Hi, I will graduate from an Ivy League with an advanced degree next
year. I am interested in finance and business development, and am
considering two career alternatives: strategic/management consulting
or investment banking. I am told that consultants typically leave
their jobs within 2-3 years. After that they head back school for MBA
or pursue management position in other industries. And one of the
hottest jobs for them is investment banking. So I'm wondering if I
should take such an approach or join IB directly from now.
Specifically, my questions are: what kind of roles do people out of
consulting play in investment banks? What is a typical position in IB
for, say, me with 3 years of strategic consulting experience on M&A
(with or without an MBA)?  Strategic consulting seems very interesting
to me, but I have following concerns: How is consulting experienced
valued and appreciated in IB and other industries? Is it easy to
switch out of consulting if I have to? And it seems that though
consultants are well-paid, the compensation is not as astronomical as
investment bankers, while the working hours are of comparable length?

I would appreciate reference and guidance on these issues. Thank you very much.