Shyam Rao

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Banking and consulting both attract the elite, if you want to get in to either sector you will need a sack stuffed with academic achievements and a résumé filled with the right sorts of activities. And as both banker and consultant you’ll be paid well, will operate at the ‘highest levels’ and will work considerably more hours than your friends in other industries. This is not to say that banking and consulting are equivalent careers though, they have their differences. Moreover, those differences are substantial. If you are toying with a career in consulting or a career in banking, here is how to decide which is best for you. Pay in banking vs. pay in consulting? Banking pays A LOT more Will you earn more in banking or consulting? From pay, banking is a lot more lucrative than consulting is. However, one consultant who now works in banking says that if you play a long game in consulting, you are likely to come out on top of the bankers. Sure – in the first ten years of your consulting career, he says you would almost certainly earn more as a banker. “In banking, you can be subject to volatility, both from the market and personal performance. Job security in banking and consulting? Consulting is more secure This brings us to the second point: job security. Your chances of having a 15-20 year career in consulting look a lot higher than your chances of having a 15-20 year career in banking. In other words, headcount in consulting just seems to rise and rise. While Consulting firms are quick to advocate cost cutting in other industries, their own staff seem secure. Guess who helps banks deal with the cost and regulatory pressures that make them cut people? That is right, consultants. Even when banking jobs are being cut, consultants still have plenty to get on with. Banking therefore looks like the more risky career option – you might get paid more, but it might not last. Working hours in banking and consulting? At least you will be home during the week in banking The hours you work in banking will depend upon the area you go into. If you go into sales and trading, you can expect very early mornings but clearly defined ends to your day as markets close. If you go into IBD (M&A or capital markets), the hours are much more protean. Even though banks have done their best to cut juniors’ working hours, most people still work 75 hour weeks (minimum) and non-banking friends tend to fade away as weekends and holidays are consumed by the demands of the job. The hours are tough in consulting too. Do not forget that if you work as a consultant you can spend your weeks ‘on the road’ miles away from home. The ex-consultant we spoke to said weeknights are often a killer in consulting jobs – you are lucky to get in by 10pm. Unlike in IBD, however, consulting work rarely impinges upon the weekend. Like banks, consultancy firms are alert to the hours issue too. Travel in banking and consulting? Consultants travel too much The big downer about consulting is the lifestyle. If you work in banking, you will commute in and out of your office. Yes, you might have to do a lot of travelling if you are in a senior client-facing position, but if you are a junior M&A banker or a trader you will mostly be glued to your screen at the mother ship. By comparison, if you work in consulting the travel is immediate. Moreover, it is relentless. That client office could be nearby, or it could be hundreds of miles away. If it is hundreds of miles away, you will spend your weeknights in a faceless hotel. “The travel is a killer – you’re on the road non-stop unless you get a plush home city assignment,” The work in banking and consulting? Powerpoint or Excel? How about the work itself? Junior bankers in IBD spend their lives creating financial models in Excel and pitch books in Powerpoint. Consultants, meanwhile, spend their time creating diagrammatic models and Powerpoint presentations. The key difference is therefore financial modeling in particular and finance in general. Junior bankers devote their time to studying the value of a company and its capital structure; junior consultants think about the strategy of a company and its organizational structure. In theory, life as a consultant should be more fulfilling as consultants actually get to implement the recommendations they make, but one ‘executive transitioner’ who works with consultants moving into other industries says consultants get frustrated with the endless presentations and limited opportunities put their ideas into practice (a bit like junior bankers who put together endless pitch books for M&A deals that never happened). For this reason, he says they often move out of consulting and into management roles in industry instead. Job prospects in banking and consulting? You can move onto bigger things from a consulting firm What happens when you decide you do not want to work in banking or consulting anymore? If you work in consulting, you can always go off and become a senior executive in the sector you have been consulting in. By comparison, swapping out of banking can be more of a challenge. The best people from banking go into private equity or event driven hedge funds. Sometimes they go into corporate to work for ‘in-house deal teams.’ Nevertheless, often more people want to leave banking than there are places for them. Interestingly, it seems very easy to go from banking into consulting and less easy to move in the opposite direction: If you are smart therefore, maybe you will start out in banking and then move into consulting as your career progresses. That way you will be able to sample both worlds.   http://shyamrao.com/blog/?p=63

Yesterday’s leadership skills will not work in today’s fast-moving and evolving world. Only creative leaders who are visionary and empathetic will succeed. Here are five things you can do to succeed as a creative leader:   Instead of commanding, coach your team and organization toward success. Don’t manage people; facilitate them. Often, the know-how, experience, and solutions are there; help people to discover them. Cultivate respect by giving it, instead of demanding it. Know how to manage both success and failure, not just success. Be gracious. Be humble about your successes and, whenever possible, give someone else the opportunity to shine.   Lead Confidently   Confidence is a key ingredient in leading effectively. Unfortunately, sometimes it’s easier to know your weaknesses than your strengths. Ask yourself these two questions to help find your self-confidence:   What do you do well? Make a list of your strengths. These items are not the same as the accomplishments on your resume; they are what made those accomplishments possible. How will your strengths lead you to future success? Why should people follow you? Look at situations where you mobilized yourself and your team to face a particularly tough challenge. Why did people believe in your ability to get things done and trust that you were the one to follow?   Master the Fundamentals   There are countless opinions on how to be an effective leader, but it’s important not to forget the basics. Here are five rules for mastering the fundamentals of leadership:   Shape the future. Articulate where your company or division is going and be sure everyone around you understands the direction. Make things happen. Once you know where you’re headed, focus on how. Again, be sure all of your people know what executing will take. Engage today’s talent. Make the most of your people; engage and inspire them to do their best. Build tomorrow’s talent. Find and build the talent you need for future success. Invest in yourself. You can never be a perfect leader; find ways to continually build your skills and become better.   Keep It Simple   Every generation of leaders thinks it’s facing a new set of challenges that require new models of leadership. But being an effective manager is not about mastering mysterious and complicated methods. It’s about keeping it simple and following old, proven, and even obvious ideas. What made a good leader in the past is still what makes one today: being competent, caring, and benevolent. Before you discard this old model in exchange for the latest reinvention of management, take a close look at the new method. Often it’s the same message in a new package.   Avoid the Tendencies of Bad Bosses   Being the boss is hard, especially when you need to counter the natural tendencies that separate you from the people you manage. Recognizing these tendencies can help you avoid them. Here are the top three to watch out for:   Self-delusion. Not only do bosses have this tendency; the majority of people estimate their skills to be higher than they are in reality. Be aware that you might be self- aggrandizing and find ways to get input and evaluations that show you your true skills. Those in positions of power are watched carefully by the people below them. But that level of attention is often not reciprocated. When you become the head honcho, don’t forget to remain curious about and engaged with your direct reports. No one wants to deliver bad news to the boss, so the boss often doesn’t know the full story. Create a culture in which the messenger isn’t shot, but is lauded for bringing important information forward.   http://shyamrao.com/blog/?p=43

Many of the qualities responsible for getting us where we are today can also hold us back. Watch out for these three double-edged traits:   Willingness to persevere despite obstacles has created many great innovations and is often the foundation for successful start-ups. However, persistence can easily turn to stubbornness. Stick with your ideas when you know you are right and have supporting evidence. Be willing to abandon your position when signs show you need help or redirection. Early phases of company growth require the founder to be involved in all operations. But as the company scales, that maniacal attention to detail can be coun­terproductive. Recognize the importance of delegation and let go when it’s time. Close ties inevitably form when people work together day in and out, and loyal relationships can yield great results. However, you need to know when loyalty is clouding your judgment in assessing capabilities and skill gaps.   Change Your Behavior   Developing yourself as a leader is not easy, behav­ioral change is hard, time consuming, and frus­trating. However, removing the five most common roadblocks to change can make your path to self- improvement better:   Take ownership. If you don’t think you can change, you can’t. Believe in your ability to change and take ownership before getting started. Be patient. Positive, lasting results take time, usually 50 percent to 100 percent longer than most people initially think. Accept difficulties. Real change takes real work. When setting out, be prepared to face challenges you didn’t anticipate. Refuse to be distracted. Something more important will inevitably come up. You need to make your development a priority and refuse to let distractions divert your path. Once you’ve started to see traction, don’t declare victory. Sustainable change requires maintenance over a lifetime. http://shyamrao.com/blog/?p=40

Going into your boss’s office can often be hot or cold. You should be addressing several things with your boss on a regular basis other than important issues, you’ll find that you’re happier with your career and better positioned in the eyes of your boss, your team, and the company as a whole. Therefore, the next time you pass by your boss’s office, stop in and start talking about these five things.   Where Do I see myself in next five Years?   Talk to boss about your career goals, it can be intimidating to bring this up for the first time, but it can actually help create more opportunities for you in the long run. In many cases, he or she truly does want to see you achieve your goals. Of course, there’s definitely a right and wrong way to phrase your goals. Start small by mentioning where you see yourself eventually: “I’d love to move up to a management position someday.” If it’s received well, move on to specifically how you can reach those goals—even if it would eventually require a move to a different department or company.   Ideas for the Company   How often do you actually present an idea to your boss as a serious solution to a problem? Discussing your ideas with your boss helps you in several ways. First, it shows you are take initiative, you’re committed to improving the company, and that you truly want to make contributions to the team. Second, you might actually get to see your idea put in action—and assuming it’s as effective and efficient as you think it is, that’s great news for you and your team. To make the most out of the conversation, come prepared with a plan in mind.   Advice for Tough Work Situations   Whenever you come across a challenge that you haven’t faced before, drop by his office to talk through the situation. Most times, he’s been through a similar situation and is able to give me valuable advice about how he handled it and what he learned to do (and not to do). No, you shouldn’t lean on your boss for every problem that pops up, but if you can’t figure something out on your own, why not use the valuable resource right in front of you?   Industry Insight   Boss can provide insight into a lot more than just your upcoming deadlines and company values especially if he or she has been with the company or in the industry for several years.   This can range from unfamiliar company processes to company history to your overall industry. Whether it stems from pure curiosity or strategizing for the future, don’t be afraid to ask questions about the inner workings of the company or industry as a whole. You’ll gain some valuable information—and prove that you’re there for more than just a paycheck.   Your Life Outside of Work   Getting a little personal with your boss isn’t a bad thing—in fact; it can help solidify your professional relationship. Spill a few details about your family, your childhood, or even just, what you did over the weekend and ask questions about boss life in return. You’ll likely find something you have in common, share a laugh, or at the very least relax for a few moments instead of worrying about the status of your current project. Connecting with your boss on a personal level can help you feel more comfortable coming to about serious issues. You may never hang out outside of work, but that doesn’t mean you have to avoid any sort of personal connection.   It may not feel natural at first, but try striking up a conversation with your boss about these important issues. In the end  it’ll be worth it.   http://shyamrao.com/blog/?p=35

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