<p>could anyone give a detailed explanation about each job?</p>
<p>For IBANKING:</p>
<p>Don't make the mistake of thinking that all investment banks are the same. While it's true that I-banks tend to fulfill the same functions, their cultures can be very divergent. At one major investment bank, employees say it can be "quite a forgiving place in many ways." A trader there explains: "There have been some people, mostly at the middle level, who have lost $30 million in a day. Nobody's happy about it, but it's not the end of the world, they keep them. I've had my losing days myself, and they haven't fired me. Sometimes I've even come to the office hung over." However, other firms are not so easygoing, featuring a "horrendous" bureaucracy which "can sometimes combine with office politics to make life miserable and incomprehensible." "Sometimes, for no apparent reason, you get blamed for things you didn't do, and get assignments you're not supposed to have, and there's no one to complain to--life becomes like a page from a Kafka novel," says one young insider.
Trading is its own world, complete with its own culture. One trader says: "Trading is like warfare. It can get very frantic and then very quiet, and flare again without warning. It's long periods of silence punctuated by fear and terror. That's what makes it stressful." Life off the floor isn't much less stressful, according to I-bankers. One associate says, "You burn out by the time you're 30. Most people last only until they're about 35, then go off and do something else. Some people move into managerial roles within the firm or at another firm, and some will just leave the business entirely, because, frankly, they're tired." </p>
<p>Uppers
Through-the-roof salaries
Perks like free meals and car service
Power</p>
<p>Downers
Back-breaking hours
High stress level</p>
<p>Personality Match
Analytical; Aggressive; Confident; Workaholic; Greedy</p>
<p>Personality Miss
Shy; Mellow; Cautious</p>
<p>For MANAGEMENT CONSULTING:</p>
<p>Like separate countries, consulting firms have their own cultures. One associate at a consulting firm finds "the camaraderie here very appealing, because this industry is somewhat cutthroat and it's good to have that human touch." Part of that competition is engendered by the "up or out" policy that many firms sport. "At my former firm" says one consultant, "you're either promoted or told to leave after two years. That creates a lot of insecurity. It's survival of the fittest, and I don't know how much teamwork that culture can really support. My new consulting firm doesn't have that policy and that makes it a nicer place to work." Consultants are generally bright overachievers, and so it's no surprise that one consultant thinks his firm "attracts very aggressive businesspeople who are well-rounded and down to earth. The company values leadership and integrity."
Some consulting firms are defined by their socialization. "My firm will spend to create a friendly work environment," says one insider. Another insider reports that his firm's atmosphere is "totally convivial - like an elite fraternity or sorority." Firm culture can be affected by outside forces as well. "My firm had some problems two years ago, and people are still a little nervous and still look over their shoulders," says one consultant, while another Big Five consultant says: "The culture is still pretty much dominated by the accounting side, as you can tell by all the blue and gray ugly suits walking around here, even though the consulting side of the firm is increasingly profitable." But despite these separate traditions and quirks, all consulting firms emphasize and value teamwork. "The culture is very collaborative," say insiders. "People in Australia will get on a plane and fly to your client in the middle of the night to help you out with a project," says another consultant. "Most firms look "for extraordinarily smart people who have the ambition, the ability and the self-discipline to give 200 percent where only 100 percent would suffice. Consultants are experts in fields you've never heard of. They are mavericks and builders and it is a true joy to work with them," gushes one insider. </p>
<p>Uppers
High pay
Wide variety of projects
Intellectual stimulation</p>
<p>Downers
Grueling travel
Long hours
Too much jargon
Unpaid overtime</p>
<p>Personality Match
People-oriented; Well spoken; Analytical; Independent; Creative</p>
<p>Personality Miss
Antisocial; Inflexible; Afraid of flying</p>
<p>From vault.com</p>
<p>thanks futurenyustudent for the info.
how much is the "long hour" for consulting, though? can't be longer than that of bankers.</p>
<p>bump man. anyone</p>
<p>Hours in consulting will be less but you'll spend a lot of time traveling too, the places wont be uber-cool Miami all the time, you'll prolly have to go to some small towns every now and then (UNLESS you work at Monitor)</p>
<p>Consulting and banking are both careers that will give you good exit opps. Consultants can switch from consulting to great positions within f500 companies, venture capital firms, even private equity, or they can end up being an independent consultant</p>
<p>Banking can lead to a lot of the same opportunities, but with banking your skill set is a bit more focused</p>
<p>If you choose to be a consultant or a banker forever, the banker will make more money in the end. At first pay is pretty similar but then bankers pay rises exponentially while the pay of consultants does not.</p>
<p>Banking work is probably more boring than that of a consultant's. You'll be spending lots of hours in front of excel. With consulting your work is more dynamic and you'll be solving problems all the time</p>
<p>So it really comes down to your interests and goals. If you want to be in some kind of management or strategy position I think Management Consulting is great. If you're more interested in strictly financial things then banking would probably suit you better. I wouldn't worry about end pay because both careers offer the opportunity of letting you switch to bigger and better things.</p>
<p>wait, quick question, doesnt Management consulting firms have multiple divisions/services? like operations, organization, strategy, finance and human resource etc. when you say Management Consulting, do you mean all the aspects of management consulting and the services MC firms provide?</p>
<p>regardless of what industry you compete in, excellence in functional disciplines can make or break your ability to keep up with the pace of change. We dedicate people and resources to advancing our expertise in core business disciplines. From marketing to operations, we help clients build their skills and boost performance. Each of our functional practices address a unique set of challenges. Find the right practice for your needs below.</p>
<p>Business Technology Office<br>
Marketing & Sales<br>
Organization
Corporate Finance<br>
Operations<br>
Strategy</p>
<p>they should be able to cover most aspects of a business, also Mercer has a special human resources consulting group (dunno why you'd wanna do that, it's not looked at as being that great)</p>
<p>ok i c just wondering, thanks</p>