Had a few friends who were choosing between these two firms senior year. Two of them when to McKinsey, one went to Goldman. We had a lot of Consulting Vs. Banking back-and-forth, but I'd like to see what arguments this board has in support of either (and I realize that most are going to say Goldman, since this is a banking forum and most don't really know what McKinsey does, so I'll chime in now and then). Just to get the ball rolling here:
- Fantastic pay
- More layman's prestige
- GREAT exit opps into PE, hedge funds, practically any finance position
- More "hard skills" type work
- Good pay, GREAT benefits
- More prestige in B-school, management circles
- Very good exit opps into finance, unparalleled exit opps into practically any other industry/field
- Fantastic B-school placement, pays for B-school in many cases
- LOTS of responsibility at a very junior level (one of my friends met a CEO of F500 in his first study!)
Goldman Sachs Investment Banking vs. McKinsey Consulting
When making a choice between GS and McKinsey you are effectively choosing between two different starts to your career. We compare the pros and cons below:
Brand: In their respective worlds, both brands are top notch. You cannot go wrong either way. However, one user shared that when it comes to the top tier of consulting firms (McK, BCG, Bain) there is not much distinction between prestige levels - while GS is widely considered to be the most prestigious bank on the street.
That being said - to laymen outside the industry Goldman Sachs has the bigger brand name.
Business School: Our users shared that McKisney has the edge when it comes to business school recruiting as the consulting background is more attractive than banking for top bschool programs.
Banking vs. Consulting out of Undergrad
- Consulting focuses more on problem solving
- Consulting is more qualitatively focused
- Consulting often involves a great deal of travel
- Banking is more quantitatively oriented
- Banking requires long hours and endurance
- Banking involves modeling and creating pitch books with minimal problem solving
One user shared a useful quote:
All else equal, the guy who does 2 yrs consulting (at any of the top 3 firms) and then 2 yrs PE, is king. They will be viewed as the more "fundamental" candidate. But its obviously the more difficult transition to make.
Learn more about the difference between Wall Street and consulting in the video below.
Read More About McKinsey and GS on WSO
- Mckinsey vs. Goldman Sachs Sales & Trading
- Google/Apple or Goldman Sachs/McKinsey best for MBA?
- Goldman Sachs Generalist IBD vs. Bain & Company Consulting
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