![Investment banking vs management consulting?]() |
Question: Investment banking vs management consulting?
(Posted by: Matt Ryan on 2010-07-30 16:14:44)
Hello. I recently applied for a job at numerous companies and got offers at my top choices. I have my MBA. Goldman Sachs (investment bank) and McKinsey and Company (management consulting which is consulting companies on how to run their company) both are offering my jobs in NYC. I would love to be super rich, have a family, and become an executive of a fortune 500. I am debating on which offer I should take. Here are pros and cons. Goldman Sachs Pros- make six figures and 60 k more than McKinsey, work in NYC, get job offers at hedge funds after a few years at GS, great company to have on resume. Cons- normal work weeks are 110 hours each week, no work life balance, when you leave you most likely can only get another financial job, job growth rate is really bad, would have no time for a family. McKinsey and Company Pros- Six figures a year and seven figures when partner after 6- 8 years with the firm, great company to have on resume, normal work hours, great work life balance, have time for a family, travel only in the first few years, great benefits, most people who leave after being partner for some time go on to become fortune 500 Executives and are super rich (could easily afford a private jet and a mansion and a luxury apartment in NYC and a lamborghini), more opportunities for when you leave the firm, your role greatly impacts a huge company which is exciting. Cons- less pay than investment banker. Overall, I think McKinsey is better since even though I won't be making as much as I bankers in the first few years, when I'm partner, I'll make a ton more and when I leave, I could get a job as senior management/ executive at a fortune 500. What do you think? |
