Top 10 Differences between Consulting and Banking

10. In consulting, your bed is in a hotel in smalltown America. In banking, your bed is under your desk.

9. In consulting, your vocabulary is excluded to words like “granularity,” “value-add,” and “traction.” In banking, your vocabulary consists of “31.45 billion,” “9.28 times EBITDA,” “10.77 times EBITDA,” and “comps universe.”

8. In consulting, you do data gathering most of the time. In banking, you do data entry most of the time.

7. In consulting, a VP is a partner. In banking, a VP is a middle manager.

6. In consulting, you work on 1 piece of 1 project. In banking, you work on 50 pieces of 7 projects.

5. In consulting you check voicemail obsessively. In banking, you check
your Crackberry obsessively.

4. In consulting you know the nighttime taxi drivers. In banking you know the nighttime cleaning crew.

3. In consulting a deck is a book. In banking a book is a deck. Here’s a thought: why not call it a presentation?

2. On Mondays in consulting you ask each other how the weekend was. On Mondays in banking you ask how late you stayed over the weekend.

1. In consulting you confuse the client with recommendations using vague, broad and abstract concepts like “synergies” and “scalability”. In banking you confuse the client with a flood of numbers like AVP, DCF, PE, CSC, WACC, ROIC…

September 12, 2005
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