<p>I have done research(albeit not a lot) and I still do not understand the hype of ibanking over consulting (in top firms specifically)</p>
<p>what really is the difference between, is it pay or what? </p>
<p>Ibanking at JP, GS, Lehman Bro, other BB</p>
<p>comnpared to consulting at Bain and BCG and McKinsey</p>
<p>They both seem to have amazing exit opps (if you need them) A1 </p>
<p>how different is the recruiting(are the taget schools the same) just asking because I never see lists of target schools for top consulting firms</p>
<p>Just curious, because although I like finance and economics and the like, I am still trying to understand all different aspects and do not want to pidgeonhole myself in 1 area, especiialy at such a young age</p>
<p>MBB is equivalent to Tier 1 Bulges (JP, GS, MS) in terms of prestige and exit opps.</p>
<p>Difference is the pay and work life balance - quite obvious</p>
<p>Target schools for top consulting firms are equivalent to bulge banks… so if you go to Wharton, both McKinsey and GS will recruit there… no worries</p>
<p>The work and exit opps are substantially different, actually. Consulting is all about thinking strategically about companies - you get a broad range of exposure to industries, people, and business problems. Every few months, you’ll be working with a new set of people and a new client in a new location, perhaps in a new industry as well. In banking, you’ll be working with the same team every day, working on financial transactions, whether they’re financings, M&A, restructuring, etc. You spend a lot of your time on financial models, whereas in consulting your work is more varied (industry research, making presentations, interviewing clients). As a result, the skillset you develop in both jobs are quite different, leading to different exit opps. Consulting is a great feeder directly into b-school and corporate managerial jobs because of the breadth of business skills you develop. Banking feeds well into PE, hedge funds, VC’s, and corp dev because of the modeling and valuation skills you develop.</p>
<p>The pay is substantially higher in banking at all levels, but consulting has lots of perks, including ridiculous airline mileage, Starwood hotel points, and more paid vacation time. Lifestyles are very demanding for both industries, but for different reasons - in banking, it’s the sheer number of hours, whereas in consulting, it’s the travel.</p>
<p>Banking is more popular among undergrads because of the higher pay and more prestigious exit opps - more people would rather have a career in PE than general corporate management.</p>