SALARIES & HOURS of Banker VS Consultant Exposed 🤯[Ex, BCG] - Applicable for Mckinsey/Bain/Goldman

In this video, I share honest realities of salaries, working hours, exit opportunities, and work profile of an investment banker from Goldman Sachs, Morgan Stanley and compare that to a management consultant from BCG, Mckinsey

The numbers, and experiences on investment banking come from an informal chat conducted with a friend over a "chai break". Look forward to hearing your views.
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#mbacourseslist #topmbacolleges #mbageneralmanagement #mckinseyandcompanycareers #mbamanagement #howtogetintomanagementconsulting #mbastudy #mbacourses #interviewtips #bestmbaprograms #bcgcareers #onlinembaprograms #productmanagementroles #shatakshisharma #shatakshisharmaggi

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Shatakshi is Co-CEO of 🚩Global Governance Initiative (MBA program recently featured by Poets & Quants), an Ex- 🚩Boston Consulting Group, BCG, management consultant, a 🚩writer, and former public policy advisor in 🚩Tony Blair Institute for the Middle East region.

She has been also felicitated with The Most Promising Women Leader 2021 award by ET and 🚩Linkedin Top Voice 2021. Her interviews have been published in leading policy and career organizations- Modern Diplomacy, BCG, Poets & Quants, Your Story.

She will be uploading daily content on 🚩career advancement (MBA, consulting) 🚩personal finance, and 🚩productivity hacks. Be sure to subscribe to the channel to get notified whenever she uploads the video.

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0:00 Introduction
0:44 WATCH AT 1.5X SPEED FOR FASTER LEARNING
1:52 TA. WORK OF A MANAGEMENT CONSULTANT
2:08 ANALYZE FINANCIAL STATEMENT ENHANCE REVENUE COST REDUCTION
2:52 1. ANALYZING DATA 2. BUILDING STORY- PRESENTATIONS 3. INTERACTIONS
3:55 IB. RESTRUCTURING OF DEALS
6:25 STRATEGY ROLE EXITS WITH INTERSECTION WITH FINANCE/OPS
7:59 SECTION 3- HOURS OF BANKER VS CONSULTANT
9:10 SECTION 4- WHO EARNS MORE ? INVESTMENT BANKER VS CONSULTANT ?
10:47 B. HARD FOR YOU TO FIND NEW SECTOR OPPORTUNITIES WITHOUT TAKING A PAY CUT
11:42 FIND YOUR OWN ANSWER IN TERMS WHAT KIND OF WORK ENERGIZES YOU
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Have you wondered whether management consultants earn more than investment bankers or vice versa?

Or what kind of exit opportunities do consultants get compared to bankers? In this career insight, I will help you make a better decision on which career path can be more suitable for you.

I have divided this career insight into 4 parts to facilitate comparative analysis.

Work Profile

This part includes the kind of work and problems you would be solving as a management consultant and an investment banker.

The former involves a lot of strategic thinking and also operations. In a few projects, you can get into the financial aspect as well. In management consulting, you would be primarily required to analyse financial statements, enhance revenue and facilitate cost reduction. You begin with collecting data- by conducting fieldwork, researching on the internet, talking to the stakeholders and presenting final insights.

As a management consultant, you create a story using this data and give recommendations to the client. Eventually, you interact with team members, leaders, partners, and clients and collaborate with them. Consulting can involve working in large teams, thus you need to be good with soft skills to work in teams efficiently.

Investment banking is an intermediary between parties who pay and those who receive the payment. The profile accounts for work such as raising capital for the client and restructuring of deals for mergers and acquisitions. The former can be achieved via equity (IPO route)or debt.

Let me illustrate this through an example- suppose you take the equity route and raise money via IPO for your client. Now as an investment banker, you determine the initial share price, and the number of shares to be released, by valuation models and building presentations for internal and external stakeholders.

The second task of restructuring deals involves finding the answers to questions such as - would it be an all cash or equity deal, what would be the share price, what would be the new organizational valuation and other problems on similar lines.

Exit Opportunities

So what comes after working in these promising roles?

[tanmay]

Hold up did I just heard 'Be a Pretty Gand' 😂😂😂 9:50

[bellatrixchiquita]

Thank you so much for this video!
Long awaited to understand how distinct and unique investment banking and management consulting is!

Please make a video on
1. strategic consulting- 
- entry options for undergrad and post grad students from both target and non target schools
- Skills to develop to become a front end/back end strategy consultant
- extracurriculars for college students
- types of internships and how to get them

2. Approaching case studies as a beginner
- all information about case studies and types of case studies for undergrads & postgrads
- how to solve case studies (beginner to advanced)
- (if possible please solve a small case during video and explain us how to navigate them step by step)
- different kinds of frameworks and how to solve cases using frameworks
- sources to keep track on daily basis to excel case studies
- competitions to participate in as undergrads/postgrads
- how to incorporate case study approach in daily studies / academics

Thanks you

[chiragjain]

Thankyou for making it all so clear, I am working at a Big 4 firm and about to complete my ACCA and I have just realised that I don't wanna do Audit for the rest of my life. Looking at other options I am looking at investment banking or management consulting but am not really sure if my audit experience of 4 years would be considered in any of the two profiles.
Could you please give some guidance on this as I really don't wanna start at the bottom again. I am open to starting either CFA or any other qualification now.

[souravsaha]

Hi Shatakshi,

Thank you so much for bringing up with a content like this and actually it's very helpful and I got a lot of insights from this video and the difference of work and working hours between a management consultant and an investment banker. As usual you're contents are always fresh and keep up the good work. It's really helps us a lot.

[aadeshpakkala]

Great video! Really found the explanation of the difference between the roles helpful. Also wanted to say that the painting behind you on the wall is really cool 🙂..

[deveshkoul]

Hi Shatakshi great video.
Now can you make a detailed video on PE and VC how to break in there, skills required and salaries (India).

[mayursoneji]

Informative video on detailing the key I am into one of the Big 4 in India, but on the Tech Consulting side... have 11 yrs of work-ex.... Extremely keen in pursuing FRM.... Would love to know your thoughts on the area of work that one can explore (Cloud expertise + FRM)
Thank you !! :)

[rahultherash]

Please 5:32 Exit options part needs a dedicated video.

[vinuthbabu]

Great video! Thank you for the information. I just completed my b.com in the year 2021 now am planning to do MBA along with CMA course so it worth doing both at the same time ? And basically am a fresher .

[sohamjoshi]

thank you for guidance... I'm actually pursue my MBA not from top tier but want to work in consulting firm so those techniques and lesson I learn in consulting firm help me to build my startup

[aditidas]

does a non econ humanities bachelors with an mba affect job prospects in consulting? i haven't found many indians exemplifying such background

[rajeshdobhal]

Hello sister very good video may God bless you all jai ma bhagwati om namah shivay

[kanishkkashyap]

Is the 30-40% diff including bonus or only in base salary as I have heard in IB bonuses are 100% of base

[kritiagarwal]

Hi Shatakshi,
I am CA intermediate student, and want to join Management Consultancy . BCG has CA Industrial Training program but unfortunately they take only rank holders for it.
need your advice on how to shift my career to management consultancy.

[prerza]

thank you ma'am, very helpful <3

[princessanushka]

This is such a great initiative Shatakshi of sharing so much knowledge. I am a current CAT aspirant and have been grown up in same middle-class family.
I’ve learned so much from your videos. They motivate me everyday to work hard and grow.
Thanks to all your efforts. :)

[harshkumarsingh]

Clarity in your video is amazing. I wish to gain same level of clarity and confidence in my career as well.

[anuragmishra]

Pls make a video on how to find goal in life?

[harshalsao]

finally a video without that red sweater shatakshi di 😂😂😊

[Diggaz-Chutiya]

Oil found in Thar desert by private company.