Why do MBAs seem to favor consulting over banking nowadays?
I looked at some employment reports of top 15 bschools during 2012-2017 and this seems to be the trend.
For example, Columbia, a finance powerhouse, had 55 graduates heading over to McKinsey in 2017, while that figure for Goldman Sachs was only 8! The top 5 recruiters in 2017 were McKinsey, BCG, Bain, Amazon, and Deloitte. In fact, across top 15 bschools, the percentage of MBAs who went to IB in 2017 is only 5-10%; for consulting it is 20-30%.
Now, I understand that:
1. Maybe half or more of those heading to MBB had their MBA sponsored -> they were just coming back
2. BB IBs get most of their Associates from their Analyst class, and only hire MBAs if slots are not filled
3. Ex BB IB analysts go to BSchool in order to jump to the buy side -> hence why the percentage of MBAs joining PE/AM/HF across most schools is still high
4. A large portion of MBA students are ex-engineers, ex-journalists etc. who may no finance experience and are not interested in the financial services industry -> management consulting is more "fit" for them
5. Maybe the IB industry is shrinking. Or maybe the management consulting is more hip and cool. Or maybe bankers are seen as evil/greedy post the financial crisis. Or maybe most MBAs want to have a slightly better work life balance after grinding out 2 years in IB. Idk.
Are there any other factors I am missing? As I understand, management consulting used to be the favorite industry for MBAs (hence the case method for many schools), before investment banking became cool in the 80, 90s and 00s (pre 2008).