opinions factoring in money, time to actually spend your money, WLB at each level.
Junior:
Mid Level:
Senior:
Ignore title: not in consulting
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Is lifestyle for you defined by money or free time? Whatever you decide, the answer for you is obvious one way or the other. Would point out though the drop off between MBB to tier 2, and then to big 4/ the rest seems far larger (especially financially) than the difference between BBs/EBs to top MMs and then Middle-is MMs
Basically while MS vs MBB may be a tough call, I would 100% choose almost any MM firm for IBD over Big 4 and maybe even most tier 2 consulting firms (barring Accenture, OW, RB)
As a Big 4 professional put it very eloquently while I was networking for my first job.
”Big 4 and consulting professionals try to switch into investment banking every day, but you will never see an investment banker move into Big 4 or consulting.”
While this was just one woman’s observation and not entirely true, it has some merit. Pushed me to keep fighting for IB and I’m glad I did.
It's a sort of obvious thing to say, but this depends so much on the individual. If you're somebody who doesn't mind (or even enjoys) travel, then consulting will probably be better just in terms of overall hours.
However for me, the thought of spending 4 days per week away from home, at a client site potentially in the middle of a remote part of the country, is very off-putting. I suppose the tables turn a bit as regards travel the more senior you get, but at least for the first 5 - 7 years, I'd pick IB over Consulting for work life. Even if it means longer hours, at least it's my own apartment with my own creature comforts.
Fwiw, a good chunk of firms do remote work now for consulting (at least at the MBA level). A lot of these firms rarely work their teams beyond 65-70 hours. Usually 40-60 sometimes even 35-40 for some of the chiller firms focused on implementation type of work, ~150-160K base vs 175+ at Big 4 / T2 / MBB.
Interesting, what level of consulting pays these ranges? Looks like it’s not entry level salaries.
Been in Consulting for 5 or so years and I want to clarify a few things. It is VERY uncommon, especially post-COVID to be on the client site 4 days week. Only a handful of firms insist on this (namely McKinsey, PA Consulting and few more like this). Others, including BCG, Bain and most T2s are reduced their travel a fair bit and will often only go to clients for important kick off meetings, maybe an interim meeting and the final presentation.
Outlining which field has a better lifestyle by level is challenging. In both fields you are on the job for long hours in IB and Consulting, the nature differs. IB will be 12-15 hours in the office, whilst Consulting might entail getting up at 4am for a 6am flight and having to fly back that evening. Actual working hours are shorter in Consulting, but you need to factor in things like travel. At the senior level I think it is also very comparable. MDs and Partners doing essentially the same thing; sell projects, show face with clients at meetings / dinners and occasionally interact with teams. My personal bias may be that Partners in consulting may have a bit less stress since their earnings are not fully reliant on a deal going through, but am not too familiar with banking MDs to know those specifics.
Since you've been in consulting 5+ years, you must know what's it's like pre-COVID. Do you see the reduction in travel by some firms as a temporary phenomena, or a permanent shift towards remote?
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