Seeking Career Advise: Banking v Consulting

[mikeymoo]

Hi everyone, before jumping into it, here's some context. I'm a single Chinese guy that's close to 30. I've got no debts, really just driving an old hand-me-down car, renting in KL. I'm currently working in one of the top consulting firms for my specialty.

I'm currently deciding between these 2 roles:

a. Banking - one of the largest banking groups doing strategy. I'll be reporting to a very nice lady that embraces work life balance. This was originally my pick as I wanted to leave consulting as I am burning out pretty bad, and my team's technical skills not rising fast as I'd like - I want to do the technical stuff with a competent team, but the field is relatively new so people are still finding their grounds. In this case, the bank will be more stable, and there is huge movement in relation to what I'm doing - so there's going to be a lot of stuff to learn. I also like the feeling of having a HoD so I can bounce ideas off her - a very seasoned banker. I also intend to fund my own Masters/do more education-driven stuff if I go down this pathway. But I may get bored of it. Also, it could be a bit early to join banking. Salary is close to 14k, but one-off sign-on bonus is given.

b. Consulting - boutique firm in UAE. I've always wanted to leave the country, and this is my ticket. I was trying it for fun at first but I guess I got lucky. My only fear is similar to that of my current company - whereby the people there may or may not keep up with the stuff that I hope to do - I'm afraid I don't have enough technicals to weather the storm. Worse case scenario, everyone relies on me again, but the Partner there sounded very sincere and he said he'd also be willing to do the work himself to learn. Having said that, consulting is very team-driven, so as long as the team is passionate/driven enough I believe we can do it. Expecting massive growth in the region because of regulatory pushes. Salary is 20k, accommodation covered, fixed daily per diem at around RM200/day.

In the near-term, I think I'd love to work outside of Malaysia first, then (maybe) returning after a few years at least. So the issue is if I want to return (again, uncertain), I might as well stay here for something more stable and slowly but steadily grow?

Hope for some independent inputs, please. Thanks everyone!

 

[glennagail]

@mikeymoo Go for option 2. If you succeed you'll be much more developed and matured plus with a thick pocket to carry home. Plus consulting will bring you more exposure.

 

[mikeymoo]

@glennagail Thank you for the comments. My only concern is if I sunk, and I can't get something as solid as the banking gig after. Haha. Quite scary taking the leap of faith!

 

[mariauk]

@mikeymoo I thought otherwise, because you seem to have a high level technical skill and leadership that people are relying on dearly, similar to a mission critical software like AWS, Azure, Google Workspace etc. That being said, you can leverage this to come back for the banking gig (If UAE doesn't work out) with more experience (Dubai lagi tu, you'll instantly be perceived as higher value to your new team). Malaysians love a story or two about Dubai

In addition, you seem to have a pleasant relationship with the HoD, hence capitalise on it for future opportunities. If they like you and trust your, the consulting guys will always be open to rehire you at all times as per business needs.

Btw, curious, when you said 20k in UAE, is that in Dirhams or MYR?

 

[taylorjr94]

@mikeymoo I'd go overseas. I felt i matured through my years overseas, and you truly either learn to appreciate what malaysia has to offer once you've been there, or you realize you never really liked malaysia and should leave anyway.

 

[menofpeace]

@mikeymoo I saw a lot of people here arguing for option 2. I agree that there is very little downside risk going for option 2, but I personally felt 20k (MYR?) in the UAE is not a lot.

For context, I've had experience with MBBs in Malaysia and also lived in UAE for a bit.

1) Take-home amount

The cost of living in Malaysia is definitely much cheaper. I would argue that the take-home amount (after food and living cost) would be fairly similar. Dubai is also a really expensive city for expats - so you gotta take into account that.

2) Family consideration

As you are almost 30 and are still single, are you considering building your own family in the future? If so, I would argue that Malaysia provides a better space for that - in terms of having a stable relationship, getting married, and raising kids.

3) Career considerations

Not sure what the boutique firm is working on - does the industry align with your interest? If you have been in consulting for a couple of years, I figure this is something you would've known as well. In terms of reputation, would working at a boutique firm be better than working an exec role at a (presumably) well-known bank in Malaysia? These are things I think you should consider as well.

My approach would to be leverage the second offer and approach the bank manager and ask if she is willing to pay more ~18k. In exchange, you can offer to take on more roles and challenges. I think this would be great in terms of both work and life.

Hope it helps!

 

[misswittywhit]

@mikeymoo The career potential upside of 2 does seem higher than 1, I say go for it unless you are very sure you want to exit consulting

 

[mahrie]

@mikeymoo Congrats on these opportunities! I think for you to make a decision you could have a think of these:
- Other than money, what else will you gain from these two options? Eg career growth, exposure to different perspectives, able to travel around UAE (and closer to Europe)
- what are the cons for each? Eg moving to a new country is always exciting, but if family is important to you, then may need to reconsider esp it’s far-ish from home, mental health and cost of it long-term
- what can be the worst that could happen if you don’t like your job? What would you still be able to gain even if it’s just a few months into the job
- when is your lease ending, how soon do you need to get back to these two employers?
- what other company benefits eg. Insurance

You will know best which one is best for you. Good luck!