In which way are consulting and banking different in terms of skills and competencies required?
What are the differences in the types of skills and competencies required for a starting position in a big consulting company and an investment bank?
What are the differences in the types of skills and competencies required for a starting position in a big consulting company and an investment bank?
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Languages arguably more important in consulting, creative thinking perhaps a bit more at the junior level, analytical skills a bit more important in banking
Hey Peter Davies, I'll answer this to the best of my ability.
**Common skill sets: **
Differences: * Within Investment banking, the function of the role and the objective to achieving the function is to sell companies to clients through rigorous and meticulous analysis of the financials of the company. This necessitates a deeper understanding of financial modelling.
Although both use a similar technical skill set, the underlying objective and mindset is vastly different. Since many of the skill sets overlap, consulting firms look to investment banking analysts to hire.
FG, I totally agree. The only comment I have to add to this is that you have to be an agile worker in Consulting due to the nature of the work. You have to be able to learn many new skills, and tackle new challenges, and find your own best way of doing/solving them - which in the end will result in a better service for your clients. (I'm not saying that you don't have to be agile in Investment Banking, I just know that you do in consulting).
100% agree. Great point on that end.
the biggest thing that pops out to me is the client skills needed in consulting. On some cases you are working hand in hand with clients every day, and it isn’t always easy.
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