I've spent time on WSO, Management Consulted, Mergers and Inquisitions, etc. If you have time, what is your opinion on these jobs, the things they do and the lifestyle (hours, travel, prestige, exit opportunities) for them?
IB
PE
VC
Management Consulting
S&T
First off, all 5 financial institutions you've listed are all pretty prestigious. I don't think one would be higher than the other, but if I had to choose--it would probably be a tie between PE and Consulting.
IB: Brutal work hours, tough schedule mixed in with constant deadlines and pressure on the job. You'll get to meet a lot of people if you're lucky and you'll learn a lot during your time in banking. The exit opportunities are there if you're in the right situation.The great thing is that IB will prepare you to go into any of the other financial sectors you've listed. The pay is solid, especially for a 22 year old fresh out of college. Most of your friends will either be unemployed or making $40-50k while you'll constantly be at work making around $110k.
PE: For most bankers, this is the end goal. Some bankers spend their entire careers looking to get into private equity, because it's the "buy-side" The hours can be a little better than banking, but it depends where you work and what you do. The pay is a lot more than IB, but the responsibility is a little higher as well. It's very easy to network and meet many people. Compared to IB, you might get the chance to travel around.
VC: Pretty much very similar to PE, but it's more of a subsidiary under the "umbrella" of PE. These guys look for start-ups with potential and throw in investments to them hoping to realize a capital gain. A lot of travel can be involved. The "freedom" to move around and not so much is there as well. There really are no "rules" or "standardization" in VC.
Management Consulting: Some people believe is this the Crème de la Crème of Finance. What most people don't know is that consulting really isn't finance. It's just a bunch of lawyers who have their JD's and basically tell BB's or other companies how to run their management or given strategies. It's extremely tough to get into, much like PE, especially right out of undergrad. The hours are just like a normal 9-5 job in most cases, and the exit opportunities are plentiful.
S&T: Very similar to IB, but not as prestigious. IB is more glamour, while S&T is more grunt work. The hours are sometimes similar to IB, but you're totally dependent on the market. You have to deal with clients and make sure you meet deadlines and perform extremely well. There are PLENTY of traveling opportunities, because essentially your job is to bring business for the bankers. The pay is also pretty solid across the board.
I know you haven't added this, but I know some people will inquire about it:
Sales: Not everyone is capable of doing this, because not everyone is capable of selling themselves and looking good at the same time. A lot of demanding deadlines and performance metrics to live up to, but the rewards can be great. There is a LOT travel involved, but also plenty of preparation as well. Exit opportunities are solid, but it's tough to get out of sales once you're in it.
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I'm going to give Lifestyle it's own section, because it's applicable to all the sectors listed above.
The lifestyle of working in finance is really whatever you make it out to be. You don't have to pop models and bottles every other night and come home with a dime piece. Or waste $200 on a tie every week and spend all your money on alcohol and chase the party scene. Should you live a little? Absolutely, but not at the expense of your savings. The lifestyle can get out of hand, and I've personally seen it up close. I've seen some co-workers blow all their money on parties, women and drugs. You just need to be smart with how far and fast you want to go.
