<p>There's a lot of talkin about iBanking on these boards but I had some questions about Management Consulting that I was hoping could be answered.</p>
<p>In comparison to ibanking, how are the hours? pay? type of work?</p>
<p>Also, what sort of undergraduate degree would be appropriate for getitng a job at one of these companies after undergrad before you go for your MBA? Finance? Economics? Management?</p>
<p>General information about managment consulting versus ibanking would be pretty helpful.</p>
<p>Management consulting involves plenty of work just like ibanking, but it's not as much. There's often a lot of traveling to meet up with different clients though. The base pay of consultants is right around the base pay of ibankers, but ibankers have the potential to make a lot more money because they can earn much larger bonuses. </p>
<p>In general, consultants are supposed to analyze a problem their client might have. They collect some data and do some research in order to analyze the problem and then they offer a solution. Whether the client follows the consultants' advice is another story. </p>
<p>There really isn't a preferred major for consulting because many consulting firms heavily recruit students who majored in just about anything at the Ivies. Consulting firms basically want intelligent and hard working people because all consulting firms have an initial training program. </p>
<p>Even though there isn't an ideal major, I would say that any major that teaches you about how businesses operate and function would help you out a lot. So if you go to a school that doesn't offer majors in business, then economics would be good. Any other discipline in business (accounting, finance, management, MIS) will give you an idea of how one aspect of businesses functions, which can be useful. </p>
<p>The best way to get a job in consulting is to go to a school where major consulting firms recruit heavily. (Ivies and the top public and private universities) Of course, you still need to do very well academically, and you have to perform well during the case interview.</p>
<p>"In comparison to ibanking, how are the hours? pay? type of work?"</p>
<p>Hours are less but only slightly. Think 70-80 hours ish.
Pay begins off at the same level as ibank but in the senior levels ibankers make a LOT more than management consultants.
The type of work is basically to help businesses set up and generate greater profits. However, remember you dont hear of consultants in the Wall Street Journal. They just help out the businesses and are never on the front line.</p>