Is the analyst/consultant career path a solid way to get an upper-middle class life? I don't know anything about that sector but I imagine the average GS/MS/JPM finance-type peson makes 300-700k? Or am I way off?
Would you be limited to living and working the East Coast or getting huge pay cut elsewhere?
Yes, though how much you make depends heavily on the level at which you flame out. Investment banking generally is much more lucrative than consulting (and within investment banking you have to distinguish banking from trading, with the latter having higher headroom). Starting salary is similar, but progression is much steeper. Analysts make about $110k with bonus the first year. After 10-12 years total (remember, there is huge attrition at every step) you make MD (managing director). MD compensation at a top bank can vary wildly, especially in trading where it's based on performance. For a front-office position (people in HR/IT/etc often hold the title but don't make the money) I think $500k-$5m is a reasonable range, though very often the highest paid person is not a partner or the CEO, but some MD trader who brought in $1 billion or something.
Most people never make MD. Some people leave voluntarily to go to hedge funds or private equity funds. Compensation at these funds vary by size, but is broadly similar to banking at larger firms, less at middle market firms, and possibly more at mega firms. Most people don't end up in HF/PE. They go to a top business school (almost guaranteed admissions) then enter upper corporate management. These folks don't make banking money, but 100k starting out after MBA is probably the minimum outside of non-profits, and you'd be surprised how many "assistant controller" types make $300k+. CFO's can make a few million a year at a large company
Consulting pays a lot less, though I know less about it. Average partner compensation at McKinsey is rumored to be $500k to a couple of million. Most, of course, don't make partner. They end up in MBA programs, and either take a second bite at the apple, try to lateral to finance, or compete for the aforementioned management positions. All else being equal, financial experience is really valuable, though (the M&A department at a place like Google is very well compensated).
Wow that got long, haha. This was my pitch to my brother when I told him to go into banking.
Re: east versus west. Consultants can work anywhere, and indeed spend their lives traveling. For banking, you want to start in NY, but good funds exist in every major city for after. Corporate jobs are everywhere. Again, you'd be surprised how many assistant controller types make in Dallas or Atlanta.
Would you be limited to living and working the East Coast or getting huge pay cut elsewhere?