I don't know what I want to do.....

I guy I know in GSB joined a rotational program wit BP and is optimistic about it. He also mentioned that Cargill has a good rotational program for MBAs.

Great thread. Sounds like a lot of us are on the same page.

I used to think consulting was hard to break into, but then realized it's just the McKinseys and Bains that are hard to break into, there are like ten million other consulting companies, although I think the pay drops off once you get outside the big brand names.

The health thing is the one thing that makes the consulting sound unappealing, I really like eating good food and exercising a lot etc. and flying on planes all the time would suck.

But one perk that my consultant friends all seem to enjoy is a ridiculous amount of frequent flyer miles and hotel points. One of my friends flew to Malaysia for sixty dollars (just had to pay taxes), and on another trip to the Carribean stayed at a resort hotel and paid like fifty bucks a night, and flew for free.

Another friend told me that she once sat down and calculated all the stuff that she expenses that she would otherwise have paid for (food, gas) and she came up with ten thousand dollars in one year. So in other words, that's ten thousand dollars of her own money that she didn't have to spend on food and gas, which is like 13 or 14K tacked onto your salary (pre-tax).

So definitely pros and cons w/ consulting, guess I'll have to figure it out when i get to school.

Rotational programs are cool..

I joined a commercial bank not too long out of college as a management associate. You rotated in wealth management, operations, consumer banking, and corporate banking...the awesome thing that you had the chance to decide on a functional area..assuming there was an opening.. We recruit MBAs too..There was one McCombs MBA in my class... he's now doing equity research in the asset management group..

The downside is that there were certain areas of the bank that people absolutely did not want to touch..i.e...consumer banking. I actually was one of the few interested in Operations.. but you had the opportunity to understand how all the functions the bank work..which is pretty unique

We had 36 associates in the program..most were pretty young..the bank gave us free corporate housing..we all got pretty close...and um...some of us got even closer..(we used to call the complex melrose place)...=)

Ok i think I'm rambling too much now..

I want pictures.

If you dont mind being a total road warrior, its even more than that. You dont have to fly back to your home city every weekend, you can fly somewhere else, so I've known people who have gone to colorado for free - not on miles - just instead of going home for the weekend - and gone skiing.

There are perks. Thats for sure, but they do come at a cost.

I once had the chance to go work for united. I'm kinda glad I didn't, and I kinda regret that I didnt. ... people do crazy stuff like fly to Bangkok for the weekend just for fun.

I heard the same from the people who worked for the Big Four auditors.

It would fall into the Insurance/Financial Services Industry.

Where's the love for IB??

Okay, I know I've writing IB in my apps all along but I really don't either. I know I need to make a lot of money and I'm good with analyzing stuff and math. I've been living in 3 yrs of chillax IT life so 80hour weeks seem like exciting to me. But I can see how that might get tough after a year or two. Is there something else I should consider instead of MC?

I'd also like to work in Hong Kong/China after grad, so some kinda banking/investing sounds good to me.

Things that are out for me:
Brand Management
NPO
Sales
HR

I thought IB was more about photocopying and proof reading pitch books late in the night than any intelligent quantitative analysis. The analysis part is all bogus with a VP doling out an unrealistic and optimistic valuation number with the monkeys fitting things around that number.

My idea is to re-join my current employer. Now wait, here's the catch: right now I have access within my employer to positions around the world. Exciting opportunities and lotsa growth potential (which an MBA will help boost). However, when calculating salaries, they calculate based on a percentage of savings (in local currency) and a percentage of living expenses. Basically some wicked HR scheme to pay less to expatriates.

I figured that if I get a US based MBA I could re-join the company as a US-based employee and then no matter where I'm transferred (ideally to some low costs developing country) I'll keep receiving a reasonable salary.

So that's that. If I get an admit I'll try and make them pay for my MBA. If not, I'll keep my options open.

Cheers. L.

Tell us how you really feel...



People tend to have a love/hate relationship with IB, and it is apparent that transcends to how it is viewed in the blogosphere. It has it's pros and cons just like every job, but it's certainly not as dire as you make it out to be.

It was a tongue-in-cheek rumination....though not far from reality based on my converations with friends at Bear Stearns, ML and Lehman.

The adcom suggested we do Career Leader ($95) https://www.careerleader.com/

I think they require it for students...

80 hour weeks? Yeah, when you become senior. Associates are more like 100 hour weeks (not too different from analysts).

There's a switch in necessary skills in banking. The skills that get you the job and help you succeed are not the same skills you need as a manager. As a grunt, you need attention to detial/analytical skills/ etc. but as you become more senior, it's all about selling.

So, do you want to be a glorified salesman?

I understand, and I also have friends within the industry that say some of the same things when they are having bad days. However, other days they love their work and it obviously goes without saying the money is absurd.

IMO, there are pros and cons to all jobs, and sadly stats show that most people don't really like their job. Whether you go into IB, MC, IM, Corp Finance, GM, etc., there are going to be some good things and there are going to be some bad things - no job is perfect.

I think IB opens up a lof ot doors further down. Most people tend to work for 2-3 years post MBA and move on to PE shops, Hedge Funds and other Corporate Finance roles. Once you get out of the IB fraternity, there's an aura of accomplishment and honor associated to it.

I read in Alex's posts on businessweek forums that PE and Hedge shops aren't quite welcoming to formers IBs. Corporate finance is the more likely route. Can someone comment ?