Hi everyone,
I'm currently working as an Anti-Money Laundering consultant. I make $2,000 every week (pre tax) and the contract goes until March. I graduate college in May. I could continue picking up contracting projects and make a pretty good income ($100,000+) after I graduate from school.
On the other hand, I have the opportunity to take a 2-year internship with Boston Private Bank to groom me to become a private banker. The salary would start at $45,000 and I'd be stuck in Boston for two years.
Here's a brief pros and cons list of each choice:
AML Consultant:
+ High income right out of college
+ Flexibility to choose where and when I want to work for each contract, which last 3-12 months
+ No real office politics
- No benefits, stability
Private Banking
+ Potential higher income in the long run
+ Trained specific skills to become a private banker
- Stuck in Boston for 2 years at a lower salary
- Office politics, having to wine and dine clients/coworkers
Also, an important side note is that I owe about $75,000 in loans, which I preferably would like to pay off ASAP to start saving. Boston is a good city, but expensive. I've lived here for 4 years and, at 22 years old, would like to see other parts of the country. I just don't want to be kicking myself ten years down the road when AML consulting dries up and experienced private bankers have a cushy job.
Does anyone have any experience or knowledge in either of these fields? Is private banking a good career? Is consulting really as awesome as it seems?
Thanks for taking the time to read this and I appreciate any insight you may have. Also, if there are any college/high school students that would like my advice as far as internships/major/getting a job after college, please feel free to PM me.