Is bank a business experience?

BCG McKinsey and Bain
New answer on Dec 01, 2019
4 Answers
726 Views
Arty asked on Nov 01, 2019

Associates at Mckinsey told me that i need experience in business aka leadership and management.

Now i'm being offered a position Data Analyst in bank.

Can this be refered as a business experience i stated above?

Or it will be better if i get into industry?

Overview of answers

Upvotes
  • Upvotes
  • Date ascending
  • Date descending
Best answer
Antonello
Expert
Content Creator
replied on Nov 02, 2019
McKinsey | MBA professor for consulting interviews

Hi Arty,
yes, it will be considered a business experience. In order to apply in McKinsey for non-entry-level roles, you should work in bank for almost 2-3 years for Junior Associate and 4-5 for Associate. On LinkedIn, you could look for path of bank profiles who switched into consulting to make an idea.

Best,
Antonello

Was this answer helpful?
Francesco
Expert
Content Creator
replied on Dec 01, 2019
#1 Expert for Coaching Sessions (3.700+) | 1.300+ Reviews with 100% Recommendation Rate | Ex BCG | 8+ Years of Coaching

Hi Arty,

It would be useful to have more information on the role to provide an answer.

Many of the candidates I helped switching from bank to consulting were coming from IB, which shares more commonalities with a consulting job than a data analyst job.

If you could list your expected activities for your job, that would be useful to provide a recommendation.

Best,

Francesco

Was this answer helpful?
Anonymous replied on Nov 01, 2019

Dear Arty,

from my McKinsey experience I can tell you that as an associate you are required to have some specific skills, both hard (eg., being able to read and interprete a financial statement, being able to build a sensitivity analysis, ...) and soft (being able to understand the client's need and being able to lead your workstream/the client end-to-end, from data collection to analysis and final presentation with top-down communication).

When considering the offered position as Data Analyst in bank, ask yourself:

1. Would I interprete data and analysis performances?

2. Would I deal with other colleagues/clients and would I manage/lead them?

3. Would I be fully owner of one specific stream/assignment that I need to manage end-to-end?

4. Would I need to present my analysis to the top management?

This kind of questions could help you understanding if that offered position would allow you to get the skills required as an associate at McKinsey.

Hope it helps! :)

Giulia

Was this answer helpful?
1
Vlad
Expert
Content Creator
replied on Nov 02, 2019
McKinsey / Accenture Alum / Got all BIG3 offers / Harvard Business School

Hi,

Yes, absolutely! McKinsey has banking clients and data analyst experience is especially relevant nowadays. Try to combine analytics with strong people skills in your resume

Best

Was this answer helpful?
Antonello gave the best answer

Antonello

Content Creator
McKinsey | MBA professor for consulting interviews
202
Meetings
9,107
Q&A Upvotes
70
Awards
83 Reviews