<p>I do not see cash starved companies spending large amounts hiring consultants to tell them what to do. That's a luxury few can afford. That's what CEO's and their staff get paid to do.</p>
<p>I can see it happening if the economy stabilizes a little bit. The entire financial sector consolidated in the span of about 2 months, so a lot of integration will be needed. There's going to be a lot of restructuring going on, in addition to having to rewrite playbooks because of increased regulation, etc. </p>
<p>Its not entirely an impossibility that consulting will be big in the near future.</p>
<p>Lol..will be big? Management consulting, in addition to Investment Banking, has already been a desirable destination for students at the top universities....</p>
<p>Anyway, while consulting firms are not tied directly into the financial markets, they will feel the impact of this economic crisis, as firms, their employers, will be cutting back severely on fees paid. </p>
<p>Investment banks were not the only ones cutting employees and pulling full-time offers in 2001-2002; consulting firms were taking similar actions.</p>
<p>big*ger* was what I was going for. But yes, you're right of course.</p>
<p>So for those of us trying to find a quick way to big bank accounts, trophy wives and hollywood mansions, what is THE career?</p>
<p>I've considered a few options,</p>
<ol>
<li><p>Medicine: Takes too long to start making money(student loans), with government regulations of the healthcare system looming, and increasing malmed, doctors take home decent, but not "rich" salaries. Not to mention that since you are around sick people all the time, a risk to your health and life. Not to mention that for many of us already done with college and worked a few years, not the greatest financial decision. </p></li>
<li><p>Law: Requires a t14 JD to do well. I've heard that most attorneys wished they never went to law school. Actual practices are more mundane, than as depicted on popular tv series. Hours are long.</p></li>
<li><p>Consulting: Not many jobs around to be had. Only pure strategy players today are MBB. Business analysts and other lower level employees get paid relatively low salaries. Takes an MBA from a top 10 school plus years of long hours to get to the higher salary bracket.</p></li>
</ol>
<p>Is there no other way?</p>
<p>Keefer, your question is all folks are talking about on T10 B school campuses. There are many schools of thought about what the next big thing will be and a lot of great energy in deciding what to try. The hard core lovers of business will not hide out at law schools or head for MBB. There are some hot industries and developing countries calling out to those who want to do deals.</p>
<p>"So for those of us trying to find a quick way to big bank accounts, trophy wives and hollywood mansions, what is THE career?"</p>
<p>Become a priest. It's 6 years of training after college and the Vatican pays for it; you'll learn philosophy, theology, 3 to 5 languages and also get fund-raising skills. If at some point you grow up you are welcome to quit and join the civilian work-force. Until then you need plenty of introspection and a reality check.</p>
<p>thanks for the suggestion, Wildflower, how much does a priest get paid?</p>
<p>They actually don't do too bad once they reach higher ranks. Have you ever seen how much gold the Pope wears? He'd give Snoop Dogg a good run. But I'd like to believe they don't go into it for the money (though I am sure that some might ...). Hope this helps.</p>
<p>
[quote]
Investment banks were not the only ones cutting employees and pulling full-time offers in 2001-2002; consulting firms were taking similar actions.
[/quote]
</p>
<p>From what I saw, consulting firms actually pushed back start dates and rescinded offers completely much more than the investment banks did during that era.</p>
<p>
[quote]
So for those of us trying to find a quick way to big bank accounts, trophy wives and hollywood mansions, what is THE career?</p>
<p>I've considered a few options,</p>
<ol>
<li><p>Medicine: Takes too long to start making money(student loans), with government regulations of the healthcare system looming, and increasing malmed, doctors take home decent, but not "rich" salaries. Not to mention that since you are around sick people all the time, a risk to your health and life. Not to mention that for many of us already done with college and worked a few years, not the greatest financial decision. </p></li>
<li><p>Law: Requires a t14 JD to do well. I've heard that most attorneys wished they never went to law school. Actual practices are more mundane, than as depicted on popular tv series. Hours are long.</p></li>
<li><p>Consulting: Not many jobs around to be had. Only pure strategy players today are MBB. Business analysts and other lower level employees get paid relatively low salaries. Takes an MBA from a top 10 school plus years of long hours to get to the higher salary bracket.</p></li>
</ol>
<p>Is there no other way?
[/quote]
</p>
<p>If it were easy to attain, then a lot higher % of the population would be able to do it. There's no free lunch or quick fix other than being a great natural athlete and/or a lot of luck.</p>
<p>I think as far as salary is concerned, what you study isn't that important. You just have to be very good at it aka like what you're doing.</p>
<p>I haven't posted in awhile...but here it goes. First of all, in response to Keefer's question, the true, ideal way is entrepreneurship. It is not as hard as you think; It does require lots of patience and persistence. This is what I am doing right now and I love meeting with other small business owners and finding ways to help their bottom line. It is what started my passion for a consulting career (not just for the prestige). At the same time, I am also pre-law. This next year, my company is poised to grow significantly but of course, there is a good chance of failure as well...such is risk.</p>
<p>Sometimes I think if more of these super smart Ivy league students had gone into entrepreneurship instead of the soul-crushing field of I-banking, they would've been much better of. Right now, alternative energy is huge and represents another huge opportunity to take part in. In my own field, there is a plethora of opportunities available to make lots of money. MORE IMPORTANTLY, I am doing something I enjoy. I have no boss, no time constraints, no orders etc.</p>
<p>If anyone has any questions, feel free to PM me. I'd love to help. On that note, I think CC should add an Entrepreneurship forum. After all, America does run on innovation.</p>
<p>arpster55, I have thought about entrepreneurship, but my understanding(no doubt limited) is that majority of these opportunities arise from research results, that the person himself is directly involved in, or have contact or understanding of. </p>
<p>How would I go about entrepreneurship, with a mechanical engineering bachelor's degree?</p>
<p>I got a PM only a few minutes ago and your response minutes later. I guess there is a lot of interest. First of all, to answer your question, a mech. engineering degree is a great asset for entrepreneurship. Personally, I feel engineering is the best field for entrepreneurship. Conventional wisdom does tell us that we need to have a lot of experience or research before we can delve into our own ventures. But who said we can't start small? Last summer, I started my own Web design company. After many rejections, I finally started to get clients and realized the huge need for affordable Web solutions for small businesses. You may be thinking that this field is unglamorous (as many on this board might) but you need to understand that this is a foundation. I am planning on starting more companies. The next company is related to this. I am not going to go into details until it is finalized. But essentially, I am combining information technology, the internet, and the needs of the education industry. Wouldn't it be nice to have residual income? In other words, getting $10,000 per year every year per client. At this point, I have recognized another need and I am going to attempt to fulfill it. In this case, connections will help. That's where my foundation comes in....you catching my drift now?</p>
<p>I don't know which university you go to, but I am sure that if it is big enough, there will be enough resources for budding entrepreneurs i.e. relevant classes, clubs, like-minded people, teachers.</p>
<p>A little about myself. I am a sophomore majoring in Finance at University of Illinois. I also planning on completing some engineering classes through an interdisciplinary program through the College of Engineering. Entrepreneurship is rapidly gaining a lot of ground (and has been for many years) here. Founders of PayPal, Netscape, YouTube and the list is almost endless. That's why an engineering degree is also a very valuable degree (I'm just not that good at it, unfortunately). In the end, it seems that the immense problem solving that engineers are put through comes to great use in business, where you need to solve business problems to reduce cost, increase profit etc.</p>
<p>On another note, I have heard from a friend that a few graduating engineers are starting their own consulting companies. I am almost positive that they probably deal with the business side of other engineering companies. We have a very good organization here at U of I called OTCR (Office</a> For Technical Consulting Resources) where students consult other companies. By creating a good network and track record, a lot of these engineers are now consulting those same companies and then some. Talk to a few local firms in your area and see what they have to say. Talk to professors, upper-classmen etc. It is all about getting out of your comfort zone. </p>
<p>I also expect entrepreneurship to really gain more ground with young people like ourselves in the coming years. It already has and will likely increase even more. </p>
<p>If you are worried about the time commitment, don't. I spend like max one hour a day. Other freelancers work for me and my main job is to get clients and create new solutions. I feel I do have some really good ideas that could take off but for me, I value my education much more so I want to put more time into that. Especially since I am aiming for top law schools i.e. Harvard, Berkeley, Chicago my GPA needs to be spotless. At first, the time won't bring you the results but over a decent period you will start seeing something. At this point, it may be good to educate yourself more on it and learn as much as you can. Then after college you can gain a few years experience. After that, the sky is the limit, man!</p>
<p>What happened by far, seems far more drastic and unusal in comparison to previous cyclical business failures.</p>