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07 Mar 2007, 07:28
kidderek wrote:
venky1979 wrote:
After MBA which is the most $$industry that a career switchers can go to Where he/she can expect 300K+ salaries. With the exception of Management consulting and IT startup, a career switcher won't be able to get into any of those listed industries. Consultants do not get paid over 200k to start, so you're pretty much left with either S&T or IB. Pick your poison. I will be a career switcher as well, and I'm leaning towards S&T. I'm all about the sprinting, not long distance running. So the options are narrowed down to IB or consulting Does Consulting have better work environment than IB? (I mean as rhyme said Yelling at people and stuff) VP Joined: 11 Dec 2006 Posts: 1430 Location: New York, NY Schools: NYU Stern 2009 Followers: 41 Kudos [?]: 221 [0], given: 6 Show Tags 07 Mar 2007, 07:51 I don't understand the draw to the short-term high salary. MBAs are a longterm gameplan qualification. It pays a lot more when you get where you want in 10yrs than it does on Graduation. Director Joined: 10 Aug 2006 Posts: 665 Followers: 2 Kudos [?]: 7 [0], given: 0 Show Tags 07 Mar 2007, 07:53 3underscore wrote: I don't understand the draw to the short-term high salary. MBAs are a longterm gameplan qualification. It pays a lot more when you get where you want in 10yrs than it does on Graduation. Long term who nows if i would be alive I am a worshipper of Instant gratification VP Joined: 11 Dec 2006 Posts: 1430 Location: New York, NY Schools: NYU Stern 2009 Followers: 41 Kudos [?]: 221 [0], given: 6 Show Tags 07 Mar 2007, 07:55 If you are that uncertain about how long you will live, why spend two years doing an MBA. Two years living a paupers life, with debt to your eyeballs and studying / interviewing all the time then die before you get anywhere. Exceptionally pessimistic not to look a bit further. Director Joined: 10 Aug 2006 Posts: 665 Followers: 2 Kudos [?]: 7 [0], given: 0 Show Tags 07 Mar 2007, 08:09 3underscore wrote: If you are that uncertain about how long you will live, why spend two years doing an MBA. Two years living a paupers life, with debt to your eyeballs and studying / interviewing all the time then die before you get anywhere. Exceptionally pecimistic not to look a bit further. That was just humor What i actually I meant is that i want to be part of an industry that is challenging and it is the right time to make a good career an lots of money I believe timing and industry choice are important As an example (I am otherwise happy with work in my industry other than money) I joined IT industry in 2001 and people who joined 5 years before me made tonnes of money and now there is not enough money in the same scale as there was at those times. But they are happy with the work and have no issues continnuing in IT as they are already on a pile of money. All industries suffer from the same status eventually. Initially there is a lot of money but sooner or later lot of people pour in and the salaries drop. But the people who entered at the right time have make lot of money and are in senior postions ( a situation better off than a similar positions in the older industries where they didnt get the opportunity to make so much money) My purpose of MBA is to capitalize on the timing and industry choice Director Joined: 07 Aug 2006 Posts: 572 Followers: 1 Kudos [?]: 5 [0], given: 0 Show Tags 07 Mar 2007, 08:15 Or you could just focus on doing something you enjoy rather than following the latest fad. You'll be much happier. Director Joined: 10 Aug 2006 Posts: 665 Followers: 2 Kudos [?]: 7 [0], given: 0 Show Tags 07 Mar 2007, 08:19 dukes wrote: Or you could just focus on doing something you enjoy rather than following the latest fad. You'll be much happier. In which case u are telling me to stick to IT Boo hooo there is no money here VP Joined: 11 Dec 2006 Posts: 1430 Location: New York, NY Schools: NYU Stern 2009 Followers: 41 Kudos [?]: 221 [0], given: 6 Show Tags 07 Mar 2007, 08:23 You need to divert from the conventional thought path you follow -IBs pay well, but it is a mature industy. Unless you luck-in on a new, growing part, you will not make much money whilst having fun. You will work a lot, on quite often dull stuff -If I wanted to entrap an MBA, I would offer a high initial wage, then not increase it. Short termism is a dangerous way to look at things, you must look longer than the first year paycheck -You like IT. The money working for an IT company is gone. The money from starting your own, given it is well thought and a good proposition, most certainly is not gone. SVP Joined: 24 Aug 2006 Posts: 2132 Followers: 3 Kudos [?]: 140 [0], given: 0 Re:$$$Careers for Career switchers [#permalink] Show Tags 07 Mar 2007, 08:27 venky1979 wrote: So the options are narrowed down to IB or consulting Does Consulting have better work environment than IB? (I mean as rhyme said Yelling at people and stuff) IB = looooooong hours. consulting = interesting work, high turnover, lots of travel -- pretty cool in the beginning gets old very quickly. Not sure, if you guys have read this, but it might clear up some illusions of$300k salaries
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07 Mar 2007, 08:29
3underscore wrote:
You need to divert from the conventional thought path you follow

-IBs pay well, but it is a mature industy. Unless you luck-in on a new, growing part, you will not make much money whilst having fun. You will work a lot, on quite often dull stuff

-If I wanted to entrap an MBA, I would offer a high initial wage, then not increase it. Short termism is a dangerous way to look at things, you must look longer than the first year paycheck

-You like IT. The money working for an IT company is gone. The money from starting your own, given it is well thought and a good proposition, most certainly is not gone.

Yes startup is actually a good Idea
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07 Mar 2007, 08:57
It's not just that I-banking is hard work, it can be demeaning and stressful.

My friend who is an i-banker interviewed at Goldman Sachs and they asked him in the interview what he would do in this situation: It's the day before his brother's wedding, and he is supposed to be the best man at the wedding. But there's a big deal that's about to be closed at work, and his boss asks him to skip the wedding to make sure the deal is closed. What would he do?

Of course the right answer is that you skip the wedding.

I-banking can dehumanize you. When all you do is work and sleep, there is nothing left of you. There is no "you" left, just the you that works, and the you that sleeps. The people I know that have been doing i-banking for years have totally lost touch. It's almost like they've lost social skills in the sense that they'll say really tacky things in mixed company because they're so immersed in this money-culture that they think it's socially acceptable to constantly talk about money and how much everything costs and how much people's salaries are.

Not to be overly dramatic, there are obviously exceptions (and I'm mostly talking about i-bankers in New York which is probably way more intense than anywhere else), but by and large people easily lose balance in their lives if they stick with i-banking.

BUT, everyone posting in response to your main posting here (me included) seems to be making the assumption that you would be disturbed by this. But from some of your replies it sounds like money really is the most important thing to you so maybe i-banking would be a good field for you. (I really don't mean that as a slight, I think most people in i-banking would flat out tell you that money is the most important thing to them).
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07 Mar 2007, 09:03
Great points.

johnnyx9 wrote:
It's almost like they've lost social skills in the sense that they'll say really tacky things in mixed company because they're so immersed in this money-culture that they think it's socially acceptable to constantly talk about money and how much everything costs and how much people's salaries are.

Man, I am really scared of this. It's selling out at its purest, changing your entire being for the money.

johnnyx9 wrote:
I think most people in i-banking would flat out tell you that money is the most important thing to them.

The honest ones willing to share will tell you that, the others are keeping it to themselves or lying to themselves.
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07 Mar 2007, 09:12
While I agree with a lot of what johnny said, I think it's mandatory that people who go into IB have an idea of what they want to get out of it other than money. In many ways IB is a means to pay your dues in the industry and then use your experience and network to transition into a more manageable and enjoyable position - a place you would not be able to reach without IB experience.

It's the same way that doctors have to work an insane amount of hours during residency and lawyers need so many billable hours their first few years with a firm. It's certainly not glamorous in the initial stages, but it is most definitely a means to an end.
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07 Mar 2007, 09:20
Eazyb81 - I agree, I should have added that there are some people who do like to keep balance in their life, but they are capable of sucking it up and putting things on hold for a couple years while they go through analyst-hell, and then move on to greener pastures.
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07 Mar 2007, 09:21
3underscore wrote:
There is cash anywhere if you are good, V.

I agree with "___". If you join a position or industry without liking it just because its pay is high, you won't perform well and you won't last long.

I say use this once in a lifetime opportunity to get to know yourself and choose your ideal job. The money will keep flowing and growing if you really like your job.

Cheers. L.
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07 Mar 2007, 12:03
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I really cant even begin to tell you the number of people I've met who want to do IB or want to do MC but you ask them why, and they really really dont have a good answer.

Venky,

If all you want in life is money, go do IB. It pays very well. If you want a bit more of a life and still get paid a helluva lot more than whatever your getting paid now probably, go into MC. If you want to make a little less than your peers for a few years, but when they are sitting in New Jersey at 10pm at night, you are at home watching the Simpsons, go into something corporate.
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07 Mar 2007, 12:07
Get with it rhyme, by 10pm Family Guy is on, not The Simpsons!
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07 Mar 2007, 13:26
typicalgmatter wrote:
Get with it rhyme, by 10pm Family Guy is on, not The Simpsons!

TIVO b*tch.
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07 Mar 2007, 14:57
The other thing about IB is that it's easier to land a job with one of the banks that it is with other industries. (relatively speaking)
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07 Mar 2007, 17:57
does anyone know how many employees a private equity firm will typically have?
07 Mar 2007, 17:57

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