ChicagoMan pyta:
Are the hours close to the same for Investment Banking and Public Accounting?
I heard the hours are both long and about the same, but the pay scale is vastly more for I-banking. Should I be jumping ship to I-banking instead of public accounting?
Are the hours close to the same for Investment Banking and Public Accounting?
I heard the hours are both long and about the same, but the pay scale is vastly more for I-banking. Should I be jumping ship to I-banking instead of public accounting?
#1 by nhij on April 14, 2010 - 11:04 pm
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You should really be thinking more about what you are interested in and have skills for. Also, where you want to live. Starting out, I would guess the hours will be similar, but eventually your hours will probably be better in accounting.
Investment Banking is very competitive, so you have to like that aspect, and you probably have to live in NYC or London or someplace (expensive) like that. Career paths are varied, depending on the area of banking you choose — equities, derivatives, M&A, etc.
Accounting is a lot of heads down work at first, because you probably start in something like audit. On the other hand, it’s a good training ground for other careers, especially if you plan to get an MBA some day.
Try to come up with a list of skills required for each entry level job (a recruiting website for JP Morgan and Deloitte, for example could help you with that). How well do your skills match each job? Good luck.
#2 by Andrew S on April 15, 2010 - 2:36 am
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The hours are very long for both, particularly in the first few years. The pay factor is as you described.
The difference is that the IB’s are far, far more finicky – they like Ivy League or graduates from big name schools. The interview process for IB is pretty grueling and high pressure – nothing you couldn’t handle – but far tougher than an interview at a Big 4.
Auditors and financial accountants are always in demand, particularly for 404 work. You won’t have to look too hard or wait too long to get a job offer. The hours aren’t quite as bad (will be close during “busy season,” when everyone’s fiscal comes to a close) but they’re much more than a 9-5.
Audit salaries are pretty good for someone just out of undergrad. 40k to $50,000 a year (and up, in more expensive cities), and depending on your school, your grades, the firm, etc.
First year salaries for IB are arguably the highest for anyone with a bachelor’s – the one I interviewed for had a pay range of $85-$120,000 (with year-end bonus). But again, the bulge brackets are super selective; the public accounting firms are scrambling for audit staff.
Either way, you’ll be pretty certain of getting a decent job. Congrats & good luck!
#3 by Xknows on April 15, 2010 - 9:24 am
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Hours for both career paths are long. Having worked many years on Wall Street (and this is a personal observation) Investment Banking seems to be “a bit more glamorous.” Again, that is my opinion-you need to play to your interests.
Also as a retired, I recommend checking out. They can make the difference, sound career advice and they will answer your specific questions.
Good Luck