Ding ding ding. In my brief foray in management consulting at a big three firm, both the company (helped by the credit card companies) sought to create a culture of excess. My colleagues were way overleveraged -- vacations weekly in Cancun, etc. This created dependence on the company, and ultimately intelligent workers who had no choice. By the time they made actual money (5-6 years), their expenses would way exceed their incomes. Thankfully, I got out and never really succumbed.
I have pretty much no exposure to that world, and about half the comments here seem to agree with you, but I still don't understand.
I can appreciate that you might need a wardrobe with nice suits, a respectable looking car, and a few stories about places you've been and things you've done. It doesn't seem like it would super hard to craft that image without spending a lot of money.
How'd you get into the management consulting world? Is there a 500k/yr salary just waiting for me if I fake like I'm a Wall St guy from the 80s?
I have quite a few friends who ended up doing this. It isn't easy at all. And if you are just in it for the money, you probably wouldn't get an entry-level position.
That probably sounds slightly crazy but how many people actually do end up leaving and doing something else? Not many. They end up in those jobs because they want the lifestyle, the status, and being "the guy" is critical to their self-image. Faking it would be pointless (it would probably lead to severe unhappiness).
And if you are an employer, your job is to feed into that. I don't think it happens consciously but most of these places have working environments where the stick and carrot are used quite heavily. If you "win", the rewards in status are huge. If you "lose", you will be crucified. And most people who do exit, exit because they lose. Not because they win and decide they have had enough...no-one does that.
> How'd you get into the management consulting world? Is there a 500k/yr salary just waiting for me if I fake like I'm a Wall St guy from the 80s?
Straight from undergrad. I went to a tech-focused school, majored in math and CS, and did a financial course series as a requirement for a scholarship. That, and I guess I'm a good interviewer / have people skills?
> I can appreciate that you might need a wardrobe with nice suits, a respectable looking car, and a few stories about places you've been and things you've done. It doesn't seem like it would super hard to craft that image without spending a lot of money.
This is not difficult. I wore mostly hand me downs I had tailored. Worked in a big city, so lack of car was not a problem. I also had my fair share of 'stories' (mainly because being student body president at my college exposed me to a world of very rich people).
The difficult part is that you enter in 'classes'. You and thirty other people who just graduated start at the same time, and you are put through the grinder together. There is an expectation you do all your socializing in this group. For me, part of the problem was that I was engaged and planning our wedding, so I had to take time off to do that and not partake. The group would collectively decide to do things everysingle weekend. If you did not attend, you were ostracized. These were not things like playing board games together or even clubbing (although there was a lot of clubbing). These were things like, 'so and so has a birthday, let's go to Cabo!' or 'let's rent a boat' or 'let's rent a mansion'. These things cost a lot of money, and the company does not pay. However, if you do not invest in maintaining these relationships, you will face issues later on.
The company encourages this by throwing extravagant parties every few months. And I really mean extravagant.
For example, before we accepted the offer, we were all flown out for a weekend filled with free booze, clubs, etc. We were all 'beautiful people' so to speak (although, I personally think I was the ugliest person there). The company provides enough of an exposure to a lifestyle that it whets the appetites of status-seeking 22 year olds, who then seek to accomplish the same 'epicness' on the non-company-sponsored weekends.
> Is there a 500k/yr salary just waiting for me if I fake like I'm a Wall St guy from the 80s?
No. The salary is piss poor. Starting undergrads in 2014 made $75k/year in San Francisco at my firm. The big bucks only roll in after you've been there for many years (and thus have that large debt hanging on your neck).
As my first manager said, "you can wait until you're 30 to have a family and free time." She told me that the week before I quit.
That's fascinating. I had no idea about the 'classes' thing.
I wonder if there's an alternate track for someone already established in another field. Could an established software developer somehow transition to getting a "big bucks" management position? Or does it all flow through that class system, and if you didn't enter at the bottom, you're not able to get to the top?
As OP said, the typical way to go into management consulting or investment banking or another of these "big bucks" careers is to do it right from the start. Going to a "prestigious" undergrad school helps immensely. Being able to look and talk like a big shot helps. Slog it out in a bank as an analyst for some years. Then at some point go to MBA school as a finishing degree, and then back into a bank/consulting company as a made man higher-level employee. The key is to get that "elite" pedigree early, which opens the rest of the doors.
There are also career changers who start out as something else (like a software developer) and go to the best MBA school they can get into, in order to try to "sneak in to the back door of the club" that way. I actually tried (and failed) to walk this path. My jaded view, after blowing more $ than I care to admit on B-school and literally dozens of interviews that went nowhere, is that these employers are looking for people already in the in-crowd, pre-blessed as elite, and are in general not welcoming to working class career changers. Investment banks are primarily looking for pedigreed former bankers, and management consulting firms are primarily looking for pedigreed former management consultants, and good luck if you're not already in one of those clubs.
My "conspiracy" theory is that tech companies would be like this too, except it would literally be impossible to fully staff your CS team on elite bigshots.
> "big bucks" management position? Or does it all flow through that class system, and if you didn't enter at the bottom, you're not able to get to the top?
Unless you are bringing in substantial expertise in the strategy side of technology (and most importantly, have a rolodex full of rich potential clients), it is unlikely that you would be hired. Outside of the traditional hiring rounds from undergrad and biz school, it is exceedingly rare to be given an employment offer.
