My overall desire is to work in strategy - having recently applied to various firms - right across the board...from your Deloitte's to your McKinsey's...(now waiting to hear back)I have been told recently by a mate of mine who is 'in the industry' that I would be better to get a IB grad scheme first and not a startegy scheme - then look to transfer over to startegy later...I was wondering...if I got an IB opportunity, is this wise? What are the benefits of this towards my strategy career? An could turning down jobs with startegy firms now be looked badly upon if aI pply for them as an experienced hire in the future with an IB background?By the way, just to clarify I am a graduate...just finished my Masters in September, which I did staright after my undergrad.Any help would greatly appreciated!Thanks

Apologies for my typo's - clearly should have checked the post first :(

I work at one of the Tier 1 firms. To be honest, transferring later is do-able but not done that often (unless you do an MBA in-between). One reason for this is that bankers learn a certain way of thinking and doing things which can be hard to 'un-learn' coming across (e.g., there is a large difference between IB models and consulting models - they are for different purposes). Another reason quite frankly is that once people start working in IB, they start earning a bunch of money (more than even tier 1 strat), once people start earning a bunch of money they (in general) start to feel like they need this amount of money (and even more!) just to survive (it's a tragedy that I've seen overtake some of my friends and felt myself). Therefore, IB-ers become unwilling to take a pay cut to work in strategy (even though the money is more than ample and they may find the job more enjoyable).Overall my advice would be if you want to do a job (be that Strategy, IB, candle-stick making, whatever) and you have a chance to do it now then you should just do it. Trying to second-guess the future and say "if I do this for two years, then I can do that for one, then I can finally get this" doesn't really work in practice, things get in the way. If you know what you want and can do it now, then do it.

it's all very well saying that, but if getting a job in strategy was difficult then getting a job with an IB is even harder. Especially when you have left it so late in the year now, the majority of IB positions for next years intake are filled or in the process of doing so.Why would you work in strategy if you had the opportunity to work in IB? You work slightly less hours for much less money, it doesn't make sense.If you want a job in strategy then don't join an IB grad scheme as this wouldn't really benefit you in any way.

Let's not debate again how hard it is to get into MBB versus IB, I've made my views on this clear before.But can I just respond to the point Anon makes, he/she seems to be believe that:Good Job = Salary/Number of Hours.Idiot.I know for some people this forumla holds and is justified (e.g., need to earn to look after dependants and have no other way of getting by). But for most people if this formula holds then I honest to God pity them. Your job is going to take up a good portion of your life, if you don't enjoy it you end up being a boring b*stard who 'lives for the weekend'.

MBB there is no need to make this personal, I was just stating my opinion.That opinion is justified in the fact that whatever you say pecuniary factors are a major factor in any potential career. The simple fact of the matter is consulting pays a pittance in comparison to IB, IB bonuses after 5 years can be higher than MC partners salaries. Forget this 'living for the weekend' and portraying an IBer as doing this because they will have retired by the time they're 35 on their yacht and you will be working for your reasonable salary until you're 65!!!Short term pain, long term gain.

cheers guys! Just to reply...Anon - I have already applied to Strategy firms and IB firms by now, (so the application date isn't my worry) I was just wondering what to do if the option presented itself. I understand the money is amazing in IB but for me I want to do strategy, regardless of the IB money - I only wanted to do IB it if it helped me get into and also shoot up the promotion ladder in a top startegy firm after my IB graduate scheme (which my friend told me it almost certainly would?!...but I am seeing that this isn't the case)MBB - I get what you are saying, and it makes sense...to be honest I think its best for me to go for what I really want - as I will perform better being fully commited to a job throughout, rather than a short-stop to go somewhere else!Thanks again guys!

Only place where your friend might be correct (that IB would help) is if you have an offer from top tier IB (e.g., GS) but a much lower tier strat firm. Then it may be the case that going into IB would help you get a better strat role later. But to be honest your logic of "if I like it, I'll be good at it" is pretty sound.