I'm nearing my analyst tenure at a large investment bank (big three: GS/JPM/MS) and I'm so burnt out and cant think of a good reason to be in banking anymore. I interviewed with an MBB firm, it was a lot easier than expected. I'm offered a consultant (associate for Mck) level position. Plus, I have the chance to join a PE fund. I need to think about these from two POVs: longevity and tasks. Banking gets it the worst - every person at a higher level agrees it becomes a sales job, fishing for clients from your network, basically. PE is more of the same, except longevity is a bigger issue. I've known people much smarter and hardworking than me who could simply never hit the VP promotion, after getting yet another 3 years of soul crushing work-life-balance (80-90 hours weekly, I mean).
Retention seems a lot more present in consulting. The partner who interviewed me last stressed that promotions are a steady proxy for good performance. However, I'm unsure about the nature of the job up top. Is it also about fishing for clients? A “sales job”?
Edit. I know the work-life balance in consulting isn't all that great. But in comparison to banking, it's good for me. I was also an industry analyst, covering EMEA financials. I am a generalist as of my first day, but can think about getting assigned into