By Jonathan RosenblattThe Daily Northwestern
More than 60 business-minded students braved the frigid weather and snow flurries Monday night to attend the Institute for Student Business Education’s (ISBE) dialogue entitled “Consulting versus Banking.”
Adhering to its mission statement of providing a “platform for facilitating interaction between business and youth,” ISBE invited Boston Consulting Group (BCG) Project Manager Bill Drakoff and Goldman Sachs Vice President of Industrials Leo Mahon to discuss their respective professions.
Given the lack of business majors at Northwestern, ISBE hoped to provide students with helpful insights into these two professions. This might help them decide what profession they choose and how to successfully navigate through the interview process.
“Many people think about being a doctor or a lawyer,” said Weinberg junior and ISBE chairman Rishi Shah. “Not so many 10-year-olds are thinking about what banking firm they want to work for. We wanted them to sit side by side and tell our members how their professions are similar and how they are different.”
The panel was moderated by Weinberg sophomore and recently elected ISBE vice president Thomas Hughes. Based on questions ISBE had received from students prior to the event, Hughes invited the panelists to broach such topics as a typical day on the job, their favorite part of the job, skills learned from their respective professions, what a first year employee’s responsibilities include and what kind of compensation and promotion an employee can expect to receive.
Both panelists admitted to the rigorous training period and demanding lifestyle for investment bankers and consulting managers, citing 12-hour work days and a fast learning curve as just some of the challenges facing a new employee.
“Investment banking is an incredibly demanding lifestyle,” Mahon said. “But if you embrace that which you don’t know, it can be a pretty fun experience.”
Both panelists were eager to answer questions, and they answered based on their own personal experiences.
They also acknowledged the importance of spending time with the talented young adults that will soon make their way into the business world. At the end of the formal panel discussion, Mahon suggested reading sections of the Wall Street Journal to become acquainted with the industry.
Drakoff offered advice to undergraduate students interested in either investment banking or management consulting.
“Find something you feel passionate about and excel at it, hit it out of the park,” Drakoff said. “We want to see aggressive, ‘go-get’ attitudes.”
Following a brief question-and-answer session, students were invited to an informal reception sponsored by BCG in the lobby of Harris Hall and were given the opportunity to talk with the panelists and BCG employees on a more intimate level. Mahon and Drakoff stayed long after the talk to speak with the students.
Overall, student response to the event was positive.
“We got a different perspective from both panelists,” said Weinberg junior Jamie Hanson. “I can now make a more informed decision for what career path I want to pursue.”
Reach Jonathan Rosenblatt at [email protected].
