MBB will lose all the talents to IB and Tech if they keep lowballing their juniors
For the longest time, the demographic of MBB and top IB look very similar. The median employee is probably an ivy league graduate who studied STEM with a 3.8 GPA. However, with the increasing disparity between junior pay, very soon MBB will only get IB or tech rejects as their candidates.
For comparison, the street pay for BB IB is around 180k TC, for EB is about 200k TC. For FANG, its 220k TC. There are less and less reasons now for talents at HYPSM to consider MBB as their dream role now, unless MBB can keep up in the comp game.
“Lowballing” 😂
hate to break it to you but 130k is just not an attractive comp for top talents nowadays. Some back office jobs now even have a base of 100k
How many of those double comp in 2 years? How many have a linear 10 year timeline to 7 figures?
MBB comp is fine. We know that to be empirically true, because MBB does not have an issue filling the seats. This is how markets work.
correct. when i was leaving banking FP&A offers at lmm shitcos were giving out 125k base
for entry level btw - I had 6 mo of experience when said offer was raised to me
These are different careers? Some of us picked consulting because it’s vastly more interesting than the other jobs you’ve listed here
bro just stfu with this i fell in love with consulting since i was 9 because its so interesting bullshit this is not an interview. you just love making decks and aligning logos wtf
lmfao
I think the comp is fine
Don’t forget promos are like every year in consulting now and it will scale quickly
promotions definitely do not happen every year in consulting. In Mckinsey it can be 1.5 year but that is for the highest performers, not the norm. For BCG its 2 and for bain its 2.5 to 3. Promo schedule is very much on par with banking. No idea about tech
Pay scales? Isn’t a manager still making 300k in USA?
I'm starting FT at a FAANG+ company and previously interned in TMT IB, MBB already loses "top talent" to tech and banking. I study CS at a college with similarly strong Business and Engineering schools (think Cornell/Cal/UMich) and the absolute worst coders I know add a business minor and recruit for consulting.
It's happened so often that my friends and I keep a tally of LinkedIn stalking our most incompetent group members and finding out they're "incoming at Bain SF" or something. On top of this, most people I know who struck out in IB recruiting successfully recruited for MBB.
The main purpose of MBB is so high-achieving, low IQ individuals (humanities majors at target schools) can avoid unemployment while putting off finding a real career.
Congrats on Umich!
I appreciate this comment and perhaps thought this way when I graduated engineering school
This is a correct assessment that the best coders stick with pure SWE but writing good code != creating value in a tech business
I think you will be surprised in the real world to see how dumb and nonfunctional most enigneers are ; and surprised to find where value is created in tech
For example: marketing is the fast track at Microsoft, that IBD/M&A is the way to the top at Cisco, that sales produces the most ceos, and that for the remainder of CPOs and head of EGR nearly all of them have McKinsey and engineering or a successful startup experience.
Children who can't properly differentiate between "less" and "fewer" are not in a position to critique relative skill levels in a talent pool.
and morons like me are working at MBB now. How does this make you feel about the MBB talent pool now? Get the fuck out of here prospect in commercial banking
Sweetie, I'm an old soon to retire exec who never pays attention to those silly little badge emoji. For your future career growth, try to develop a broader perspective, recognize you do not know it all in your early twenties, and pay attention to your grammar. There are many paths to both success and happiness, but being obnoxious is not career-enhancing.
Yea it makes a lot of sense for a "retiring exec" to ask about MBB start date just a year ago. For an "old exec" you certainly have a hard time keep the word "child" away from your mouth. Take your cosplaying shit somewhere else pedo
This
ughh at least y'all still got it made compared to those of us in big 4
I was much, much happier as a B4 partner than an MBB partner
Ex MBB here and in generally I fully agree. But as everywhere ... it is good ol' supply and demand. I just don't think we are at any point yet where senior leadership feels significant need to up the junior pay (particularly in current economic environment). There are still literally gazillions of highly qualified candidates lining up to work at MBB and until that changes, they won't significantly change the pay.
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