“I found my mentoring session with André very helpful, particularly because I came into it with very little understanding of commercial banking. My background is in life sciences and healthcare, and most of my career exploration so far has focused on consulting. Although I had become interested in commercial banking, I had not previously explored the area in any depth. I therefore needed a clear starting point and an honest conversation about what I should understand before deciding whether to pursue it.
André helped me establish that starting point. The session gave me a clearer way to think about commercial banking, how it differs from consulting, and what I still need to learn. Before the conversation, I was looking at opportunities and wondering whether I should begin applying alongside consulting applications. Afterwards, I understood that I needed to take a step back and make a more informed decision about whether the work genuinely interests me.
One of the most valuable aspects of the session was how it helped me recognise the gaps in my current understanding. I knew that I was new to banking, but I did not necessarily know which questions I needed to answer for myself. André’s guidance helped me think more clearly about where I am now, what I am missing, and what I should begin doing next. Having that direction was useful because it made the process feel more manageable. Rather than treating banking as a broad and unfamiliar industry, I now have a clearer starting point for learning about it.
A particularly helpful message was that I should first develop a better understanding of commercial banking and assess whether I actually like the work. I took away a sensible sequence: understand the area, decide whether it appeals to me, and then, if it does, commit to learning and preparing for applications. If I discover that the work does not suit my interests, I should be willing to recognise that and focus my efforts elsewhere. That advice sounds straightforward, but it was an important perspective for me at this stage.
The conversation made me realise that I should not rush into applying for commercial banking roles simply because I have found programmes that look interesting. Before the session, I was at risk of moving too quickly from curiosity to applications without having a strong enough understanding of the career itself. André helped me see the value of being more deliberate. I would rather make a considered application based on a genuine interest in the work than spend time applying to positions I cannot yet explain my motivation for pursuing.
Another important takeaway was recognising how substantial the differences between banking and consulting can be. Because consulting has been my main focus, it had become my reference point when thinking about other careers. The session helped me realise that I cannot assume banking will involve similar work, suit the same preferences, or require exactly the same preparation. I need to understand banking on its own terms rather than view it mainly as another option alongside consulting.
I also appreciated that the session was useful even though I did not finish it with a final career decision. At this exploratory stage, greater clarity about what I do not yet know is meaningful progress. I now feel better equipped to evaluate my interest, identify what I need to learn, and decide whether commercial banking deserves a more focused place in my career plans.
Overall, André was very helpful, and the session met an important need for me as someone starting with limited knowledge of the field. Its greatest value was giving me direction and encouraging a more thoughtful approach to my next steps. I left with a clearer understanding of my knowledge gaps, a more realistic perspective on the difference between banking and consulting, and a better sense of how to move forward before committing to applications.”
[Updated figures]
These are the bases (Im ball parking very mildly, bare minimum of rounding). We just had a 5% bump in Jan. Bonus % vary by level, and I only know a few, so I'll keep those out. All figures below are base salaries before tax, in GBP:
And no, it doesn't vary by anything. If you are at that level, you are getting this much. Only your bonus will vary based on your own performance.
What have bonuses typically been? Generally in the 10-30% range?
Thank you for the insight, really appreciate it - on a side note, out of MBB how does comp at Bain compare to Mckinsey and BCG. Does Mckinsey still in general have higher bases with lower bonuses? Is total comp pretty even across the board and grades or does it diverge after consultant
Well, my bonus (which was the max possible at my level), was about ~21%. On average it is meant to be about ~11%. For ACs.
Average from there goes up to ~20-30%, with much larger figures for SM/AP. But I don’t have visibility on those yet.
As for comparison vs other MBB here. Ranges for bases are similar for comparable positions, but they have fewer levels than we do. What little I know of bonuses is also comparable.
Essentially, any difference is not sufficient to matter. If you are lucky enough to be able to choose between offers, pick the one whose work and people you like more. You’ll spend 50-60h a week with them, better like them and like the work. For London, there is no wrong choice. They all do everything. They all do it very well. And exit ops from all are excellent.
Thanks for the valuable information! Do hours change at all as your progress the ladder, or do they stay somewhat similar? Also, do these hours include travel as part of work, or is that extra?
Thanks a bunch for the info. I also want to ask how do promotions work like is it one year from AC 1 to AC 2 and like 5 years from M to SM. (Btw sorry is this is a dumb question and the awnser is obvious however I just got interested in management consulting)
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