<p>I’ve seen a lot of people ask similar questions, and I’m also not completely sure of all the many business-related jobs there are out there.</p>
<p>I have:
Good math skills (99th percentile SAT algebra) but complex math isn’t fun for me
Good writing skills (11/12 SAT writing sample)
Good speaking skills (speech & debater)
Good problem solving and strategical ability (strategy game champ! :P)
Some high school activity leadership experience</p>
<p>I want:
50+ hour weeks (I’ll feel useless if I’m too idle)
Opportunity to continue advancing to more powerful positions
Something that allows me to problem solve/be strategic
High pay is a plus, but high opportunity is better</p>
<p>I do not want:
A dead end job
To end up working with lackluster co-workers
A government job</p>
<p>I’m thinking about accounting or finance undergrad and maybe law school.</p>
<p>Currently, I’m drawn toward Mergers & Acquisitions, or CFO, but I know I’d start as an accountant or analyst of some sort most likely. Any suggestions on jobs (starting/bridge to higher ones/higher ones) would be appreciated.</p>
<p>I’d say accounting. It seems that you like to analyze and solve problems. You could probably either work in tax or eventually move into advisory/business consulting. Either way, accounting would be a good place to start.</p>
<p>The major you select won’t be as important as how well you do in school. If you are attending UT, the mgt tract would have classes most aligned with that career (but I will just reitterrate that the major you choose should not be a big deal).</p>
<p>I know some companies function as both accounting firms and consulting firms, would it be useful to get a CPA license and have some accounting experience before doing consulting? Would it make it easier to get a good consulting job if I work in accounting for a little bit?</p>
<p>This can be a bit confusing because there are so many areas of consulting (ex financial, IT, human capital, strategy and operations). Also, many accounting positions are similiar to consulting positions (work at the clients office). The specific area I was referring to is Strategy and Operations, which has more upside than any of the other areas. An accounting degree will not help you get into this area. To my knowledge, 2 of the big 4 accounting firms perform strategy consulting (Deloitte & PWC). However, my understanding is that at Deloitte this practice is kept very seperate from the other practices. In other words, it would probably not be easy to transfer from an accounting role into a strategy consulting position.</p>
<p>If you can land an associate position at a good strategy consulting firm (such as BCG or even Deloitte) the firm will often pay for your MBA. While some other employers will do the same, those employers aren’t very desired by MBAs. By contrast, MBAs consider strategy consulting positions “top jobs” and so you will be getting your education paid for and have a top job locked up (While everyone else is busting their you know whats).</p>
<p>BTW, I think that other areas of consulting are good too, and preferred over working in a fortune 500 company, but they will not give you as much upward mobility or access to top level executives.</p>
<p>Thanks for your insight, VectorWega. What should I do to increase my chances of being hired for a strategy and operations consulting position? I’m a little nervous to go for a management degree because I’ve heard they aren’t very good to have undergrad (don’t pull the best job offers, don’t carry much respect, very general skills) and I’m wondering what I’d do if I went for management major and didn’t get a job at Deloitte or PWC.</p>
<p>openedskittles, I thought you were referring to the consulting type jobs at accounting firms. Firms such Plante & Moran, Moss Adams, BKD, Crowe, etc. provide consulting services such as valuation, M&A support, restructuring & turn around, benchmark studies, business management services, etc. I thought you were interested in something like that. However, it seems like you are more interested in management consulting for firms such as Bain, McKinsey, and BCG. Accounting and becoming a CPA won’t really be that helpful if you are interested in that route.</p>
<p>Oh. I just knew that Deloitte, for example, did both. If the firms where a CPA is helpful deal with things like M&A and management services, what would a management consulting firm deal with and I’m a bit unclear about what any of these roles actually entail.</p>
<p>I understand your concern for getting a management degree. I do think this is mitigated somewhat by the fact that you are going to a very good business school. However, don’t take my word for it. I recommend contacting the business school’s career services and seeing if they have information about job placement (positions and companies) of the various majors. Also, if they can’t give you all the information you want, I would talk to professors in the areas you are considering. It’s likely that some have been in consulting in the past (or have their own consulting practice on the side).</p>
<p>I looked at UT’s salary statistics and it appears that starting salaries for mgt majors are equal to that of accounting majors ($52k). However, what’s more important is where they are making their money. If they are all going into mgt trainee programs then this is not right for you, but my guess is that those going into mgt trainee type positions are making less than 52k and those going into consulting are making more.</p>
<p>The reason I mentioned mgt in the first place was because I noticed that they have a “Consulting and Change Management” tract within the management major at UT:</p>
<p>"The consulting and change management track is designed to prepare students to become leaders in consulting firms, firms which require consulting advice, and firms implementing important changes. From time-to-time every organization experiences the need to renew its ability to compete and often uses external advisors to assist in the process. These consulting processes often involve extensive analyses of the firm’s competitive position, capabilities, organizational processes, culture, etc. Once a new direction is developed the process of implementing the changes must be managed. Examples of such changes include introducing new competitive thrusts, revised organizational structures, new technologies, and expansion into new geographic markets. "</p>
<p>At the very least some of those classes would be very useful. As I stated before, you can get into mgt consulting from any background. In order to best position yourself you have to be a top notch student (ie. high GPA, hopefully you had high SAT/ACT). Also be very involved in extracurriculars. Furthermore, mgt consulting uses case interviews which are unlike any other interviews. When it gets closer to that time you will want to practice case interviewing. Significant practicing would give you an edge in the interviews.</p>
<p>He was talking about activities that are finance focused and involve working with the actual financials. </p>
<p>examples:</p>
<p>Valuation - how much is this casino worth?</p>
<p>Restructuring - The casinos have good revenues but we still can’t cover the loan payments. How can we restructure the debt/equity to maximize value for the corporation and generate positive cash flow?</p>
<p>Strategy consulting is far more vague and can be practically anything.</p>
<p>examples: </p>
<p>The casinos are losing money. Why?
The casinos are struggling to increase marketshare. What can be done?
The company wants to build casinos in Asia. How do we do that?</p>
<p>Thanks for your help Vector, I’ll be sure to ask the counselors at McCombs about that. My SAT is 1400; 2140 and ACT 30. Do you know how that would compare?</p>
<p>Also, I’m still pretty interested in law school. What business major would be most helpful for that and what kinds of business/law jobs could give me what I want other than M&A.</p>