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Banking or consulting, which job would you take?

  • Last Updated:
  • Jan 10th, 2019 1:49 am
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[OP]
Newbie
Jan 23, 2010
34 posts
8 upvotes
North York

Banking or consulting, which job would you take?

Received 2 job offers and I can't decide which one to take. I received an offer from one of the big consulting firms and one from the big banks?
Consulting pays more but there is no bonus. Banking pays less but there is a bonus. Overall, the pay is similar.
11 replies
Member
Jan 1, 2017
346 posts
205 upvotes
StayKool wrote:
Jan 7th, 2019 6:48 pm
Received 2 job offers and I can't decide which one to take. I received an offer from one of the big consulting firms and one from the big banks?
Consulting pays more but there is no bonus. Banking pays less but there is a bonus. Overall, the pay is similar.
I am surprised there is no bonus for the consulting gig. Also what kinda roles are these? Typically consulting is long hours and lots of travel if you are hired as a consultant. Banking is typically 9-5 and no travel.
Member
Jan 1, 2015
217 posts
52 upvotes
Toronto, ON
Consulting 100% if you’re young and have the time to slave for the firms. Your annual raise at the firm (plus structured promotion timelines) will outweigh your bonuses and 0-3% salary increases in less than a few years.

You ever wondered how much those old bank lifers that are senior/manager make? Not much, think 70-90k. 5-6 years at the firms (Manager level) and you can easily leave for a Senior Manager position managing those lifers who dedicated their whole lives to the bank.
Deal Addict
User avatar
Dec 8, 2007
4750 posts
913 upvotes
Neither?

What are the jobs and in what groups.
[OP]
Newbie
Jan 23, 2010
34 posts
8 upvotes
North York
Both jobs are non-managerial roles.
Deal Addict
Jul 12, 2008
1794 posts
292 upvotes
Burlington
Is this at the Masters level? Consulting sometimes has an up or out mentality which can be good or bad for you depending on how you perform.
Deal Expert
User avatar
Apr 21, 2004
47356 posts
13103 upvotes
If not in investment finance type role with lots of room for growth, I would say go consulting.
Deal Addict
Sep 4, 2007
1196 posts
599 upvotes
Edmonton
"Banking" encompasses a lot and is basically meaningless.
Sr. Member
Aug 16, 2008
864 posts
184 upvotes
Markham
OP neglected to mention his area of expertise is analytics. As an FYI, most readers would assume youre discussing roles in finance.

I would think an in-house role would offer better work-life balance.
Member
User avatar
Nov 15, 2016
216 posts
109 upvotes
StayKool wrote:
Jan 7th, 2019 6:48 pm
Received 2 job offers and I can't decide which one to take. I received an offer from one of the big consulting firms and one from the big banks?
Consulting pays more but there is no bonus. Banking pays less but there is a bonus. Overall, the pay is similar.
I just read the post above that this is for a Analytics role, What is the specific role? How old are you? If younger, go consulting if you don't mind the long hours, but the breadth of exposure you'll receive will be incredibly valuable moving forward.
If you want a more manageable work-life balance, i'd recommend the bank. However, some Banks I have heard, do also work long hours dependent on the role/team you are in.

Its a tough choice, but all dependent on how ambitious and comfortable you are with work-life balance, as well as, which role will provide lateral movement later on.
Sr. Member
Nov 10, 2018
613 posts
370 upvotes
Consulting. Exceed your utilization quota and you'll probably get a bigger bonus.

Banks are for boring people. :)
Jr. Member
Dec 21, 2009
114 posts
59 upvotes
Oakville
Consulting easily - unless it's ibanking you're talking about.

Consulting at the big four will open doors to other places ie: established start ups, top tier consulting firms, etc - just make sure you get as much good and diverse experience leading projects as possible, and see if you can get involved in sales and pitches. Sales/People management skills with technical skills will make you a monster, and allow you to start your own thing down the line as well.

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