Consulting VS Investment Banking VS Law VS Audit
Out of curiosity, since many people here seem to know a lot about banking, consulting, finance and professional services, I was wondering a couple things. If we were comparing BB IB, MBB Consulting, Biglaw and Big 4 Audit:
1- Which profession works the most and least hours?
2- Which of these professions earns the most, which one earns the least?
3- Which profession travels the most? Do auditors and lawyers even travel?
4- Which one is safest/least safe from full automation? IE: Which one would be fully automated first and will they still be largely around in 50 or so years?
Sharing a few thoughts here, based on experiences of the people I've known/met.
1.--Definitely think BB IB, MBB Consulting, & Big Law work extensive hours.. Big 4 Audit works relatively less... 2-- Assuming we're talking about entry-level positions, I'd say BB IB and MBB Consulting make the most. Big Law & Big 4 Audit probably make similar pay for 1st years.
3-- I have a cousin who is in Big 4 audit, they travel frequently. He's often sent all over Europe. My guess here is that Big 4 Audit probably travels the most, along with MBB Consulting and BB IB
4- I don't see BB IB, MBB Consulting, or Big Law being automated. Computers just don't know how to manipulate facts and data into the firms favor. For example-- Huge stretch over here, but how's a computer going to insider trade? Or how is a computer going to have connections to the judge/prosecutor to get that speeding ticket dropped? I do see accounting being automated.....
Insider trading and using connections to avoid the legal system is illegal so wouldn't it be favored to remove humans from the equation to prevent these crimes from taking place?
Sort of, think about it this way, pretty much any AI powered trading system would've said Tesla stock was a solid sell back in July/August. AI powered systems would've analyzed the financials, looked at the price patterns and determined that they should either sell or short. However, we as humans, know that the data doesn't necessarily paint the entire picture. We can consider many intrinsic factors that computers can't really make a sense out of. That's the difference maker for IB type jobs, especially M&A where you're creating synergies and such.
What? No.
Exactly. In the US, entry-level BigLaw is $210k all-in. In the UK, first year trainees make £45-55k. Big4 respectively is ~$50-60k and ~£28-30k. Not comparable.
Is it still a fair comparison if we're talking about people that went through law school, VS fresh out of undergrad Big 4 recruits?
This is beyond false. The starting for most 1st year associates at Big Law is $190K now: https://abovethelaw.com/2018/06/salary-wars-scorecard-which-firms-have-…
Wait, I was thinking out of undergrad here..... AFAIK haven't 1st year associates at Big Law been thru Law School. If that's the case, is that a fair comparison...? Wouldn't the correct comparison be against a Post MBA IB Associate for salary?
Not sure. The middle sentence doesn't make sense. Is that a question or a statement? The phrasing seems dyslexic without a question mark. Do you mean "1st year associates haven't" as a statement?
Lmao, I think I should rephrase it As far as I know, in order to be a 1st year associate, one has to have a JD. JD means extra years of schooling+ time commitment/cost etc. What I was saying was that comparing a 1st year law associate to a Big 4 recruit straight out of undergrad is not exactly a fair comparison. If we look at jobs that students get with Pre-Law degrees, the compensation would be similar to Big 4 recruits straight out of undergrad. Hope that clarifies a bit.
Students get jobs with pre-law degrees?
![https://media1.tenor.com/images/8afe17e573b3096c9a1925b2738a3e2a/tenor…]
Seriously though, the students who do 'pre-law' that don't go to law school, typically have one of the following degrees:
The group of them all say they are going to go to law school to be a lawyer or the DA or a Senator or something. You know, glorious public servant with power and money.
Then, 80% of them get shit grades in an easy major and can't crack 170 on the LSAT. They become history teachers, english teachers, public servants, cops, firemen, security guards, bouncers, bartenders.
So in the end, the pre-law people who don't become lawyers probably get paid less than Big 4 people. And Big 4 is probably the lowest comp out of most of the positions on this site for entry level roles (except for low level accounting), but is still above what a public servant makes or what a history teacher makes.
I'm more interested in the fourth question if anyone has answers to that.
My current presumption is that law, IB and consulting could have their lower level work automated but everything else will most likely stay the same while audit could be majorly automated leaving only upper-level guys. Though I'm a little interested as to when audit will start to become automated because it hasn't happened yet but it's been talked about so much.
Anyone know more about the subject or if my presumption is right?
I think you're spot on with that.
I'd say the tier of student considering law, IB, consulting is above audit so audit doesn't really belong with the rest...
Yeah def
You seem knowledgeable in all 3 fields so would you say IB, consulting or law will ever be fully automated?
If you're in any of these 3 professions would you have to worry about automation?
Which would be automated first if they would be affected?
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