Wearing high-quality formal business attire, working on an expensive MacBook, and driving an elite car. Isn't that what we think working in finance feels like? Well, the truth is somewhat closer but different. For years, management consulting and investment banking have been viewed as high-paying, prestigious careers.
They attract students who love business, finance, and, specifically, problem-solving. Consulting and Investment banking are not your typical bank jobs but competitive arenas where chartered accountants, statisticians, and even engineers compete. All they need are people who are logically strong and can communicate their ideas.
In 2025, JPMorgan reported receiving over 600,000 applications for about 4,100 internship positions, implying that only 1% of applicants were selected. Renowned consulting firms such as Boston Consulting Group (BCG), Bain & Company, and McKinsey are also top targets for young business graduates.
Although these careers still offer strong opportunities, the ever-evolving job market has changed drastically due to economic slowdowns, technological advances, and different expectations from young professionals. Many consultants are moving towards product-centric companies to achieve a better work-life balance, which is difficult in consulting or investment banking.
Why is hiring tougher than it looks?
When you are a young professional, you are attracted to the glamour of working in MBB firms or Big 4. These charming careers are not as lovely as they look. Due to economic slowdown, Investment banks have reduced deal activities such as Mergers and Acquisitions. For instance, Bank of America has reduced junior-level jobs and is focusing on cost optimization and efficiency.
With that said, companies regularly hire for expertise in analytics, sustainability, and digital transformation. Overall, high-paying jobs still exist in the finance space; it's just that some professionals may or may not have the market-relevant skills for the upcoming years.
What are the exit opportunities?
Everybody wants a good exit. When you're giving more than 60% of your day to something, you feel you deserve reasonable compensation and some independence at the end. Both investment banking and consulting are high-paying careers compared to many other jobs (except Tech, maybe). However, their working conditions are as bad as those in healthcare or emergency services.
Investment banking is harder to crack, as pay is relatively high in the first few years, mainly due to bonuses tied to deals and market performance. Consulting may start at a decent income, but one can gain much more experience and skill over time and reach the top of the corporate ladder. In both cases, most professionals move into corporate leadership, strategy, venture capital, or private equity roles. Although the competition to exit is intense, success depends on market performance, timing, and skills.
Is work-life balance a myth in finance?
Do not ever go into these careers if you hate long working hours or cannot travel much. Let's be real. Consulting and Investment banking require communicative people, and it's all about solving bigger business problems. Here, long working hours are standard. If you can work over 50-70 hours in your mid-career, then this career could be enriching.
Compared to banking, consulting offers a better balance because projects are structured. However, consultants have to travel to different clients' locations, which can be tiring for many. Though these careers can be stressful, people may enjoy them depending on their energy levels, tolerance, and passion for their work.
The Rise of Tech-Driven Careers
Some professionals may consider Artificial Intelligence a threat to their jobs. Still, the truth is that AI is reshaping how consultants and investment bankers work. AI automates research, analysis, and financial modeling tasks, and firms rely heavily on it to boost efficiency. However, it cannot replace creativity, critical thinking, and human insight, which are required for decision-making.
Beyond the traditional finance or business knowledge, the new-age investment bankers and consultants require data literacy and technological expertise to succeed. In these highly competitive careers, if you can not pair your business acumen with skills such as data analytics, machine learning, coding, or industry-standard specialization, you might become obsolete in no time.
How to balance stability and well-being?
The global and national economic situation primarily influences your work and rest, particularly in careers such as investment banking or consulting, where hiring fluctuates with market conditions. While consulting is a steadier choice, it demands consistent learning and adaptability for better growth.
To reduce long-term risk, you must focus on skill development and specialization. Burnouts are common, so prioritize company culture, mental well-being, and work-life balance over the brand name. At this point, many firms are investing in mental health initiatives, which shows a trend towards sustainable employment.
What to think before you pick your next move?
Whether you pick IB or consulting, both offer strong pay, learning, and global exposure - but they are not as fun as they look in movies like "Big Short" or "Wolf of Wall Street". They require persistence, hard work, mental strength, emotional strength, and adaptability. People who enjoy problem-solving, working in teams, and working in fast-paced environments may love these careers.
Others may move into more sustainable careers based on their personal goals, beliefs, or attitudes. Before making your next career move, you must understand that you will always be ahead in a career where you have skill leverage and competence.
