McKinsey vs staying in IBD
Hi folks
I am currently a 2nd year IBD analyst at an investment bank and am thinking about moving to management consulting. There's now an opp at McKinsey, but HR told me that I will need to start as 2016 or 2017 class (basically wipe out my banking years). I've been debating back and forth for days and would really appreciate some advice.
The reason I want to move to consulting are:
1) Better work-life balance. I'm expecting to have more weekends where I know for certain that I don't have to check my emails every hour. I heard McK consulting hours is about 70/week?
2) Learn about business strategies rather than just finance
3) Move to industries that I am more interested in (no interest in my current industry)
4) Not very concerned about the traveling lifestyle
5) A better path for corporate development roles down the road
So, is the class-year worth the trade-off??
So far, the people I've talked to in consulting have been very nice and they introduced me to all the "fun & cool" aspects of the job. However, I'm also interested to know what are some of the pitholes in consulting? I just want to make sure I get a candid picture and not the illusion of "grass is greener on the other side".
Thanks a bunch
Lifestyle-wise the grass is greener, pay-wise not. The work is more interesting than IBD but not always that interesting nevertheless. This gets better as you move up. You have to start over as a 1st year as your IBD experience is not very useful for consulting, other than being able to use Excel quickly. For chances of actually moving, Bain and McK are you best picks; BCG is not as invested in ex-bankers afaik.
Thanks a lot Carmbar! I thought the skillset would be pretty transferrable, no? (Bankers make pretty ppt slides too jk jk). Yup I agree, Bain and McK have solid PE practices that can make them interested in ex-bankers.
I'd say in terms of hard modeling skills you probably outperform us. Consulting PPT is vastly different than banking PPT but you'll learn quick enough. The skill set that is different is that you'll be client facing, expected to speak up in your team when needed, push back to seniors when appropriate; basically a bunch of people management and soft skills than bankers perhaps develop to a lesser extent due to the nature of the work.
Just remember that your IB years increases your chance of opening doors, but never guarantees future opportunities.
Furthermore, 2 years is really a short time, and it's common for career changers to dump their prior experience and not look back.
Also, mickensey is a great company - if you really want to go to consulting, are you absolutely confident that you can get a better offer?
You pretty much hit all the points. I would go with McKinsey. Banking is going downhill anyways.
If I were you, I would go for McKinsey.
I made a similar switch from banking to consulting, so PM me if you would like to hear more.
Edit: For everyone else, I sent the following to OP as a PM, but I feel it would be helpful to share to a broader audience.
So I'll break this into two pieces - breaking in, and the experience itself.
On breaking in:
Very, very, very tough. You have to have an in with some of the current employees, and if you are a first or second year analyst, they will start you from the beginning, so you have to be committed to making the change. Most of the schools that BBs hire from are also the same schools that MBB hires from, so there will be questions as to the change of heart - is it just hours? Is it grass is greener syndrome? Or is it the actual work itself? On top of that, MBB are very focused on hiring straight from school and teaching them business in their way - it's easier to indoctrinate someone when they're fresh and can be easily molded. MBB also hire many fewer people and from a wider range of disciplines than BBs, so they tend to be more competitive to break into.
That being said, it is possible. The best way, as you mentioned, is to get the MBA and transfer. If that's not in the cards right now, I suggest reaching out to friends who are at MBB consulting (I'm sure you have some if you're from a target school), and talking to them about putting in recommendations. Once you're in the interview, it's basically fair game. Ace the case, and you'll be good to go.
The skill set is somewhat transferable. The PPT/Excel is the main transferable skill, but it is still a fundamentally different job with a fundamentally different mentality needed. Really, the only similarities are that they pay well and are "prestigious".
On the experience:
OP, let us know what you decide and how you see the difference!
How is it OP? any updates on your experience at McKinsey?
a good friend of mine did mgmt consulting for a few years (not McKinsey but similar), then made the move to ibanking as an associate, and is now MD and head of his department.
Can you provide some more context on why he moved?
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