Wharton MBA Class of 2016 looking for career advice

Hello all,

Let me tell you a bit about myself and my goals and hopefully you guys can give me some advice.

My stats in a nutshell:

- Took a "leave of absence" from undergrad for 3 years and started a tech start-up
- Accepted to Y Combinator Summer 2009
- Raised ~1MM in funding and did ~1MM in revenue in the first year
- President of a 10 person company that brought hardware product to market
- Sold the company (no big exit or anything)
- Currently finishing up my degree at Columbia (will graduate summa cum laude)
- Recipient of multiple academic scholarships at Columbia
- Interned in banking last two summers on both debt and equity sides (small shops but got great deal experience)
- Just accepted into Wharton for the class of 2016

I am not sure exactly what I would like to do in the future, but I do have some ideas:

1) Work/life balance is important to me - I hated the 100+ hour work weeks in banking and want to avoid something that crazy at all costs. With that said I understand I will need to put in ~60-80 hours if I want to do anything in finance. I'm not averse to working hard (I put in crazy hours with my startup) but it was more the type of work, which leads me to my second want.
2) The worst part about banking was not the hours, but the actual work. Maybe it was because I came from a 10 person start-up with no bureaucracy/politics and the fact that I went from the top of the hierarchy to an intern, but I could not stand how mindless the work I did as a banker was. It was mindless, mostly pointless and so inefficient. Those are the three things I avoided at all costs in my startup and to be inundated with them for all of my woking hours was unbearable. I want to do something where I am able to make decisions (eventually, I understand I will need to learn the ropes and gain experience, but I need something less mindless and much more efficient).
3) I would like something that allows me to make a lot of money. Not necessarily crazy amounts, but like 120-150k out of MBA with ability to get to 500k-750k by the end of my career if I am successful.
4) Ideally I'd like to do something with technology and or start-ups, but I do not want to start another company (at least in the foreseeable future)

So I am thinking my top options are:
1) Venture Capital
2) Asset Management

(the following contains my interpretations of what to expect. I realize things vary significantly depending on firm/group etc, but I am trying to get a general idea. I also realize I may be completely off base with some of my expectations, but that's why I am posting.)

VC seems like an ideal fit to me: ~60-70 hour work weeks with ~125k out of school and ability to make a ton as partner. Very difficult to get in to, but I definitely have a leg up with start-up experience and VC connections (although they are all on the west coast and I would ideally like to stay in NYC). NYC is also, as much as I would like it to be, not ideal for tech VC.

AM also seems like a good fit, assuming I can get something dealing with tech/VC. ~60 hours a week with 120k out of MBA and the ability to move to portfolio manager making 1MM. Lacks the prestige of VC/PE/IB but not something I am concerned with. Easier to get in to and great for NYC.

Other options:
3) Private Equity
4) Other

PE seems like more hours and more pay, but not the combo I am ideally looking for. Closer to 80-90 hour work weeks making ~175 out of school. Multimillions if successful, but not what I am looking for. Also very difficult to get.

Other - Getting a job at Google or Apple. Not sure about what this looks like.

Teach Me WSO!! Tell me what I am right/completely wrong about and give me your 2 cents.

 
Angus Macgyver:

Why not consulting? ~120-140ish base out of school, with hours that are heavy but won't drive you to an early grave.

I was thinking the same thing. Based on your story, I feel like Management Consulting would be a great fit for you. According to consultants I have talked to, hours are long but shorter than banking with some menial work (especially regarding PowerPoints), but you will get exposure to a lot of industries and upper management. Many of them tech.

Also, can you possibly detail more about the company you started? I'm an aspiring entrepreneur, and who doesn't love hearing stories? You can PM me or just post it here.

 

To continue the consulting train, you should be looking at $200k all-in your first year (base+relo+signing+performance+401k). Especially if you'll be starting in ~30 months as the salary arms race among MBB almost ensures that there is a slight uptick each year in compensation packages.

 

Thanks for the replies so far and thanks for actually reading my novel of a post. Seems like the general consensus is that I should be looking at consulting, which definitely makes sense. It has a better work/life balance, interesting work and good pay. My main issue with consulting is that I have heard the traveling can get pretty brutal. A large reason for my emphasis on work/life balance is so I can have some time with my (future) family and kids and, from what I understand, most consulting jobs would have me out of state at the client during the week, which would not work for me. Is this type of travel avoidable and how much travel would be involved right out of MBA and as I became more senior.

Thanks again!

 
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