Perks of Business analyst position at MBB consultancies

You get to see the insides of various airports.

i dont work at MBB but ive heard some of the perks

if you are on assignement somewhere cool, you are allowed to stay over the weekend you want and use the money you wouldve spent flying back to NY and back on monday for anything you want (hotel, restaurants, etc)

lots more vacation time than at banks. i think you get 14 days and every ACTUALLY takes it

often will pay for your MBA

someone at MBB can prob chime in better

bump

From what I've heard, they are pretty lax with how you charge things, whether that be to the client or to the firm itself I'm not sure, but there are meals out everyday when you're on the road, expensed cab rides etc. Also, they fly you first/business class and put you up in 4 star hotels for the most part. While this sounds really nice, I've heard people get sick of it QUICK. My best friends dad is always gone (Partner at McKinsey Boston, apparently the travel doesn't get too much lighter...) and his family has really suffered because of it. As a BA, you are going to miss out on friendships and relationships back home and probably get sick of delayed flights and jet lag really quickly. Still sounds like it might be a beneficial two year stint though.

Thank you for the responses people.

johnnyhoward333 - Am i nevertheless correct in assuming that the hours are far less than M&A banking? You get weekends etc off?

Absolutely they are less, though definitely not lifestyle friendly. Consider the fact that the firm is paid for each hour of service they provide, they in turn want you to put in a solid amount of time, probably around 12 hours a day, though no weekends. It seems that consulting is also less about face time and more about productivity (face time means time spent in the office, even if its not 100% imperative that you be there). Example: At most firms you are expected to be on the client site from Monday morning to Thursday evening and then return home. Some places will let you work from home on Fridays, or put in shorter hours in the office.

Factoring in travel, consulting hours are in line with the slightly lighter side of banking hours (60-70 a week). Through in a delayed flight or two and you are about even.

Horseshit, firms don't get paid by the hour. Consultants aren't lawyers.

I think that consulting firms are semi-paid by the hour. I know that at the firm I interned at (MBB), the consultants definitely had a bill rate. In the end, I think these are just used as estimates (X consultants at $Y/hr * 2000 consultant-hrs for the project = $Z), but it's clearly not a deal size driven pricing model like banking.

Do you guys over there only get 14 days holiday!?! Even when I was at a bank I took 20 days!

Well, regarding one topic: getting your MBA paid for. At least with McK, they don't guarantee that they will pay for your MBA if you are a BA there. Either way, if you average $75,000 as a consultant for two years, and $140,000 as a banker for two years, the difference is still ~$130,000 over two years which is well over the $85-90K price tag for an MBA.

You'd also have to take into account other things. For example, since McK consultants hit the road 4 days a week, they save $100-150 in food, entertainment, etc. a week which ends up being $6-7K a year. There are a lot of little things that end up saving you money as a consultant (though the trade-off is being cut off from your social life for 4 days a week, if you are on the traveling model).

It is not "deal size" driven because there is no transaction taking place. However the price is determined up front by the bill rate * consultants. If you work 20 hrs/week or 80, your firm will collect the same amount of money.

Also whoever said there is no weekend work doesn't know shit.

Honestly though? Travel is what attracts me to a career in consulting in the first place. Plus it's better paying than being a pilot.

I guess frequent flyer miles....? I'm guessing if you're flying twice a week, and you do this for three to five years, you'll have enough miles to never have to pay for an upgrade to business class ever again.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

A starting pilot def. makes more than a 1st year consultant out of undergrad...or at least near the same amount

Yeah, sure. http://www.aviationinterviews.com/compare_pay_rates.php

The distinction you fail to make is that a starting CAPTAIN makes more than a consultant out of undergrad. A starting first has to deal with flight school debt AND shit pay.

Take a look at starting rates for a first officer, which is where you'd be starting at. Most pilots start at regional airlines like SkyWest and Mesa, which pay between $19,000 and $23,000 a year. A first officer at a major airline like United/Northwest/Continental all start at less than $40k. Some carriers, like jetBlue/Southwest/Delta, pay $50k or thereabouts but they're the exception, not the rule.

Anyway once you make captain your job becomes much more cushy. But that's a 20 year road.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

Looking at the pilot data, it seems that most starting FOs make as much, if not more, than starting mgmt consultants per hour. They do, however, seem to work far fewer hours.

(I'd say first years make ~$75k base + bonus, working 50 x 50 hr weeks = ~$30/hr)

I'd like to know what airline would hire an FO fresh out of college. Hmmm, according to pilots, only regional airlines. Yes, jetBlue pays its staring FOs $50k, but a starting FO piloting an A320 is NOT fresh out of college. Those guys have at least 3-4 years experience. Don't think of starting FO salaries as the kind of money the likes of Northwest and Delta pay them to fly across the pacific, a pilot fresh out of college is lucky to get to pilot jet-powered aircraft. Think of what the likes of SkyWest and Mesa pay them.

Frankly, I'd rather work too much and make lots of money than work very little and make very little money. On an hourly basis, yeah, they make more, but what does it matter that you make $100 an hour if you qualify for welfare? I'd rather make $30 an hour and have a fat bank account balance. Because financial issues are the worst kind of issues there are, next to health issues.

Something to think about the next time you get on a regional jet. Some of those guys qualify for food stamps.

Plus being a pilot loses its appeal when you're doing 7 takeoffs and landings per day and the management treats you like crap.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

MCs def do not charge on an hourly basis...I have an engagement letter on my desk that outlines an upfront fee with a success fee and a stipend for out of pocket expenses. I personally think it is a waste of money

I know that they had the black limousoune to pick you up after a certain time and when you travel they put you in 5 star hotels, first class airplane seats and pay for all your dinners. But from what I gather traveling becomes a pain in ass after a while, so I guess if you like traveling that much you should become a consultant.

Um, so how much do litigation consultants travel, exactly? By travel, I mean getting on a plane and flying off someplace, not driving to a law firm across town. (for me the more travel, the better)

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

a job... seriously...

Engagement letters won't put up hourly rates, but the fees that are charged are ultimately the result of hours projected to be spent on the project and the bill rates of the people staffed on it.

It depends on who your client is. Some clients prefer to bill by the hour, some prefer to bill by performance.