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re: Yay
Posted on 7/19/18 at 5:38 am to RemouladeSawce
Posted on 7/19/18 at 5:38 am to RemouladeSawce
quote:
Former IB'er of 5+ years who finally figured out that he could actually career pivot yet remain in an advisory function covering the same exact spaces he did in M&A advisory and still make plenty enough coin with the added benefit of not having incessantly high blood pressure
I get how people put in the 2-5 years in IB for the exit opportunities, I have no idea how the lifers do it. I know your workload lightens but still its a grind.
2
Posted on 7/19/18 at 5:42 am to Azazello
quote:
Im doing my MBA summer internship in IB and my roommate is at Mckinsey so I can answer any questions about either of those.
How does he like Mckinsey, I've heard mixed reviews about the culture there. Obviously, the exit opportunities are top notch.
Posted on 7/19/18 at 6:34 am to barry
quote:My old MD told me when I started out that you have to be insane to want to do it as a long-term career. Dude was a wizard and great mentor but often an emotional rollercoaster throughout the peaks and troughs.
I have no idea how the lifers do it. I know your workload lightens but still its a grind.
The hours are lighter but the stress really isn't. Your "average task" is more important with greater potential consequences than mundane grunt Analyst or Associate work. When a deal is going sideways and both a buyer and client are fuming I'd rather be anyone in the world but the VP/Principal/MD on multiple phones sending 4am emails trying to salvage it. Navigating and negotiating an M&A process is insanely stressful and requires tactical brilliance throughout or millions of value can be lost. Even starting to build a book of business is incredibly stressful for VP/Principals eager to summit. I envy the senior banker comp but they don't really live charmed lives until they're way up there with a scalp count that likely took years off their lives.
This post was edited on 7/19/18 at 6:44 am
Posted on 7/19/18 at 9:32 am to barry
quote:
lynxcat
Appreciate it, 3 weeks to go and I'm on track
quote:
barry
He says the culture sucks, but everyone more or less knows this going in. You do your two years and exit. On the other hand, most of my friends at Bain & BCG seem to be enjoying themselves.
Posted on 7/19/18 at 11:27 am to Azazello
McKinsey has that blue blood, old regiment culture that is recognized by both Bain and BCG. McKinsey has relationships with the boardroom unlike any other strategy consulting firm in the world.
I've been told Bain has an almost cultish culture...being a "Bainee" is a thing and there is loyalty there.
I've worked with the most folks from BCG (probably 15-20 or so) and I've enjoyed them overall. Smart people, generally pretty fun to be around. They always spent Friday in the local office, often training the younger As and Cs.
Each office takes on a personality of its own so I never would want to use the overall culture of a firm as a deciding factor...the local office culture is way more important.
I've been told Bain has an almost cultish culture...being a "Bainee" is a thing and there is loyalty there.
I've worked with the most folks from BCG (probably 15-20 or so) and I've enjoyed them overall. Smart people, generally pretty fun to be around. They always spent Friday in the local office, often training the younger As and Cs.
Each office takes on a personality of its own so I never would want to use the overall culture of a firm as a deciding factor...the local office culture is way more important.
Posted on 7/19/18 at 2:33 pm to RemouladeSawce
quote:
To reiterate, consulting recruiting is a beyotch coming out of undergrad. If you're not at a target with a stellar resume you realistically have no shot with the big boys, and it's every bit as competitive as top IB if you do. This is true outside MBB too, B4 consulting arms and the next-tier groups (e.g. Booz, Accenture, LEK) are picky too. For every Lynx there's 9 other hustlers who failed to get any traction.
A Top 20 MBA program with robust consulting recruiting will set you back a bit financially, but if you can get into such schools it is usually a more fruitful path if you don't blow it in internship recruiting prep. Many would argue it's the more conventional way to land.
Agreed. To be even more specific, you need at least a 700 GMAT or a 32 ACT plus stellar grades to even get an interview at MBB. They use pretty strict cutoffs....because they can. They have way more demand than positions available so the reputation becomes self fulfilling. I did not pursue MBB right out of undergrad because it was too much of an uphill battle. I targeted the next tier because I thought my chances of getting an interview were higher (and they were). However, I did try to get in with Bain and BCG about 18 months in professionally and literally had a recruiter say, “I’m swimming knee deep in awesome; I have no idea how I got a job here”
That quote forever sticks in my mind about the MBB application process. Even the next tier of firms have a very specific set of schools they recruit for undergraduates. At mine, recruiters called it the “Top 30” and they were tasked with recruiting 75% of new hires from 30 schools. At MBB, they take more like 95% of new hires from 15-20 schools. McKinsey is known as the most selective...they are to the point where they get almost all MBA talent from 10 schools or so.
Nonetheless, it is not impossible to break-in from a non-target school. A girl I mentored a few years ago got into BCG out of undergrad from LSU; she also had a New York IB offer with JP Morgan. She’s a top of the class, homecoming queen -type talent but I use this example to show it is not impossible.
Posted on 7/19/18 at 5:44 pm to barry
quote:
I get how people put in the 2-5 years in IB for the exit opportunities, I have no idea how the lifers do it. I know your workload lightens but still its a grind.
8th wonder of the world.
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