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How do I decide between a consulting offer and a wealth/asset management offer. ?
I have competing offers from top tier consulting and wealth management firms and am having trouble deciding between the two if professionals in those fields could speak on their experiences.
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7 answers
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Andres’s Answer
One of the best ways to learn about how a role like this would work out for you is to go to the LinkedIn of the company that has given you the offer and message people in the roles for Consulting and Wealth Management. Try to find out which one you enjoy more and you might even get some tips from the employees.
Some answers here will be good, but it is always way to go to the root.
Some answers here will be good, but it is always way to go to the root.
This was super helpful, thank you!
Joe
Updated
M’s Answer
I am in the wealth/asset management industry for over 15 years and I have many friends in the consulting industry ("MBB") as well. For the wealth/asset management industry, it is essentially in the financial services industry related to the investments. You will learn the knowledge about the investment, financial products, and risk management etc.. Typically the work-life- balance is good and you don't have to work extra long hours vs. the consulting and investment banking. On other hand, many of my friends who worked in the consulting industry eventually exited the consulting job to work on the industry they worked on during the consulting job as the work-life-balance is extremely bad. However, they all agreed that the learning curve is very steep and they can learn a lot in very short time period. They also have the opportunity to work on all different industries. If you are a fresh graduate, it is not a bad idea to work in consulting for a few years and then decide if you want to continue in that. If you need better work-life-balance and want to be in financial service industry, the wealth/asset management is probably the better choice.
Updated
Anita’s Answer
This is an excellent question, as both fields often need similar skills in analysis and client interaction. Here are a few points to consider:
Wealth Management: In this role, you'll have the opportunity to build profound relationships with individual clients, guiding them through portfolio composition, investments, savings, and more. While there may be times when you'll handle short-term transactions, you'll also be responsible for comprehensive analysis of portfolio and individual investment performance. This role offers valuable experience in analysis and client interaction. The real advantage is that it gives you a deeper understanding of financial services.
Consulting: This role is more focused on long-term projects and often involves learning about a wide variety of industries, companies, and challenges. One project might have you tackling a healthcare pricing issue, while the next could involve mining operations - the range is vast! The great thing about consulting is the flexibility it offers in terms of what you want to learn.
In conclusion, you should think about whether you prefer a role with a wider strategic scope, or if you're more interested in immersing yourself in the financial services and wealth management industry. You might also consider starting in consulting and then specializing in financial services projects. I hope this gives you some clarity!
Wealth Management: In this role, you'll have the opportunity to build profound relationships with individual clients, guiding them through portfolio composition, investments, savings, and more. While there may be times when you'll handle short-term transactions, you'll also be responsible for comprehensive analysis of portfolio and individual investment performance. This role offers valuable experience in analysis and client interaction. The real advantage is that it gives you a deeper understanding of financial services.
Consulting: This role is more focused on long-term projects and often involves learning about a wide variety of industries, companies, and challenges. One project might have you tackling a healthcare pricing issue, while the next could involve mining operations - the range is vast! The great thing about consulting is the flexibility it offers in terms of what you want to learn.
In conclusion, you should think about whether you prefer a role with a wider strategic scope, or if you're more interested in immersing yourself in the financial services and wealth management industry. You might also consider starting in consulting and then specializing in financial services projects. I hope this gives you some clarity!
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Anida’s Answer
I think you've got some great responses and advices already!
My 2 cents - ask yourself what you enjoy more and where you interests lie. The truth is that both professions can be equally interesting and lucrative.
- With consulting, you'll get exposure to various industries / companies. You get to work on problems for which most of times there is no playbook. You get to work with really smart brains, which stimulates you and you learn from them. Later on, this experience is really asset and door-opener for another job. Best part, you can also see how companies look like from the inside and if you decide to go to the industry, you have first-hand experience already. I would def recommend this to any fresh graduate.
- Wealth management is a world for itself. It is definitely advantage if you start early and young, although having some previous experience might be more beneficial. You get this attitude and knowledge how to talk to people, which is truly a skill and art in wealth management. From there, you can only gain.
I personally think you might be better off with starting with consulting first (I am totally biased!) and I've seen many cases where people switch to wealth management later in their careers.
My 2 cents - ask yourself what you enjoy more and where you interests lie. The truth is that both professions can be equally interesting and lucrative.
- With consulting, you'll get exposure to various industries / companies. You get to work on problems for which most of times there is no playbook. You get to work with really smart brains, which stimulates you and you learn from them. Later on, this experience is really asset and door-opener for another job. Best part, you can also see how companies look like from the inside and if you decide to go to the industry, you have first-hand experience already. I would def recommend this to any fresh graduate.
- Wealth management is a world for itself. It is definitely advantage if you start early and young, although having some previous experience might be more beneficial. You get this attitude and knowledge how to talk to people, which is truly a skill and art in wealth management. From there, you can only gain.
I personally think you might be better off with starting with consulting first (I am totally biased!) and I've seen many cases where people switch to wealth management later in their careers.
Updated
Aaron’s Answer
To echo some of what I have read in the other answers, I would say the best way to get more information is to go straight to the source. I spent 4 years working in Wealth Management, but my experience could be wildly different from somebody else in the same type of role at a different company. The people you work with and for have a huge impact on your experience, so you have to factor that in to your decision as well. On a very high level, though, I would say that Wealth Management is more helping solve people's problems (regarding finances) and consulting is helping businesses solve their problems. Which of those sounds more interesting to you?
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Brian’s Answer
I've had experience in both consulting and wealth management, and I can tell you that they're as different as night and day, both in terms of the job itself and the lifestyle they offer. Consulting is like a crash course in business, giving you a wide-ranging view of various companies and helping you rapidly pick up general business skills. It's an excellent choice if you're still figuring out your future path. On the other hand, focusing on a specific area within a company allows you to develop a deep understanding of that particular field. However, this specialized knowledge might not be as easily applicable in other areas.
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Jenica’s Answer
First off, a big round of applause for securing not one, but two job offers! Now, let's delve into how you can choose the best fit for you. Remember, you shine the brightest when your work environment and role resonate with your personal values and motivations. So, let's break this down into two simple steps.
Step 1: Identify your motivators. These could be anything from team collaboration, independent work, financial incentives, flexible work arrangements, bonding with your team, or the nature of challenges and problems you'll be solving.
Step 2: Pinpoint your core values. This could range from accountability, teamwork, inclusivity, transparency, to integrity.
Once you've got these lists, formulate some questions that you can pose to your potential employers. These should help you gauge how well each role aligns with your identified motivators and values. This exercise will provide you with a clear comparison of the two roles and guide you towards the best choice for you. Remember, you're in the driver's seat of your career journey. Happy decision-making!
Step 1: Identify your motivators. These could be anything from team collaboration, independent work, financial incentives, flexible work arrangements, bonding with your team, or the nature of challenges and problems you'll be solving.
Step 2: Pinpoint your core values. This could range from accountability, teamwork, inclusivity, transparency, to integrity.
Once you've got these lists, formulate some questions that you can pose to your potential employers. These should help you gauge how well each role aligns with your identified motivators and values. This exercise will provide you with a clear comparison of the two roles and guide you towards the best choice for you. Remember, you're in the driver's seat of your career journey. Happy decision-making!