MBA and non-MBA salary differential; help needed!!

Hello- I'm a senior consultant (4th level up; basically a more advanced project manager) at smaller healthcare consulting firm. I do not have an MBA and at my firm there is a massive differential in non MBA versus MBA salaries. At my level (one level up from post-MBA) I'm making ~100K year base +15K bonus. An MBA at my level makes around 145K+15K bonus. Obviously this is situation is not ideal and I feel borderline exploited (not to be dramatic)

I would like to negotiate my salary, but need hard data from other consulting firms e.g.:
-immediate post MBA salary
-salary for non-MBA at the same level
-your firm name or at least type of firm e.g. MBB, healthcare boutique

Can anyone help me out? This would be very valuable for my negotiations.

Thanks!

 

At MBB (definitely true at my firm, and consistent with things I've heard from friends at other firms) a given position/tenure pays the same regardless of whether you have an MBA or not. There is no salary difference for the same job if one employee has an MBA and another does not. However, it's difficult to get promoted past a certain point without the MBA.

 

Not sure how getting other people's info will help your negotiation... Those calling the shots know that they're paying you less than other folks at the same level with a degree, and they likely know that there are firms out there doing the same, and there are firms who pay relatively equally within a certain position.

You may be more successful in negotiating your salary up by taking an approach centered on the value you add to the organization (regardless of adv. degree). Having some leverage (e.g., a higher offer) doesn't hurt.

If you're truly at the engagement manager level within HC/life sciences consulting, and are good at what you do, PM me if you're interested in making a move.

 
Best Response

I think it depends on the place. I know my place said that they do not remember the last time the hired an undergrad (think MS/GS sized banks). That said, I did get hired out of undergrad @ 75k, no sign on, and a year end bonus. A friend of mine was hired at Stifel (out of undergrad) for 50K, a small relocation, and a year end. bonus. MBAs are getting 100k-110k base +bonus across the board at BBs, and I assume MMs are very similiar.

It is harder/rare to get in out of undergrad, at least in cities outside of major financial areas. Not sure where you live, but it makes a difference. You will get paid more w/the MBA, but even with an undergrad you get paid very well (if you can break in).

Undergrad= 60-120k all in MBA= 100-180k all in

If you are really interested in ER, start the CFA. It cost a lot less and is more valuable (for ER), especially when looking for a job.

 

Whether you're doing a MBA or not you should still think about the CFA. There will be a lot of overlap between your MBA and the CFA.

If if don't make dollars, it don't make sense.
 

Lots of guys at my bschool were studying for the CFA during school. It makes you appear to be more committed to ending up on Wall Street, especially for career switchers (who, by the way, seemed to be almost shut-out of prime banking jobs during the past two years).

Saying that, in ER you'll find that most guys either have a CFA or an MBA. Nobody expects you to have both.

CFA will help you move to the buy-side.

My BB essentially does not recruit undergrads for ER. We do have Research Assistants, but essentially the "low men" on the coverage groups are all recruited directly out of business school. There are guys without MBAs working there, but they were all hired into the bank with experience in Equity Research.

 

Repellendus inventore sapiente modi tenetur et. Error et eveniet quae dicta occaecati fuga consequatur.

Beatae et aut magni corrupti. Nam omnis nobis veritatis itaque. Dolor sequi quisquam aut laboriosam nemo eos enim. Nisi nam autem omnis tenetur occaecati et. Atque qui explicabo maxime velit fugiat beatae.

Ea corporis impedit minus natus velit sunt aliquam. Ut ea nam quidem dolor nihil. Laboriosam dolores voluptate asperiores. Similique quasi animi pariatur quia. Aut ducimus occaecati est deserunt et maiores. Eveniet ea delectus consequatur iste.

Career Advancement Opportunities

April 2024 Consulting

  • Bain & Company 99.4%
  • McKinsey and Co 98.9%
  • Boston Consulting Group (BCG) 98.3%
  • Oliver Wyman 97.7%
  • LEK Consulting 97.2%

Overall Employee Satisfaction

April 2024 Consulting

  • Bain & Company 99.4%
  • Cornerstone Research 98.9%
  • Boston Consulting Group (BCG) 98.3%
  • McKinsey and Co 97.7%
  • Oliver Wyman 97.2%

Professional Growth Opportunities

April 2024 Consulting

  • Bain & Company 99.4%
  • McKinsey and Co 98.9%
  • Boston Consulting Group (BCG) 98.3%
  • Oliver Wyman 97.7%
  • LEK Consulting 97.2%

Total Avg Compensation

April 2024 Consulting

  • Partner (4) $368
  • Principal (25) $277
  • Director/MD (55) $270
  • Vice President (47) $246
  • Engagement Manager (100) $226
  • Manager (152) $170
  • 2nd Year Associate (158) $140
  • Senior Consultant (331) $130
  • 3rd+ Year Associate (108) $130
  • Consultant (587) $119
  • 1st Year Associate (538) $119
  • NA (15) $119
  • 3rd+ Year Analyst (146) $115
  • Engineer (6) $114
  • 2nd Year Analyst (344) $103
  • Associate Consultant (166) $98
  • 1st Year Analyst (1048) $87
  • Intern/Summer Associate (188) $84
  • Intern/Summer Analyst (552) $67
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
kanon's picture
kanon
98.9
6
GameTheory's picture
GameTheory
98.9
7
CompBanker's picture
CompBanker
98.9
8
dosk17's picture
dosk17
98.9
9
numi's picture
numi
98.8
10
Kenny_Powers_CFA's picture
Kenny_Powers_CFA
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”