In this video, I share honest realities of salaries, working hours, exit opportunities, and work profile of an investment banker from Goldman Sachs, Morgan Stanley and compare that to a management consultant from BCG, Mckinsey
The numbers, and experiences on investment banking come from an informal chat conducted with a friend over a "chai break". Look forward to hearing your views.
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Shatakshi is Co-CEO of 🚩Global Governance Initiative (MBA program recently featured by Poets & Quants), an Ex- 🚩Boston Consulting Group, BCG, management consultant, a 🚩writer, and former public policy advisor in 🚩Tony Blair Institute for the Middle East region.
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She will be uploading daily content on 🚩career advancement (MBA, consulting) 🚩personal finance, and 🚩productivity hacks. Be sure to subscribe to the channel to get notified whenever she uploads the video.
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0:00 Introduction
0:44 WATCH AT 1.5X SPEED FOR FASTER LEARNING
1:52 TA. WORK OF A MANAGEMENT CONSULTANT
2:08 ANALYZE FINANCIAL STATEMENT ENHANCE REVENUE COST REDUCTION
2:52 1. ANALYZING DATA 2. BUILDING STORY- PRESENTATIONS 3. INTERACTIONS
3:55 IB. RESTRUCTURING OF DEALS
6:25 STRATEGY ROLE EXITS WITH INTERSECTION WITH FINANCE/OPS
7:59 SECTION 3- HOURS OF BANKER VS CONSULTANT
9:10 SECTION 4- WHO EARNS MORE ? INVESTMENT BANKER VS CONSULTANT ?
10:47 B. HARD FOR YOU TO FIND NEW SECTOR OPPORTUNITIES WITHOUT TAKING A PAY CUT
11:42 FIND YOUR OWN ANSWER IN TERMS WHAT KIND OF WORK ENERGIZES YOU
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Have you wondered whether management consultants earn more than investment bankers or vice versa?
Or what kind of exit opportunities do consultants get compared to bankers? In this career insight, I will help you make a better decision on which career path can be more suitable for you.
I have divided this career insight into 4 parts to facilitate comparative analysis.
Work Profile
This part includes the kind of work and problems you would be solving as a management consultant and an investment banker.
The former involves a lot of strategic thinking and also operations. In a few projects, you can get into the financial aspect as well. In management consulting, you would be primarily required to analyse financial statements, enhance revenue and facilitate cost reduction. You begin with collecting data- by conducting fieldwork, researching on the internet, talking to the stakeholders and presenting final insights.
As a management consultant, you create a story using this data and give recommendations to the client. Eventually, you interact with team members, leaders, partners, and clients and collaborate with them. Consulting can involve working in large teams, thus you need to be good with soft skills to work in teams efficiently.
Investment banking is an intermediary between parties who pay and those who receive the payment. The profile accounts for work such as raising capital for the client and restructuring of deals for mergers and acquisitions. The former can be achieved via equity (IPO route)or debt.
Let me illustrate this through an example- suppose you take the equity route and raise money via IPO for your client. Now as an investment banker, you determine the initial share price, and the number of shares to be released, by valuation models and building presentations for internal and external stakeholders.
The second task of restructuring deals involves finding the answers to questions such as - would it be an all cash or equity deal, what would be the share price, what would be the new organizational valuation and other problems on similar lines.
Exit Opportunities
So what comes after working in these promising roles?
