Question: Are professionals in the investment banking industry more successful as a consultant with their own firm, or do they find more success in a bigger firm?
Answer: The vast majority of investment bankers find more success as part of a firm rather than as a consultant. The argument could be made that some investment bankers are indeed performing a consulting function, especially those who advise on mergers and acquisitions (rather than those involved in debt or equity financings). That said, these M&A specialists tend to be associated with a firm (even if that firm bears their own name!). Part of the reason for this structure is that clients often need services from other areas within a bank; this could include equity and debt underwriting that requires sales people, brokers, and a capital markets group.
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