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Management Consulting versus Investment Banking

Credit Suisse Mckinsey

This is an important question for prospective applicants (in particular, undergrad/MBA students) looking for
summer internships and fulltime jobs alike.

The decision was easier for me than for most people. The cons of investment banking the long hours, the
repetitive and unengaging nature of the work, the lack of non-finance exit opportunities
mattered far more to me than a 6-figure salary. I seriously considered sales & trading (in fact, I spent a summer
at Credit Suisse First Boston in NY), and was tempted to continue in that line of work post-graduation.

Instead of defining the basic characteristics of each job (there are plenty of resources out there for that,
including the Vault andWetfeet Guides), I will address a laundry list of defining differences between the
two professions.

Let me caveat by saying THESE ARE NOT YOUR ONLY OPTIONS. People get carried away into thinking thats all
there is.

#1 SALARY

This is the biggest superficial difference. Thats not to imply that salary doesnt matter. Banking salaries
average 50-100% higherthan consulting salaries, with the difference increasingly significant as your seniority
increases. Consulting compensates with perks that banking does not offer from better travel allowances
to more generous health and retirement packages.

Consultants always like to say this:

I know investment bankers make more money. But from a cashflow perspective, its exactly the same!

This simply means that consultants and bankers make comparable base salaries, and at the end of the year,
bankers are awarded a bonus which can comprise more than 50% of their total annual compensation. Cashflow
or not, the extra money is substantial and a defining driver of why many people do investment
banking. This is also a difficult issue for consulting firms with respect to employee retention. In my time at
McKinsey, easily half the people who left the firm went into the financial world (from hedge funds to PE), and
salary was undoubtedly a major factor in the decision.

My advice is this if after considering all 5 factors Ive listed here, you still think the pay difference (for 1st yr
analysts, averaging between $30-60K/year) would mean a substantial difference in your personal and
professional job satisfaction,choose banking.

Further reading: Consulting salaries from analyst to partner

#2 LIFESTYLE

The key differences here are:

-Hours. Bankers work brutal hours, no surprise. They can average 14-16 hours/day but it can get FAR
WORSE.

My roommates in New York (both investment bankers at Goldman Sachs) would sometimes go several weeks
before wed even exchange a word. Which meant not only were they getting in after I went to sleep (around
2am), but going back to the office before I woke up (around 7am).

Your second year as an investment banker gets better in the 10-14 hours/day range but also with
unpredictably tough periods.

Consultants average 12 hours/day, with the typical variations depending on client, team goals, etc

-Travel. Bankers do some for roadshows, due diligence, etc but spend 90% of their time in one office until
youre partner-level (this is investment banking; you can expect more travel in private equity and investment
management). Consultants depending on firm travel anywhere from 25-75% of their time. At the Big 3 (Bain,
Boston Consulting Group, McKinsey), you can expect travel 50-75% of the time. Ive heard of boutiques

-Relationship with coworkers, managers, and firm. This is less discussed but equally important.
Consulting firms have a verycollegial atmosphere, where the focus is on getting the work done but
also ensuring your professional success. This attitude permeates all interactions. Managers rarely yell,
coworkers try to help each other out whenever possible, and companies are organized to provide consultants
support with training, expertise, etc. Finally, networking is important at consulting firms, and social events are
focused on helping consultants build contacts and relationships throughout the firm.

Investment banks, on the other hand, have a more competitive, hierarchical setup. You can expect more tense
relationships with your bosses, youll probably be yelled at from time to time for mistakes, and coworkers are
much less willing to help each other out (theyve got enough on their plates, and your success means theres
more competition for the biggest bonuses). In addition, youll have limited exposure across the company to
other groups, departments, etc less ability to network across the company.

Further reading: Consulting travel; Day in the life of a consultant

#3 SKILL DEVELOPMENT

Call me biased, but I received the best years of business training possible in my time at McKinsey.
Thorough and at times intense exposure to textbook business principles and practices. In addition, the project
team model leads to mentorship opportunities with managers, partners, and coworkers. Finally, you have
constant client interaction which develops client skills from managing client teams to running meetings to
learning how to navigate different corporate environments.

That being said, heres a quick list of what you can expect to learn in both fields:

By hard skills, I mostly mean software (ie Microsoft Office Suite), analytics (ie financial valuation). By soft
skills, I mean the interpersonal, qualitative interactions that you have with coworkers, the broader firm, clients,
etc
CONSULTING

Hard skills:
1) Microsoft Powerpoint you will (and have to) become a master at this, and will eventually have the ability to
produce presentations quickly, concisely, and meaningfully
2) Microsoft Excel less exposure than investment banking. Still, modeling is a meaningful component of a
consultants work, and something every consultant is expected to have significant exposure to. Note
-firmsodeling done in case work may not be directly comparable to the financial modeling more common at
investment banks
3) Business knowledge typically broad exposure across different topics like strategy, operations, organization
and several areas where youll have expertise. This expertise may be as broad as operations turnaround and
as specific as benchmarking for insurance companies.

Soft skills:
1) Client interaction (explained above)
2) Heavy team interaction
3) Presentation skills this is a cornerstone of consulting work. After all, findings dont mean anything if you
cant convince the client to believe in and adopt them
4) Project/workflow planning and execution this is subtle but important. Much of the time at investment banks,
you are given incremental work eg, add these updated numbers to the model, bind these presentations, insert
a graph on chart 11. Consulting is focused on you OWNING a piece of the entire project, setting your own
deliverables and timeline, and executing against that framework. This helps you develop the ability to be
standalone in consulting lingo.

INVESTMENT BANKING

Hard skills:
1) Microsoft Excel clearly you will become a master at this, and is a mandatory for success. Youll know the
ins-and-outs, every keyboard shortcut known to man (and then some), and so forth
2) Microsoft Powerpoint much less exposure here depending on the focus of your work (for instance, more in
Corporate Finance, less in Mergers & Acquisitions). Very little experience in building a presentation from scratch.
3) Financial valuation self-explanatory. Differs based on group/focus, but at the very least youll understand
financial statements inside and out, and have strong knowledge of how companies are financed

Soft skills:
1) Work endurance this is the upside to those 100+ hour weeks, which is the ability to work incredibly long and
incredibly hard. Basically, every job you take post investment banking will feel somewhat like a vacation. Its a
great trait to have
2) Seeing deals get done investment bankers have, at times, better access to the leading business leaders of
the day. As a junior banker, you may not have direct interaction but will be exposed through countless meetings,
conference calls, etc to these people and see how deals are done and groundbreaking changes in business
emerge day-to-day.

Further reading: 5 big mistakes that will get you fired

The last 2 points in this post are shorter, because I plan to write separate entries on each of them in the future
#4 NETWORKING

Less discussed but important. Consultants move on to a vast array of fields from industry to academia,
government to non-profit. Investment bankers do so less most continue within the financial world. Your
professional network and future career opportunities will be heavily influenced by your colleagues and
your firm alumni.

In addition my perspective is that consulting firms (similar to point #2) facilitate more interactions between
alumni and current employees as well as future networking between alumni than investment banks. However,
bulge-bracket investment banks have a much larger alumni base, and it certainly isnt impossible for you to build
strong connections provided you are proactive and innovative enough.

Further reading: How to get a consulting job in a tough economy;Networking 101

#5 EXIT OPPORTUNITIES

Corollary to point #4, this is influenced by your firms alumni and also the following:

-the different recruiters/headhunters that reach out to you

-the different paths your hiring class takes and the knowledge and opportunities you share with each other
-the relationships youve built with more senior colleagues and the doors they can open for you

When it comes down to it, the conclusion is similar: if you want maximum career flexibility, consulting provides
that in spades. If you want maximum career flexibility WITHIN finance (and corporate financial roles),
investment banking provides that.

http://managementconsulted.com/consulting-jobs/question-of-the-day-management-consulting-versus-investment-banking/


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-CBS News

Deloitte To Take Over Consultancy Roland Berger

(AP) BERLIN (AP) - The U.S. professional services firm Deloitte LLP's consultancy
division is in talks to take over its competitor Roland Berger Strategy Consultants,
a company executive said Wednesday.

The takeover is aimed at creating a worldwide strategy consulting arm with an

annual revenue of about $2.8 billion, Deloitte Germany chief executive Martin
Plendl said in a conference call.

Shareholder meetings of both companies are to decide on the deal in

mid-December, he said.

A spokesman for Roland Berger, Matthias Hopfmueller, confirmed that talks with
Deloitte are under way, but declined to elaborate.

The German consultancy, based in Munich, employs about 2,000 people and
generated a revenue of 616 million in 2009, it says. Deloitte's different business
consulting lines' revenue totals $7.5 billion, Plendl said.

The merged company will bring together Deloitte's strategy, operations and
company restructuring consultancy divisions with its German competitor and will
be called Roland Berger Deloitte Strategy Consulting, Plendl said.

The new company will enjoy an "excellent market position" and aims to become a
leading player in the field, Plendl said - a clear message of attack to McKinsey Co.'s
that now dominates the market.

Deloitte, based in New York, employs approximately 170,000 people worldwide

and delivers services in audit, tax, consulting, and financial advisory in 140
countries, with the global revenue in 2010 totaling $26.6 billion, the company says.


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1Deep SimplicityBringing Order to

Chaos and Complexity John Gribbin 2008

2FIASCOThe Inside Story of a Wall Street

Trader 2005

3Ice Age John & Mary Gribbin

4 How the Scots

Invented theModern WorldThe True Story of How Western Europes Poorest
Nation Created Our World and everything in It
Arthur
Herman 2003

5 Models of My Life, AHerbert A. Simon

6 A Matter of DegreeWhat Temperature Reveals About

the Past and Future of Our Species, Planet, and Universe
Gino
Segre 2005

 7 Andrew Carnegie
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Wall

8 GunsGerms, and SteelThe Fates of

Human Societies MJared M Diamond 2006

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9 InfluenceThe Psychology of Persuasion B

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2006 2001
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11 Living within LimitsEcology

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2007

12 The Selfish Gene Richard Dawkins

13 TitanThe Life of John D. Rockefeller, Sr.

Ron Chernow 2005

14 The Wealth and Poverty of Nations: Why Some Are So

Rich and Some So Poor David Landes

 15
The Warren Buffett Portfolio:
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16 23 Genomethe Autobiography of a Species

in 23
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17 Getting to Yes Negotiating

Agreement Without Giving In
Roger Fisher William
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18 Three Scientists
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19 Only the Paranoid Survive
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Grove 1997

29
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LatticeworkThe New Investing

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InvestingThe Last Liberal Art

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6 Common Stocks and Uncommon Profits

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7 The Essays of Warren Buffett: Lessons

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18 Davis Dynasty
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19 The Alchemy of Finance

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20 Reminiscences of a Stock Operator.

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21 Stocks for the Long Run.Jeremy

J. Siegel

22 Manias, Panics and Crashes: A History of

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23Extraordinary Popular Delusions and the Madness of

Crowds and Confusion de Confusiones S. Martin S.
Fridson.Charles Mackay.Joseph De La
Vega

24Irrational Exuberance J.Robert

J.Shiller

25The Art of Contrary Thinking.

Humphrey B.neill

26 Trade your way to financial freedom K.

Van K.Tharp
1

27 More Than You Know: Finding Financial Wisdom in

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28 Against the Gods L.Peter L.Bernstein

29 Fooled by Randomness
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The Story of a Paranoid/

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The Story of a Paranoid

by Victor LIU Sep.2008

2008 9

The Story of a Paranoid

 1 Preface: The Maverick and His Dream

2 Chasing Daylight

3 Straight from the Gut

4 Swimming Across

5 Who Says Elephants Can't Dance

6 Pour Your Heart into It

7 Epilog: Only the Paranoid Survive

McKinsey McKinsey & Company

BCG The Boston Consulting Group

Monitor Monitor Group

Bain Bain & Company

RB Roland Berger Strategy Consultants

Analysys Analysys Consulting International

Sinosure China Export and Credit Insurance Corporation, Sinosure

Universum Universum Communications

1The Story of a Paranoidby Victor LIU

2 1 7

About Me
Victor LIU 05
2009 6 Students In Free Enterprise,
SIFEMcKinsey & Company
The Boston Consulting GroupMonitor Group
Roland Berger Strategy Consultants Bain & Company
Analysys Consulting International Universum
CommunicationsChina Export and Credit Insurance Corporation,
Sinosure

2008 9 McKinsey & CompanyBusiness Analyst

Shell 2009
McKinsey & Company

F1Snooker

Preface: The Maverick and His Dream

OK

Victor LIU

track record

10
40
2 3
4

4 PhD
3

2006 2008 15 McKinsey

BCGMonitorRBBain 4

40 3

strategystructuremarketprofit

pricing process
layout
branding marketing

paranoid maverick

Chasing Daylight

Tow

2006 3
4 4567

GPA


PhD

BBS internjob

E-Strat
4

TILIP Tufts Institute for Leadership and International

Perspective

Resume4

T-Shirt
4

6 3
10 2
Morgan Stanley1 Goldman Sachs2 BCG
McKinsey

2006 4 Morgan Stanley

SIFE presenter
KPMG HSBC business world
KPMG COO HSBC CEO business leader

2006 5
2006 5 Morgan StanleyJING
Forum SICA

005 presentation PPT

Straight from the Gut

skill set
entry level consultant skills

9 JING Forum
10 CCTV

10 SIFE 27

SIFE

BBS internThe Boston Consulting Group

PTA
consultingPTA Boston
BCG

4 Resume

BCG

research


BBS 4
cover letter stable

11 Universum Focus Group employer branding

offer cancel

promote

7 2

10

Universum
4 focus group
2

focus group supervisor

intern McKinsey Summer BA

Monitor Group
Michael Porter
HBS
cover letter Monitor 808

case interview

case interview
case interview

5
If not better than others, you are at least as
good as them.

 Monitor

BCG

2007 5 21

IT
Analysys

Sinosure offer
Q 2

Swimming Across

If you are not careful, it can chew you up and spit you out. But if you work hard, you can
really hit it big, and I mean, REALLY BIG.

Donald
Trump
The Apprentice

7 Sinosure 3

research google baidu

3 8

Analysys Sinosure supervisor

1-2 Analysys supervisor 3-4

Analysys Intel marketing

sales toolkit
IT Intel

 supervisor client meeting PPT PPT

supervisor team
PPT
team PPT 2
3 storyline 9 focus group
team meeting

Intel

40
718

Who Says Elephants Can't Dance

Tow

SIFE SIFE

9 BCG 1 Bain

intern Bain

BCG 80
40
cold call excel
10

Analysys
10 BCG PTA pool
2007 9 25

Goldman Sachs
 Niagara Falls New York Hilton Trump Tower
Goldman Sachs executive presentation

BCG cold call desk research

BCG
supervisor nice skills

SIFE Monitor SIFE Monitor

PTA

3
Pardon Monitor research
Monitor PTA
Monitor 7 case

McKinseyBCGMonitorRB

McKinsey Summer BA
McKinsey
48

3 point I know you have more points, but I think Ive

got what I want, McKinsey people will contact you, good luck.

offer Summer BA
McKinsey PEIpersonal
experience interview case marketing sizing
case
F1 case 10
12 Dominos pizza
communication skills candidate
case structured

BCG PTA
pre-talk case
case style
case case
insider information rank
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3 Shell
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Would be a shame as a consultant if I do not
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Gourami Business Challenge

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Monitor

lifestylecase interview

Pour Your Heart into It

26 A Z 1 26

(KNOWLEDGE) 11+14+15+23+12+5+4+7+5=96

(HARDWORK) 8+1+18+4+23+15+18+11=98

(ATTITUDE) 1+20+20+9+20+21+4+5=100

McKinsey
McKinsey

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RB

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3000

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70% 40%

HR
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Dont worry, you
are doing fine.

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emailYou did great today.

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9 26 PAR

case

18

McKinsey McKinsey

Epilog: Only the Paranoid Survive

409 offer

359 You should really enjoy your National Day

holiday!

2008 9 26 McKinsey offer 2007 9

25 BCG PTA offer

Only the PARANOID Survive!

======================================================
====

etc

&

http://blog.renren.com/blog/11989/503990232

http://blog.renren.com/blog/11989/504370912

http://blog.renren.com/blog/11989/504738067

1V
OFFER OFFER

1997 1 2002

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