S&T at BB Bank to T2 Management consultant entry level...am I crazy?
Hi all,
Currently i'm in an investment research role at a BB and I have doubts about this whole industry, mainly job security, the culture, work/life balance etc. This is not the team/area I wanted to end up in but nonetheless I make good money, more than all of my friends/peers my age. The progression is also good, so everything is in place but my interest in what I cover is fading (only having been in the job around 2 years).
I have an offer from a T2 consultancy to join their grad program on a 50% pay cut (meaning the last 2 years have been a waste and I have to start my career over). Even this is not ideal as I want to be in Strategy but need to nework, get on the correct projects, build up a good rep etc to get sponsored from management consulting into Strategy.
The things that matter most to me: 1) Job security and building transferable skills, 2) Money and progression
I don't mind working silly hours/travelling for the first few years if that's what it takes to get the above.
I am in two minds on whether to take the offer because it's so hard to let that bonus and salary at the BB go. Consulting bonuses are pretty much non-existent so it's really impacting my decision. Also its not the exact area I want to be in (i.e. Strategy) so not sure if its too risky to take the offer?
Sometimes I think I have been given this great opportunity at a BB and I am taking it for granted, not pushing myself hard enough and just thinking the grass is greener on the other side...
Anyone else been in this situation or made the move from S&T to consulting? Any advice for what you would do in my shoes?
Anyone?
Hard decision when money is involved but understand the money starting out is pretty irrelevant. What do you really want to do? What is the better path to do it?
It sounds like you want to be doing Strategy Consulting. Pure strategy shops are mostly a myth these days. You'll find MBB very involved in implementation as clients want to work with a full service, end to end firm. Operations / implementation consulting will involve some strategy AND it's really important to learn how to manage implementation projects. Unless you plan on going to consulting and staying there forever (few do), you'll need implementation experience as you'll be far more valuable as an "operator" of a business in industry.
Don't see how banking gets you there unless you want to stay entirely in a finance role. Again, think about where you really want to be in 5 / 10 / 15 / 20 years. That's a hard exercise but worth thinking about. Both tracks will pay you plenty, banking more than consulting for the short termers. Don't let that rule your decisions as long term wealth can be achieved in banking, consulting, industry, etc. Do what you like doing.
Thanks so much for the advice. I want to be In c-suite at an f500 one day, so consulting then MBA would definitely put me on the right path. Investment research is not helping me much but just providing a decent pay check.
It's just that this job/grad program was so hard to get, so many people try and fail. Whereas the consulting job at the firm I have offer from is honestly quite easy to get. So I keep thinking there is value in that....
Good to know you know what you want.
I completely understand the mental anguish of your situation. You've worked really hard to get what you have (consulting is very prestigious too BTW). What's really important is that you proved you could do it. Which means you have that in you. No reason why you can't apply that to other things and be wildly successful. Earning the great income is never a waste, unless you wasted it. Hopefully you saved some you can use for grad school, long term investment, pay off UG loan, etc.
If you're shooting for F500 C-Suite , consulting is generally a better path as you'll gain a few very important things as a (still) young person.
These skills are mandatory to go far in F500. The banks will become your vendors.
why not try to lateral to another firm in another sector?
the best time to get a job, is when you have a job....so keep your leverage and stay longer.
also remember that your job is not your fun....your job is to produce max income...have fun elsewhere.
^Although I appreciate the spirit of this post, I disagree with the comment, specifically "your job is to produce max income...have fun elsewhere". This is either a troll type response or written by someone who hasn't experienced much in life yet.
Believe it or not, it's quite possible to actually enjoy what you do while earning large sums. In fact, post will never earn large sums unless they enjoy what they do. Reason? After a few years of the grind, money is no longer a meaningful driver. You just won't have the motivation. it will be easier to do less for less. That is just human nature.
However, if you like your gig (the actual work, the mission, the culture,the people, the clients, the prestige, the perks....) you'll maintain the proper level of excitement to produce at a high level for a long time.
Burning out after a few yrs just to make more money is useless as the real money happens, in any industry, much later in life. Hard for a kid to see this but making 150k as a 22 or 23 yr old and burning out is nothing compared to building a career and making 300k+, 500k+, 1M+ for a long time. Very hard to do that if you don't enjoy your work.
I agree. However as this job offer isn't in the exact area I want, as I mentioned. So I may have to go to gain project experience and in parallel apply to a startegy firm. That's potentially means starting again twice in the next 1 or 1.5yrs. Maybe I am just being too picky, may be better to just choose something and role with it so I can move up the ladder?
Why not try to lateral to another team/ area?
I have been trying to but the teams that I want to move to are not hiring at the moment and I have no idea when they will. So I could be waiting for a long time. So I think it may be better to fit my losses and just move externally.
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