I haven't read 'the accidental investment banker' but I have read Auger's other book, 'The greed merchants'. Incidentally this was just before I joined up Macquarie (the true blue aussie greed merchant). Excellent book, I would highly recommend it to anyone wanting a further insight into how the IB industry has evolved over time to become what it is now.
I have several consulting war stories (IT not management), I guess the work culture in Australia is slightly different to that of America, but the long hours and the deadline pressures, the politics, and the ugly clients remain the same.
One guy started a cartoon strip about the whole thing. It was absolutely hilarious, and absolutely true. Anyone who has worked with the Top 5 IT consulting houses (not just Accenture) can relate to these.
Check out : http://www.bigtimeconsulting.com/
I guess I have been lucky to have worked both for consulting and IB (although IT at both places) I have seen what the work environment is like for the management consulting side of it (at the Strategy arm) and the actual IB guys cutting the deals. I am more disillusioned with the consulting life than I am with IB.
Work life balance is rubbish at both places, at least IB pays better and you don't have to pack your bags at the drop of a hat and be ready to go to some random place with no idea about when you would be back. It was exciting when it started, well over it now.