It's still a bit early but I'll be applying to MBA programs next fall and I'm trying to get everything together and decide what I really want to do. Long term my goal is to get into corporate development & strategy (I combine them cause I've seen quite a few companies not differentiate them), or into a finance leadership position within a F500 business unit. I feel like both IB and consulting can get me to where I want but I'm having trouble deciding what's right for me. Either way I only plan on staying for 3-4 years.
Anyway, below is what I have for the pros/cons and it still feels pretty equal to me. How did you guys choose, or what would you give the edge to?
Consulting Pros:
- Slightly better work/life balance. Generally have Friday night - Sunday afternoon free.
- More variety in work and projects could lead to wider exit ops if I change my mind.
- Travel points and getting free(almost free) vacations.
- More variety in possible cities. I'm not sure if I want to be stuck in the Northeast the rest of my life.
Consulting Cons:
- Almost $100k less comp compared to banking peers in the first 1-2 years. Only grows from there.
- Culture seems more touchy feely than banking. I can deal with it but will probably get old after awhile.
- Being gone Monday morning - Thursday night.
Banking Pros:
- My education and work experience is in finance and this just makes the most logical sense given my background.
- $$$$$$$$.
- Makes a little more sense given my long term goals but I don't think the edge will be that much.
- In an industry group (I'll recruit for my current industry) you'll have a more in depth understanding of the industry and environment vs. consulting's only generalist model.
Banking Cons:
- Work/life balance will be brutal. Not being able to date, see friends, or hit the bars on weekends wouldn't be fun.
- More of a dick culture but I'd probably enjoy this more so this is kind of neutral.
- Stuck in NYC or god forbid San Francisco
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