Investment banking jobs are very high paying. However, in relative terms, it is not among the best places to earn your bread and butter. And this is quite important because as you know money matters a lot as we get older and more mature. So, a job that pays well but will lead you to lose all your emotional baggage (like false limbs) might not be good idea.
Investment banking is an occupation that demands long hours of work, and since these banks exist to make money, your compensation will be determined by a number of factors. While you may not be making the same in absolute terms, your compensation may indeed be higher than if you were consulting or working for a smaller firm. You should also factor in other characteristics besides pay that could start making an impact on your decision such as the environment, growth opportunities, and overall career prospects at a specific firm.
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Investment banks pay better in absolute terms.
If you're are comparing top consulting firms (e.g. MBB) with top investment banks (e.g. JPMC, MS, Citi, Barclays, BAML, CS).
Also, worth considering some other parameters apart from absolute earnings while evaluating jobs:
It's all about your Interest/ inclination and less about pay because when you're good with something and are inclined towards something then you automatically do good there. Pay will only excite you up to a certain point, but in the long term, genuine interest prevails. You will feel trapped in a place that is paying you well but you are not enjoying the work. It is one of the strong drivers of the “Golden Cage’
Work-life/ earning per hour: This is another critical aspect. Both of these jobs are very rigorous and demanding, However, investment banking would probably be at the end. Investment bankers typically work anywhere between 70–100 hours a week, while consultants typically work 50–70 hours per week.
Don't just analyze your pay but also your interests and inclinations.
In a nutshell, the earnings at bulge bracket banks are way higher (probably more than 50% correlated to consulting) but there are other things to keep in mind while selecting a career.