I-banking and Consulting

jeremy2000

there are so many people I have seen who wants to go I-banking or Consulting after their MBA. Sometimes I ask myself whether I should sharpen my head(chinese expresssion, hehe) to get in those kind of industries. The most attractive thing about thes two industry to most of MBAers is their high pay. As far as I know, Mckinsey pays $150,000 a year wherever you are based. $150,000!! that's a huge money! But sadly, people have to work at least 13hrs everyday and no weekends except half day off. Can I work that long and that hard? Yes, I can, for the sake of the money they pay. But what if someday, a job offers my $20,000 for 16hrs of working everyday? Even $40,000 for 20hrs? and even more money? All of sudden, I realize it's sad if I do that. Life is  a balance of work and life-enjoying. When you make $10,000, you want $20,000; Bill Gates makes billions of dollars now, but I believe he might not as happy as many of us, Why? coz he wants more, not money, but power, policitical power.    The most important is not how much you make, but is whether you can be satisfied with what you are having now.

We have a discussion about the definition of Success. Some one mentioned about social recognition, someone talked about good life. I believe success is whether someone can achieve the goal they set. If your goal is have a QQ car, and one day you make it, I believe you are successful; If my goal is having a big house and a close family, some day i make it, I would be proud to tell people I am successful, no matter what others say.

I once dated a girl, I told her that my goal is to have a big house and a good car, not luxury car, then I would be happy. She laughed at me and thinks my goal is too low. She wants to drive BMW and lots of money, that's what she thinks of success. Who is right and who is wrong? Who has a better goal?  No one is wrong, coz the definition of success is different. What I can say to wish her good luck on her way to BMW. I hope someday when she is driving a BMW and really feel happy from her heart.

No purpose of this artical, just Guanshui!,haha

 

[此贴子已经被作者于2006-10-7 4:35:26编辑过]

canyouhearme

Life has different meanings for different minds. There are not absolute "rights" or "wrongs". Having significant amount of money doesnt necessarily make a person happy; on the other hand, not having signifcant amount of money doesnt necessarily make a person sad. Go with your heart! if you wanna be a happy man, be a happy man. if you wanna be a rich man, be a rich man. Of course, everyone wants to be both happy and rich. so lets buy the lottery.

canyouhearme

if getting richer is one's major post-mba goal, he'd better get into banking upon graduation. Any other industries will just waste his time and money. getting in consulting wont make you any richer given the hours that you have to work every week. Pay in the other industries is mediocre as we all know, and you cant guarantee your wealth until you confirm that you are given the opportunities to move up on the ladder.

funnytiger

以下是引用canyouhearme在2006-10-7 5:01:00的发言：

if getting richer is one's major post-mba goal, he'd better get into banking upon graduation. Any other industries will just waste his time and money. getting in consulting wont make you any richer given the hours that you have to work every week. Pay in the other industries is mediocre as we all know, and you cant guarantee your wealth until you confirm that you are given the opportunities to move up on the ladder.

please consider this: you have to do something that you are good at.

if you are not good at banking stuff, you will be kicked out of Wall street within three years. Wall street is a small place, there are so many people rushing in every year, do you know why the population on wall street is not expanding?

So there is no "one fit all" answer. if you are really good at making sandwich, you will become a millionare soon too.

kevinao

it's very difficult to join leading ib (tier 1 or 2) or leading strategic consulting firm (mckinsey , bcg, bah, not accenture/ibm/atk). probably the discussion is only valid after you get offer from such industries. 1+ year experience
 in goldman sachs, morgan stanley, or mckinsey/bcg china will give you great opportunity than working in most other industries. e.g. you almost don't have any opportunity to join leading pe e.g. kkr unless you work in tier 1 ib or consulting firm (leading pe firm should offer your both great money and life).
therefore, if you have opportunity to join such big names, then 1-2 years hard work is not that bad even if you don't like such life.

wsl8028

my goal is to be an rich man with 1 billion Dollar and high political rank person such as premier or president of the country. how do you think about my goal? that means i wanna to be a premier or prisident of the country with 1 billion dollar property.

[此贴子已经被作者于2006-10-19 21:51:07编辑过]

izone

What's the big deal of joining kkr or whatever organization that might get you rich and/or famous?

In the end, who cares who you work for (well, there are always naive girls/guys)?  Life is NOT a sport of resuming building. 



BTW, it reminds of many many years ago, when I was in a rural mid school, every student there believe working for a famous hotel next door is the dream job: high salary (Rmb1500), nice environment and, the best part is, a cake on your birthday.

If you watch the movie "the Graduate", in 60s and 70s, the best job is PLASTICS.  Guess how happy you would be after 25 years if you didn't happen to be Jack Welch. 

IBD and consulting are becoming commodity services, just like plastics, commerical banking, programming, IT consulting etc.  Just like doctors and lawyers, good pay attracts more supply and those services are turning into oversupply quickly.

kevinao

you should only say that when you are qualified for kkr (not much ot with great pay, prestige as well as great contribution to value creation and market efficiency), or even qualified for goldman ibd or mckinsey. otherwise, don't criticize others who want to join.

米可可

In my opinion, for these two industries, there are some other factors attractive to MBAers beside high payment, such as social respect and self fulfillment.

It is well known that professional staffs, e.g. lawyer, banker, auditor and consultant, are not those who earn most in the world. It is possible for a private enterprise owner to be richer than professionals. Under the income-oriented theory, MBAers should devote themselves to establish their own business. I am sure that those MBAers who want to become i-bankers or consultants do not merely target at high payment.

I am also one of the thousands who want to become an i-banker. I have to admit that salary is one of the most important elements to be considered. In addition, being professional helps me establish correct attitude to my career development, benefitial to my future success. Therefore, pursuing MBA degree is the first step on my long-term career path.

jkmbe

只要自己喜欢, 卖大饼油条也不是件丢人的事情, 更何况去IB/MC.