the same at the these types of places. What to do, what to do ...
It seems like it's a lifestyle over money and possibly a
what-kind-of-work-do-you-like choice.
Either way, though, it's up or out and most people are out. In this
respect, an I-Bank is probably a safer job as you can get lost in its
larger corporate structure.
At a consulting company you're either a consultant, manager, or
partner and you're referred to by your year: "we've got a 2nd year
consultant position there" or "a first year manager can run that
stream."
I think consulting asks more of you mentally as you're asked not only
to immediately solve gigantic business problems with "a nose for
value", but also to immediately get your personality in line to be a
senior manager - NOW.
In consulting from day one you're expected to be an expert - if not,
you're fired! You can't cry, moan, or complain about politics.
You've got to make big decisions on very imperfect information, in
very little time. If you don't get the hang of doing it with a smile
on your face and an air of authority, you're fired!
I-Banks HEAP work on you. You'll be working 120+ hours per week and
it probably won't be fun. But I think it's more stable as long as you
can do it. Hang in there and you'll be promoted, possible quickly.
If not, you're fired!
In consulting, at each step you're positioning for the next promotion
cycle, usually 2-3 years out. I'd bet in consulting only about 50% of
consultants go for the promotion, especially at the Manager level.
>From Manager most people seem to jump ship into a VP position at a
client and many people are only there because they want to start their
own companies and so don't care about money or promotions.
Consulting companies have a formal "transition" - this is where you
decide to "pursue other opportunities". The company gives you use of
all of it's resources, including your pay, to find another job;
usually for many months. It's actually a great perk if you don't
intend on staying as you can take your bonus, take a 3 week vacation
and find a job, and take a 3 month paid vacation to South America
before you start your new job.
At both the turnover is amazing and the recruiting machine is nothing
less than decadent. It can be a very bright, very short lived burn.
It seems like the key is which one can you do without killing yourself
or someone else.
I frequently compare it to boot camp: you'll be beat to sh*t and only
30% of what you do will actually be useful. You'd never choose to do
it if you knew what you know now, but you're glad you did it. Did i
mention you'd NEVER do it again?
There - I've vented. Thanks!
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