Finance vs Consulting | Which Career to Choose?

In this video on Finance vs Consulting, we will do the analysis between a finance guy and a consultant.

Hello everyone hi and welcome to the channel of wallstreetmojo friends right carrier or which is the right pathway a goal for you or it should be of profession what you would like to do what you would like to be do you want to think your inner strength is to some of the questions that you go through see a this is a story listen to it a professor was giving a talk in a

Small room professor paused and encouraged his students to ask questions depth of the knowledge or the breadth of the knowledge the professor paused and your knowledge but if you are ok with becoming a non-expert it would i would the professor gave is subject to arguments and can encourage a lot of what should you choose a career which needs a lot of depth of the knowledge

Or effectively manage the task at hand who are you a finance guy or a analysis between the finance guy and a consultant and will also provide all the has to be made by you we are picking the fruits and putting into two baskets you basket with different fruits so let’s begin let’s start with very simple thing difference because we are going to make some comparisons and we

Have two things let’s look at each and every aspects the first aspect that i want to talk about first one now if we talk about finance the career options are like investment quantitative analysis project finance and technical analysis but if we talk consulting in other areas so what are the hard skills that are required see so this is the point on hard skills that have

Accounting corporate finance fixed income derivative and corporate law but because everywhere you will be going around with because you’ll be just my excel will be it will be really less analytical skills process wass data and chain let’s see what are the soft skills that are required by such professional to work for extended time period of 80 to 100 hours plus an hour of

E excellent terms of consulting if we talk about ability to understand clients talking taking ownership ability to work in a team let’s see which are the top consulting sorry the consulting profession so the top form for finance lynch credit swiss citibank dorsch bank you talk about consulting in that particular area you have macan seein consulting deloitte consulting llp

Monitor group pricewaterhousecoopers llp see how the work life goes in both the center of both the cases if you see the banking it’s brutal equity research it’s still okay so by side analysts have a through 10 to 18 hours a day but if we talk about akin in in in case of project on an average it is around 12 hours a day now let’s see the sixth not required to travel much you

Can safely assume that 90% of the time they to 75% of the time so let’s see some of the keywords that are finance valuations m&a npv and irr in consulting it is top level analysis involved in this the exit opportunities that are involved in this are depending exists apportion areas within the finance sector for example investment buy side analyst profile and if we talk

About consulting area then in case of let’s see what are the network opportunities because that plays a very fortunately mostly works within the finance industry alumina in network is consulting then consultants works for diverse industry they get immense governments in also countries so they also have a very strong alumni network popular certifications that are between i

Mean or you can go for in terms of acc scp and so on and so forth what are the job security because everyone is so the chances of the chances of spending 15 to 20 years in finance field is is bit lower especially invested mining and the chana lot higher now let’s see which one to pick i mean we have to pick one finance so that you can have an idea what characteristics are

More for your kind naturally to you you are able to concentrate and don’t feel bored easily you’re someone who is going go-to guy for specific things you love your one everything so you get bored with things easily you’re someone who picks up one have a hard time concentrating on one thing most of the time and you feel that above may not match who you are completely but

While reading you will the whole article or you know this particular will try to listen the phrases in mind and will be talking about finance and consulting too so with numbers think logically based a decision on reasoning and mostly get the to do much things they cannot only get around with the finance knowledge they presentation customer service and many more so they are

Jack of looks like to have a career in finance and to have a career in consulting so work in career in finance now this section would be divided into two parts create an amazing career in finance then we will talk about how to get there quantitative analysis project finance and technical analysis how to get into want to specialize in is it something that you want to do at

Least for next 5 to 10 years if yes then choose whatever speaks to you but if you feel will talk about careers in management and consulting and who thrive in so if you think being a specialist speaks to you choose any of the above something that you can continue doing for next 5 to 10 years so to the lifestyle of the finance profession pick any profession and look at the

Career offers me am i excited about the lifestyle if the answer is yes pick that careers in management see well finance careers are mainly built on the a different route here’s what you should do to thrive in management consulting management consulting so skills required communication and interpersonal skill to be a great management consultant you you are coming from a

Clarity is the key so while communication can be develop you cannot just get great at interpersonal skills until you see the past and be in the present and predict the future in such a way that there you need to understand trends of the business and how to make sense in your protection third being an able to analyze vast need historical data to answer this question whatever

You need to know how analysis is not always considered as a specific skill but you need to know how statistical model charts or presentation next future orientation see as a focused on offering them better results in future you would be you you would not of the future or the most cherished goal your job is to put the results on the results through the upper two your present

Kind of clients and they will you have heard the expression when i do i learn yes you need to do consulting to firm okay you can join a big consultancy firm like mckinsey & company boston accenture and so on and so forth and can learn the art of trade joining a big you’ll be a small fish in a big pond so there is no limits to your learning you own domain of work second

You will get much better salary compared to your when recruiter will look at your profile you will definitely have an edge over experiences now this wall consultancy firms see yes you can join a small firm chances of the growth would be more how the question is how you need to take compensation may be less but the experience in this small form is great the next thing see

Starting your own consultancy firm is lucrative of course it’s risky and not easy you will lose sleep nights after the you the autonomy of choosing your clients expanding at your own pace and no it’s not easy to start a consultancy firm on your own but if you enough so let’s conclude this in the final analysis the only difference compensation you would own a little less

While starting your management your lorial you will do well and eventually you may earn much more than consultant consulting professional you need to ensure your your own growth as can do finance certification and choose a career and management consulting many thank you

Transcribed from video
Finance vs Consulting | Which Career to Choose? By WallStreetMojo