“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.”
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?
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