Did I make a mistake by going into Management Consulting instead of Investment Banking?
Asked by rasmalai001
I've been a management consultant for a while and worked for some pretty well known firms - however I've always wondered about investment banking. I've accepted that life as an investment banker would be difficult for the first several years but the salaries these guys get is phenomenal. I can't even fathom getting a bonus of $100,000 I chose consulting instead of finance because I thought financial people made cold calls all day (just like the guys from 'Boiler room' or 'Wall Street') but I think that was just a foolish assumption. I also thought you had to be a Harvard MBA to be successful in Finance but all those people paying top dollar for apartments in NYC can't be Ivy League guys, can they?? Did I make a mistake choosing consulting instead of finance? I think anyone could put up with long hours if it meant millions of dollars in compensation! Is it just a case of the grass being greener?

Best Answer:
I think this may be a "grass is greener" case. A friend of mine has a very good quote on the wall of his office: "When I was young, I spent all my health trying to be wealthy. Now that I'm old, I spend all my wealth trying to be healthy."

I actually happen to be in a situation that is similar to yours at the moment. I am finishing off my accounting degree and have a job with the largest accounting firm in the nation. A couple of my friends are working at investment banks and I am quite infatuated with the earning potential that they posses. I have worked quite a lot as an accountant but it doesn't even begin to compare with the type of hours that they pull in. Getting off work at 12am is not abnormal for them, and may even be expected most of the time. Personally, I refuse to work that long for someone else. I would only work those many hours if it meant that I was growing my own business and not that of another. There is a lot of money to be made out there and I am in the process of figuring out how to attain my fair share. As for your own case, I have been told by many people that money is not the best motivator for going into the investment banking field. Having said that, why not just go in there and get your feet dirty if you like it so much?
Answered by kamol_yason