Goldman or McKinsey: advice needed!
TL;DR: Deciding between GS (IBD, London) and McK (Germany). Naturally leaning towards GS (find banking interesting and want to exit to PE) - but my heart tells me to join McK.
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I'm in a very comfortable situation with two return offers, but I'm finding it difficult to decide between GS (IBD, London) and McK (Germany). Below are a few thoughts of mine. Would love to hear some advice from people who were in a similar situation - potentially even regretting their own choice.
Career path: Most important dimension. Very interested in exiting to PE (prev. internship at US UMM). Naturally, this gives me a tendency to GS. However, I feel that in Germany, there are surprisingly many ex-MBB PE professionals. Also, while I could not see myself staying at GS for the long term, staying at McK would be "ok" to me (although not my plan). I am a bit afraid of not being able to land one of the very few desirable spots and being forced to take something I do not like or stay at GS.
Work: During my internships, I found the work I did at GS a bit more interesting than consulting. However, I also believe that this intrinsic motivation quickly disappears as things become more intense than during the summer. And traveling the world for a living (i.e., McK) is f****** awesome (ik to some this is a downside - not to me).
Skills: Sure, in IB you build hard skills. But how important are they once you climb the career ladder? Aren't the soft skills you develop in consulting much more important once you become senior?
Salary: For the first years, not important to me (and surprisingly similar in Germany). Partners at McK earn 7 figures -- very competitive to GS (note: do not intend to stay that long).
For some reason, I am torn apart by this decision: my heart tells me McK, my guts tell me GS, and my head tells me that you cannot compare these two things lol.
Anyone who was in a similar situation? Anyone who chose one way and regretted it?
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Note: Acknowledge that this forum has a bias towards IB, specifically interested in hearing from those who were considering both or regret their choice.
I assume you're talking about GS IB? Asking as you didn't mention IB once and GS has a lot of different roles.
Fair question. Yes: GS IBD
Always listen to your heart bud
Goldman. Most people perceive consulting as more interesting, even many of the bankers here, but trade that off for pay. If you’re already in the banking being more interesting category, consulting is likely not for you…
Three further thoughts:
Thank you - I appreciate the insights
take Goldman. re: ex-McK alums in Germany is likely b/c McK is disproportionately massive in Germany so not quite representative — numerous offices throughout, large footprint in terms of headcount. Travel is overrated: experience from “my friend” says you may find yourself in an airport hotel for months, or in the middle of the country stationed at a factory. (just do your own dd about the truths of traveling at McK). Also consider the meritocratic environment (=up or out) and the standard duration of your program that is typically followed in the office of your offer (eg 1+10 months in US). Unless you were interested other paths besides PE, GS seems like the logical choice
ex-McK consultant here
I would take the Goldman offer. I think it's a better brand, and I think London is a better office to launch your career from.
The one thing I'd think about is where do you exit when you leave the firm. Germany McKinsey will have you exit to let's say strategy manager or director at a German auto company. I think you go to McKinsey if you're an engineer and want to be on CEO track.
Goldman exits in London will be to other 'firms' in high finance. Which will probably pay much more and be much more fun.
So if you want to be a CEO go McKinsey, if you want to be a highly paid specialist go Goldman
Finally both firms have gone down market recently, but McK has really gone downmarket. It's not the elite firm it once was. Still good. But Goldman has retained their prestige better
Had to decide between the two but in the U.S. Chose GS and believe you should do the same. Don’t believe MBB in Germany is worth it. Will have higher comp and more opportunity at GS
Super impressive problem to have
Follow your heart—banking will make you MISERABLE!!
It’s easier to move back to MBB in Germany (especially as you already have an offer and generally seem to be quite an impressive candidate) than vice versa. So if you don’t enjoy GS LDN after a year, it shouldn’t be too hard to move back to Germany.
Also regarding your point on travelling the world, be aware that it will more likely be Schweinfurt than Milan, Athens or so on…
Anyway huge congrats and a nice choice to have between these two!
Officiis eligendi minus repellendus alias. Placeat atque et harum est. Veniam error cum laborum.
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