I'll try to tackle this question.

As a former Wall St slave, I've seen many investment bank professionals jump from one job to another. Usually, the trend is like this....

1) Get a job with big name IB right out of college
2) Put in few years in - however, depending on your expertise/area and job market demand, many former colleagues left their respective positions even after just one year. (mainly due to headhunters calling from all over the place)
3) After few years, many return to bschool. Others jump to more lucrative positions at other firms. Many Wall St big name banks don't like newly hired employees from competitors. (i.e. - GS employee jumping to Morgan Stanley and vice versa - mainly due to culture clash) Most people choose hedge funds, and boutique firms after a stint at big banks. (easiest to get in and great bonus....sometimes less hours) PE and VC firms are little more difficult. One needs to have a fantastic network/contacts or resume. However, nothing is out of the question.
4) MC to IB/Wall St or Vice Versa - This switch is seen more frequently after bschool. Mainly because MBAs get recruited into direct training programs and that makes transition easier. However, IB/Wall St professionals usually jump at opportunities to open their own shop or any other option that will give them equity/capital. This is because many already devoted countless hours working like slaves. They want to cash out and run their own show. Many stars of IB usually take this road because due to their star status/reputation, they can find investors easier. For former MC's, some do enter Wall St/IB but many choose PE, VC, Start-ups and other consulting gigs. PEs and VCs actively recruit former big name MCs and offer more money. Many end up at D.C. lobbying gigs or start-ups because compensation can be anywhere in mid to upper six-figures to seven figures.

In conclusion, exit opportunities are usually unique, but in many ways abundant for former MC and IBers.
Of course the state of the economy affects the number of opportunities - but the opportunities are there.

Former IB/Wall St warriors often don't choose the corporate route. They have high expectation for compensation and etc. Also, many corporations prefer hiring accountants (many number crunchers on Wall St don't know how to close books every month etc - this task is usually reserved for back office operations ppl) or people out of their own finance development program.

Former MC's have more broad options in my opinion. Mainly because their critical thinking skills can be used in just about any industry. Also, once you go through few years at top consulting firms - you are specifically trained to think/work in certain ways. (although recently, there was a study of how former MC'ers make poor CEOs or top executives.....)

Important thing is to establish great contacts/networks as well as his/her reputation while slaving themselves in big firms.

Most current IB and MC'ers dream about their next career when they leave their current respective positions. It is important to have allies everywhere because that's where you usually find your next opportunity.

BearStearner, I thought it was somewhat common for people to jump from IB to corporate finance roles simply to increase quality of life. Also, I would imagine that their skills would be useful in an M&A advisory role within a corporation (as opposed to "closing books every month"). Is this not true?

Thanks for the input. I'm in the power/utilities industry, and the big utilities seem to have an internal M&A group. I imagine most big companies have a similar group. The group this guy is leading is an example:

http://www.duke-energy.com/about-us/lea ... -barry.asp

I think they are responsible for:

1. coming up with M&A ideas
2. evaluating/negotiating the stuff the IB's pitch

I'm just speculating though.

Believe it or not, not everyone on Wall St has fancy undergrad degree. (Plus you will have Booth MBA - who's gonna question that?)

Taking traditional IB road will definitely help with your post-banker plans. However, Booth will open a lot of doors for you. Keep your mind open. You will have more options than just traditional big IBs.

To be honest, traditional IBs are weakening and consolidating right now. However, there will be no doubt that Wall St will re-invent/find the next "Big" thing and ride that to generate enormous revenue again in the near future. (I will bet my money against those nay-sayers) For example, easy tech IPOs were their revenue machine in the late 90's. Junk bonds were king in the 80's. Recently, subprime mortgage debt writing and securitizing....

Plenty of people come from various (non-finance) backgrounds pre-MBA. Not everyone can be a "star"... Even "stars" burn out and they get replaced by the next guy.

There are many ways to find success on Wall St. First find your passion and your niche (expertise). Look out for new opportunities and pitch your ideas. Take the initiative and become an asset to the company/team.
You got to work hard and play hard.

But never burn your bridges. Because your future friends, classmates, and co-workers will help you reach your goals.

Good luck.

Don't MCs handle M&A activities such as doing due diligence,providing advice on achieving synergies after an acquistion?

You are absolutely right Fall09. Many MCs look at a client's business as an integrated, cohesive whole. Mcs helps clients find new markets to generate revenue, make more of it faster, and sustain its growth longer. Big MCs help make the big decisions such as strategy, organization/restructuring, operations management, technology integration, and mergers & acquisitions.

Thanks BearStearner! Added kudos to all your posts, you were really helpful in this thread. I noticed we applied to some similar schools, feel free to PM me if you have any questions on schools/interviews/apps etc.

Very insighful bearstearner.
Thank you.
_________________

To find what you seek in the road of life, the best proverb of all is that which says:
"Leave no stone unturned."
-Edward Bulwer Lytton

great thread! :D
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Brandon Hoffman
http://www.linkedin.com/in/bdhoffman

Management Leadership of Tomorrow (MLT) - MBA Programs Fellow
MLT LA Chapter - Board Member / Recruiting Officer
Net Impact - Professional Chapter Co-President
MBADiversity Organization - Global Fellow, CHINA