ECM to Consulting Offer Advice
Currently an Associate in ECM at an RBC/UBS/WF and have an offer to join a T2 Consulting firm's strongest group as an Associate (think LEK/OW/ATK). Non-target undergrad and no MBA (although I may want to get one in the future), and this would be a ~20% base salary decrease.
Really just looking for more varied strategic/operational experience and the opportunity to develop a broader skillset as capital markets has gotten repetitive and the exit opportunities are relatively limited in general. I'm not married with a family, no mortgage, etc. so I don't mind the travel at all. No interest in moving to coverage IB either. Thoughts? Any other factors I should consider here?
Thanks!
I think if you want to leave IB and go into a management role then consulting is a good place to be. Is it in nyc as well?
On a side note, how are your hours in ecm?
Yes, it would be based in NYC...hours in my ECM group are 60ish on average (but primarily due to the fact that my bank isn't being awarded lead/senior roles on deals very frequently).
Is comp in line with coverage? What’s aso 1 total comp?
If you plan on getting an MBA in the near future, I'd look into the company's MBA policy and see what the requirements are for them to sponsor it
Seems like a no-brainer. Although travel gets old fast.
Appreciate the response...why would you say it's a no brainer out of curiosity?
Like you said, as an ECM person, you are only valuable to other ECM desks and you don't care much for the paycut. Consulting you'll gain a wide array of experience across sectors, and doing it at a T2 firm you'll likely have better hours than an active ECM desk and definitely better hours than coverage IB. Exit opps are more diversified if you already know you are not into finance long-term.
Did consulting before moving into banking. Happy to answer any questions you have.
The tier2 firms you listed are solid but do different types of work. Are you looking for PE DD projects? What are your reasons for the switch? Find ECM repetitive? Do you see yourself moving back into banking or into PE?
On the travel aspect, that was my most favorite part but you need to think long and hard because it can burn you out quickly. If you’re used to spending time with a SO or friends during the week then you can say goodbye to that.
I really just want more strategic/operational exposure, longer engagements, different pace of work, the ability to work with different people on different projects and more optionality for my career in the future. I think having both banking and strategy consulting experience should enhance my profile. ECM has become extremely repetitive and I probably don't see myself moving back into banking or into PE. I don't do much during the week as it is aside from work and hit the gym whenever I have time so I'm not worried about that. The travel aspect is a positive for me honestly.
Having seen both worlds yourself, what do you like/dislike about the two? Thanks!
Yep sounds like consulting will be a great fit for you then. I loved the variability of projects - always something new to learn. That isn’t always the case in banking.
Banking is a whole different beast. The pace and stress don’t compare to my 2 years in consulting whatsoever. Best of luck and sounds like a good fit.
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