Management Consulting versus Investment Banking


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 Kevin (our founder) 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 him than a 6-figure salary. He seriously considered sales & trading (in fact, he 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 and Wetfeet Guides), we will address a laundry list of defining differences between the two professions.

Let us caveat by saying THESE ARE NOT YOUR ONLY OPTIONS. People get carried away into thinking that’s all there is.

#1 SALARY

This is the biggest superficial difference. That’s not to imply that salary doesn’t matter. Banking salaries average 50-100% higher than 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, it’s 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.

Our advice is this – if after considering all 5 factors we’ve 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.

Kevin’s roommates in New York (both investment bankers at Goldman Sachs) would sometimes go several weeks before they’d even exchange a word. Which meant not only were they getting in after he went to sleep (around 2am), but going back to the office before he 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 you’re 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.

Relationship with coworkers, managers, and firm. This is less discussed but equally important. Consulting firms have a very collegial 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, you’ll probably be yelled at from time to time for mistakes, and coworkers are much less willing to help each other out (they’ve got enough on their plates, and your success means there’s more competition for the biggest bonuses). In addition, you’ll 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 us biased, but we’ve received the best years of business training possible in my time at McKinsey and Bain. 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, here’s a quick list of what you can expect to learn in both fields:

By “hard skills”, we mostly mean software (ie Microsoft Office Suite), analytics (ie financial valuation). By “soft skills,” we 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 consultant’s work, and something every consultant is expected to have significant exposure to. Note – “modeling” 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 you’ll 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 don’t mean anything if you can’t 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. You’ll 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 you’ll 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. It’s 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

#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 – our 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 isn’t 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 firm’s 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 you’ve 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.

Interested in sales & trading? Click here for the major differences between consulting and trading.

Still unsure? Take our tried and tested Consulting Roadmap on your journey of discovery and find out if management consulting is the right fit for you or if you are meant to go into investment banking!

We offer resume editing and interview prep. Through one-on-one sessions, we’ll help you stand out from 1000’s of other applicants and land consulting jobs now!

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  • Hey this is a real great breakdown about the pros and cons of each industry. I remember when I was back in college, I was obsessed when getting a job in the consulting field. I succeeded, but wasn’t happy.

    I want to share a post with you that I just wrote. It’s about accounting, consulting, banking, entrepreneurship, and how their is no “perfect career.” Let me know what you think

    Great post and I look forward to staying in touch.

    Jun Loayza

  • Cornelius

    Great website! Your articles are interesting and well-written. Thanks for your effort!

    I am currently trying to decide between a major investment bank’s M&A division and a MBB consultancy. I eventually would like to end up in PE but if possible I would like to avoid the tough years as an IB analyst. So I was wondering how difficult (or easy) it was for BAs at McK to switch to reputable PE or hedge funds. What are your experiences in that regard? Did people struggle to gain spots at top funds or was it rather easy?

    THANKS

  • kgao

    @Cornelius – it depends on the bank and the reputation of the M&A group. Generally transition from IBD to PE/HF is easier. However, I’ve seen McK BAs transfer to PE/HFs without a hitch (of course, these are typically more consulting-friendly shops). In addition, it depends on whether your focus is general or corporate finance. CF analysts have a much easier time during the recruiting process into PE/HF.

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  • eric

    You said that consultants average 12 hours per day… is this true at the big 3 (specifically McKinsey since you worked there)? I have heard that the hours at Mckinsey/BCG/Bain can be 70-80 hours per week from some sources…

    In your time as a consultant, about how many hours did you work on a weekly basis and how often were your weekends free? Also, if you don’t mind me asking, how much can one expect to make in their first year as an analyst at BCG/McK/Bain?

  • Kevin

    Eric, work hours will vary. I’d say approximately 60-70 would be average, with weeks that are both worse and better depending on project, office, team, and other factors.

    My own experiences are pretty closely aligned with what the above.

    I’ve written a comprehensive salaries post that you can find through the Table of Contents and the Popular Posts sidebar.

    Good luck!

  • eric

    Thanks! I love the website, Mergers and Inquisitions referred it and I have to agree that it’s very helpful. Looking forward to future posts.

    Thanks again and best of Luck

  • Mike

    One of the turn-offs of investment banking, to me anyway, are the interrupted weeekends and the possibility of spending 25 hours or more in the office over a weekend.

    How were your weekends as a consultant? How often were they interrupted, and how many hours were required when they were interrupted?

  • Kevin

    Mike – absolutely agreed re investment banking and weekend work.

    Consulting is a bit different – depending on firm/project, weekend interruptions are more rare and farther between. I’d say in aggregate less than 10% of your weekends will be interrupted, and less than 5% will be interrupted for a full weekend. It’s just not common (this will come back to haunt me, of course).

  • Consultant

    You clearly mentioned that consultants spend a substantial amount of their time traveling and was wondering if this travel was typically outside the US or within the US. Personally, I am NOT a big fan of traveling by plane because it makes me feel “sick”. Should this play a major factor in whether I decide to become a consultant?

  • Kevin

    You should definitely be more careful about which firm and ask more questions about the future lifestyle. Travel can be a huge component at most global/leading firms.

  • IB Analyst

    Thanks a lot for this post, its really helpful.

    I will be joining a BB investment bank soon after finishing undergrad, and being an international student, the only big 3 firm that I was eligible for was McKinsey. Their hiring process dates went beyond my deadline, so i was forced to accept my offer, in the hope that I could nurture my interest in consulting over the next two years, learn modeling, valuation and soft skills on the job, and then apply to McKinsey in the future.

    In your experience, do a lot of bankers go in to consulting? Is getting an MBA the only way to do this? Do consulting firms value the skills that bankers bring?

  • Mayank

    lol.. interesting set of observations..

    well.. as far as sticking to a job is concerned, it is all about opportunities.. i’m into banking right now.. if you can offer me a job that is “exactly the same from the cashflow perspective”, I wouldn’t want to slough 14 hours a day!

    so, looking forward to an offer.. hope to hear from you soon! :)

  • mhc

    Hi Kevin,
    Firstly, this is a great sight! Thanks a lot! I had a question regarding going/not going to a target school. I go to a well known liberal arts school but not a targeted Ivy League. How much more difficult is it for me to get a summer internship after my junior year? Is it as bad as I-banking? What are the things that I should do to better my chances?
    Also, how welcoming are these consulting firms to international students? I know Accenture stopped hiring after the financial crisis.

  • Joe

    Hello. I love this article. At the beginning of my career, I was an associate investment banker at goldman. I hated every second of it. Sure, the pay was good, but considering the hYours I worked, it wasn’t worth it. I then got a job at McKinsey as a consultant and made a nice salary. Every year, my salary increased, and eventually I got promoted to partner where I was making seven figures a year. Yes, seven figures, not six! I stayed with McK for another five years. After I left, my choices for anew job we ere limitless. Most people who left McK would become CEOs of fortune 500s, and others would start their own PE fund. Little did I know at the time, that I would eventually do both. After McK, I had a family and had a lot of time to be with them. I got a job at the fortune 500 media company Viacom (MTV, vh1, paramount, tv land, Nick) as a senior management/executive position where I made multi millions a year. Although I did not achieve CEO, I still got to executive. After viacom, I was 50 and could have retired, heck, I could have retired while I was working for McKinsey. But i still loved to work. I started my own private equity firm in NYC and was very successful. I then retired at age 65, did not need a 401k or Roth, (although I did invest a little), had a luxury apartment in NYC trumpt hotel and tower, had a Florida mansion, had an los Angeles apartment, and got a bugatti veryron and a lamborghini just for fun. Overall, McKinsey jump-started my road to riches!

  • Sumit

    Hi,

    Age: 29 years
    Location: India
    Field: Investment Banking (Derivatives Operations)
    Qualification: BCOM, PGDBA
    Question: Could you please let me know what course will help me to get in to Mc Kinsey. Appreciate if you can provide some suggestions for me to switch over from Investment Banking to Consulting.

  • Joe

    Hello. I assume you already have your MBA. If not, I would get your MBA before switching to consulting. McKinsey rarely hires switchers before they have their MBA. If you already have it, you just need to apply for a position.

  • abhi

    location: india
    age: 22
    status: jus completed ma undergrad in computers
    aim: IFA

    i jus landed wid a job with evalueserve(a KPO) as a BA in investment research…my further plans r to do CFA and mba…i plan to be an independent financial adviser(IFA) some day…wat do u suggest fr me??…wat course f action shud i adopt and hw is work as an IFA??

    hoping fr a reply and thanx fr ur insightful posts..

  • Sam

    I am 25. I did public accounting at a Big 4 for almost 2 years before deciding that it wasn’t for me. To gain relevant experience and differentiate myself, I moved to Israel to intern and then work for a large VC. I’m back in the states now and am considering two offers. An analyst at a recently founded boutique investment bank and a 2nd/3rd year role at a boutique management consultancy. Obviously the money and hours are higher with the ibank but I’m still having trouble deciding. Advice?

  • Avinash Arora

    Hi

    A very nice article. Thanks a lot for this information.

    I would like some help. I am currently working with a manufacturing firm. I have done by B-Tech and I am looking forward to a career change. I know doing an MBA will help me do so, but I am not sure which field to chose after an MBA.

    I don’t know whether I will like to get into IB or consulting. I want to try out both before I finally do my MBA, so that I don’t start off wrong even after an MBA.

    As I have been working with a manufacturing company for sometime now, its difficult to convince consulting firms for a job offers as they give lateral offers or higher directly from college(freshers).

    I have even cleared CFA level 1, but that is just the basics of finance and it was too much of theoritical than application based.

    If you can please guide me, to what should be my course of action? How should I progress ? Should I apply for internships rather than a full time job to get started ?

    Thanks a lot in advance

  • Avinash Arora

    2 year 4 months to be exact (duration of working as a Design Engineer in a manufacturing firm)

  • Kool

    You say we can expect to travel between 50-75% of your time at the big 3 firms. Typically, where do you travel? Is it mostly within the US? If not, where (I have heard that some consultants travel to random places e.g. Kazakhstan)? And is the travel very tiring?

  • I would say, and this varies highly depending on firm and individual experience, that most of the travel will be within North America. You can have international opportunities, depending on how much you push for it/sheer serendipity. Travel is definitely tiring, because it doesn’t count into your normal “X hours per week” of work but takes up your time, nonetheless.

  • Kint Verbal

    You forgot something… investment “banking” is becoming more and more a thing of the past.

    We all look forward to the day it’s all gone, and now we can actually see it.

  • Hemant Dujari

    I am joining the Price Waterhouse Coopers Energy Advisory Services in India. I am keen to make a cut into the topmost Consult firms be it McK, BCG, Bain. I already hold a degree from the best management institution in India, but the profile is not yet strong enough to excite these big names. I would seek your advice on how to plan my career so that I stand a very good chance of making into big consults after say 3-4 yrs in Management Consulting industry ?

    Thanks a lot

  • Guest

    Thanks for the advice – it’s very useful. I am facing a similar situation right now, choosing between McKinsey and Morgan Stanley. I might prefer consulting based on the nature of the job and personal development (e.g. soft skills) but I don’t really like travelling.

  • Samarjit

    If you are joiniing a group that is quietly eroding ..well I dont know whta to say. You need mentors which there arent in the plac eyou are going ….Try E&Y and others and there is a strong group that is emerging. search the markets

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  • Maggie

    Thanks for your advice. I really love this website. I am a year 2 student at University of Hong Kong and I am determined to seek a career as a management consultant. However, I found most of my classmates were crazy about investment banking jobs. It’s hard to be ignore their influence. But I am trying hard to stick to my dream!

  • Anonymous

    Glad you like it, Maggie – it can be hard to ignore the crowds but good
    luck.

  • Danielkfanger

    Hi Joe, thank you for your valuable input. I am finishing up my MBA and have several securities licenses and would be interested in learning more about this type of transition. Would you mind dropping me a line to learn more? Thanks

    – Daniel
    danielkfanger@gmail.com

  • Chris_c

    Hi Joel, I’m facing similar choices as you did at young ages, could you please talk with me a little about such topics? Many thx:)

    – Chris
    christopher1103@gmail.com

  • Rita

    This is a great website and an interesting post. I’m looking to make the switch from investment banking to consulting and was wondering if you can tell me what skills I should highlight that would be common to consultants?

    Thanks.

  • John

    Joe, truly informative post. Is there anyway I could contact you? I have a few further questions.

  • Evan

    hey Sam, I was wondering how you transitioned from Big4 accounting to a VC company. I am currently at a big4 right now and am trying to make the jump. Any advice would be great. Please email me at eclai85@gmail.com

    Thanks,

    Evan

  • Anonymous

    Hi Rita, please look at our post on investment banking versus management
    consulting. That will be a good start. Generally easier to make the
    banking->consulting switch, then vice-versa.

  • Nick

    Excellent post here! I just have a question that has me confused, I know you mentioned it in your post but it still isnt clear to me. I am an undergrad right now and I’m not sure whether I want to go into Investment Banking or a Consultant and salary is a huge influence on this decision. Which is a better choice?

  • Anonymous

    Nick, there’s no clear answer. If money is the most important thing for you,
    become a banker.

  • Nick

    Alright seems fair enough, now lets say I wanted to speed up my process of becoming an investment banker is it likely that I would be able to be an analyst without a Bachelors degree? I honestly have no idea how it works so hang with me here. :) How do you become an Investment Banker

  • Anonymous

    I would spend a few days and read this: http://www.mergersandinquisitions.com

  • Phil

    Nice story. But if it’s true, why are you bragging to students over the internet rather than driving your Bugatti?

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  • Grant

    Hey there, excuse me for my ignorance (I am only a first year at college), but what are the other major alternatives to consulting and banking in business?

  • Kint Verbal

    No no, this is an investment banker sparing his only free 30 seconds this year to drop this line. These guys don’t know what free time is worth because they don’t know what it is :) Dying without living is sad.

  • Binh

    Hello,

    I love this website. The information is very up-to-date and useful.

    I am currently a sophomore in college. Next year, I plan to find an internship in management consulting in the summer between my junior and senior year. Hopefully, if I perform well, I will be offered a full time position after graduating.

    I plan to work in management consulting for 1 or 2 years before going to law school. I am interested in studying law for the intrinsic qualities of the discipline (as of right now, I have no intention of practicing law, but I think that knowledge about law will be useful regardless). How do consulting firms look as this? Is this a common path?

    Thank you.

  • Richa

    Hi……..Great article……I am a student of Economics Hons from one of the most reputed colleges in India…..I always wanted to pursue finance and hence I am planning to apply to investment banks after I complete my graduation…….I have done my +2 even in humanities and don’t have commerce background at all…….will it be a problem for me to get into any such Investment banks?…….and what will be the profile which suits my background?

  • Anonymous

    Hi Binh, thanks. Absolutely consulting -> law is a common path. It’s about
    the quality of your studies (as demonstrated through difficulty of
    courseload as well as GPA).

  • Guest123

    What a load of bollox LOL! As if a multi-millionaire with all that cash, houses and cars would have the time or interest to write about an article on consulting v i-banking!!LOL!

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  • Luke

    My questions is on the validity of this post, what is a mulit-millionair doing posting on this article in his free time and not driving his “veryron”? the rhetoric in this post seems a bit over eccentric for a 65 year old retiree, but maybe I am being too critical. Sorry skepticism is my nature.

  • Sda

    You write like a 20-year-old kid. Stop fabricating, dude.

  • Anonymous

    This article made me change my mind from Inv. to Corp. banking, and I feel much better about my future career choice! Thanks

  • Matthew Barreto

    14-16 hours for an investor? This is a complete LIE! No one outside the military, police, fire department, or petroleum can barely be exhausted within those hours. It just DOESN’T MAKE SENSE for one individual. If they need night people, the “night people only” are there to work, in my opinion.

  • Thushom

    Hi Joe.

    I am really excited by your account in elucidating the financial benefits of management consulting. Also the career opportunities are of particular interest.

  • grace

    I have really gain a lot from this and am glad as this is going to guide me in making a choice of carrier.

    Thanks

  • KGZH

    Hey Arora I am also in the same situation as you, just wondering how did it go about for you in the end? Did you manage to land any consultancy jobs?

  • Colin

    Great article! I just have a quick clarification question. I have been offered an internship with a Morgan Stanley Investment Management Consulting Firm by a Family friend. I hope to either enter Management Consulting or Investment banking after Undergrad (currently a sophomore). I would like to know, what is the difference if there is any between Investment Management Consulting and Management Consulting?

    In your article you go on to say that Management Consulting deals with the consulting of large companies. I have heard that Investment Management Consulting on the other hand mainly deals with the consulting of individual investors.

    Is this true or am I totally mixed up?
    Also if the two careers are different what are your opinions on the advantages of one over the other in terms of pay, exit opportunities, and the job itself?

    Thanks!

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  • Andrew

    please can someone tell me what’s better for salary, exit opp, hours.

    law, actuary, accountancy or management consultancy?

    i would probably like to end up as a manager for a big company what does everyone recommend?

    thanks!

  • Jpouton

    “Most people who left McK would become CEOs of fortune 500s, and others would start their own PE fund.”
     
    McKinsey currently has a staff of 12,000 consultants according to their website, assuming a conservative staff turnover of 10% per annum, and conservatively assuming that most=50%; that would mean per year that McKinsey would produce 600 CEOs for Fortune 500 companies (the clue being in the name that this is not possible). Even if we take number of worldwide partners (6000) or MDs (900) this produces 300 and 45 CEOs of Fortune 500 companies PER YEAR
     
    In essence: This is complete crap

  • jennyrae

    Andrew – you’re going to have to specify whether you’re talking about a certain level or a career – and if you’re post- or pre-MBA. Out of what you mentioned, management consulting is by far the most robust in terms of exit opportunities (you have lots of different options), whereas the other 3 give you industry-specific opportunities but you’re really just becoming more and more qualified to be a lawyer (not manager), actuary (not manager) or accountant (not manager). Hope that helps…email us if you want to continue the discussion.

  • jennyrae

    Hi there – you’re right about the clients. In fact, you can tell a TON about consulting from the clients someone works for (firm size, and the position of the sponsor inside the firm). You’re likely going to be managing portfolios, not company strategy, so the roles are incredibly different. What you’re looking at will be more sales oriented from day 1 and less strategic. It’s not bad for building experience as a sophomore, and it’s for a brand-name firm, but you’d want to use it to understand the way the bank works as much as you would to get experience.

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  • Abdul Jabbar

    Where is McKinsey’s star Rajat Gupta now? Is prison a Fortune 500 company?

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  • While Management consulting includes investment banking, the vice versa is not true After the Economic downturn people needs more management consultants

  • LS

    They don’t become CEO’s as soon as they leave McKinsey, in fact, many leavers join the industry at around the manager level. So your calculation shouldn’t be on an ‘annual’ basis, and if it is, you need to take attrition into account once they join the industry (many eventually leave to start their own business). With that said, I agree that ‘most’ definitely do not go onto become F500 CEO’s, however, many become business leaders in some way or another.

  • Joe- contact me- I would love for you to mentor me. Orchidtigress@hotmail.com

  • Are you 17?

  • idiota

    They also need debt restructuring to prevent their companies from going bust, something Investment Banks can do and not management consultants.

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  • Ajay

    Rajat Gupta went to jail after doing securities fraud in Goldman Sachs not McKinsey.

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  • vinodh

    awesome

  • vinodh

    u got it

  • vinodh

    cross checking?

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  • Stanley WANG

    briefly speaking, consulting firms hire much less staffs than banking,
    banking deliver more opportunities thus a better choice

  • Alvin

    Among college and MBA students, which industry is more popular? Do more students aspire to be consultants or bankers?

  • vinodh

    choothiya

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  • Beefcurtains

    debt restructuring is a function of investment banking but there are Management Consulting firms that are industry leaders in the area (FTI/Alix/A&M).