Importance of Location for Consulting vs IB

Based on the most helpful WSO content, location plays a different role in consulting compared to investment banking (IB). Here's the breakdown:

1. Consulting: Location matters less in consulting. Major firms like McKinsey, Bain, and BCG (MBB) have regional staffing models, and cases are often sourced from a broader region rather than being tied to a specific office. For example:

   • McKinsey allows consultants to choose where they want to live, and case opportunities depend more on networking than the home office.
   • Bain and BCG also offer flexibility, with Bain focusing more on office-based staffing and BCG having a mix of local, regional, and global staffing.
   • Prestige and quality of work are consistent across major offices (e.g., NY, SF, Boston, Chicago, etc.), so location preference often comes down to personal factors like lifestyle or proximity to family.

2. Investment Banking (IB): Location is far more critical in IB, with New York being the epicenter of the industry. The concentration of major banks, deal flow, and networking opportunities in NYC makes it the go-to location for aspiring bankers. While there are regional offices, they typically handle fewer deals and may focus on specific industries, making NYC the most competitive and sought-after location.

In summary, for consulting, location is more about personal preference and lifestyle, while for IB, being in NYC is often seen as essential for maximizing career opportunities.

Sources: Some Thoughts on Managing Multiple Offers (Consulting / MBB), 2019 MBB Comparison (Interview Process, Locations, Responsibilities, Perks...), I am a consultant at a non-MBB firm in London: Q&A, Bain or BCG for Summer Internship??, Bain Boston vs BCG New York