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!
Hopefully this link is helpful: http://managementconsulted.com/consulting-salaries/2014-management-cons…
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.
This is not the best place for verified salary information. Look on school career reports for median salaries into each role. For some schools you can see the number of people that went to each firm MBB and beyond.
I second ManagmentConsulted.com. Or click on Company DB at the top of this page.
Great-thanks for the resources everyone
Assoc. Salary, pre-MBA and after-MBA (Originally Posted: 06/03/2010)
Hi, I'm a newbie. Why is there such a huge difference between the salary of an equity associate without MBA and that with an MBA? Can someone please explain? Searched the forum, but couldn't find anything. Thanks
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.
Thanks a lot. CFA is not feasible for me right now because I'm a career switcher, and I'm going to B school this fall, hopefully things will work out.
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.
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.
Thanks for the info. One more thing - is it hard to get into the buy-side of equity research compared to the sell-side?
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.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...