Pre-mba salaries + bonus

Typically about 115-125K all inclusive (bonus + sign on + base after 2 years at the firm) at all firms. MBA numbers are significantly higher at about 175K all inclusive

Deloitte is not a "top shop"

Thanks for the numbers!

However, what do you have against Deloitte man! Everyone I have talked to regards it as one of the best after MBB (and these are MBA students at top 10 business schools, some consultants at OW, Booz and LEK...). Now either their perception is totally wrong or I have been deceived!! :P

I don't have anything against Deloitte, It's just nowhere near as good a firm as you seem to think it is; it is a third tier management consulting firm. They mass recruit and aren't the least bit selective. The work they do is more "process" oriented than strategic.

Also Buyside shops (PE, HF and VC) would almost never recruit a Deloitte employee

Most people on this board would agree, someone else care to comment?

I dont know where you get this info from, but there is no support for this. I agree they have been recruiting a lot lately, but thats to increase business. Think of it, why would they hire so many people if they are not getting many projects to work on? Now you will say they are not 'strategy' projects, but again it comes under S&O and their recent mantra has been 'Strategy with Implementation', which is helping them get a lot of business lately. Obviously not up there with MBB, they are most definitely one of the top 2nd tier firms...

Let's just agree to disagree

Added: actually forget I said that

Haha..cool! I just wonder why the perceptions of various people differ so much.

Ok, since you keep chalking it up to "perceptions" I think you need to understand a few things

Recruiting:

1. MBB grab all the best talent first, the people who don't get MBB try to go to OW, Booz, LEK, Monitor (henceforth referred to as 2nd tier) etc
2. 2nd tier firms like OW, Booz, LEK etc are very selective, they only visit the best schools and hire people who have performed well, they are actually quite similar to MBB but just don't have the same scale/prestige.
3. Deloitte is not seen on parity with these firms, anyone seriously considering management consulting will only consider Deloitte after they have been rejected by ALL firms mentioned above. People at junior levels in Deloitte are people who didn't make any of the prior firms
4. Deloitte is not selective, they go to most schools and will even hire people who have a very mediocre performance.

Exit opportunities

1. The Buyside will recruit heavily from MBB, a little from 2nd tier firms but not from Deloitte (this is a FACT)
2. Placement into B schools from MBB is excellent, 2nd tier firms while not as good as MBB place very well. B school placements out of Deloitte are similar to pretty much any mass recruiter out there (think Pwc, EY, KPMG etc), i.e., not great
3. Corp development Headhunters specifically ask for MBB and maybe a few 2nd tier firms. I have never ever seen a headhunter look for a Deloitte employee (just check out glocap right now if you want proof)

Type of work/charges

1. The pure strategy houses perform only strategic work, because implementation is ::a. Much cheaper (you have to charge less for it, because the market is filled with firms that do it) ::b. Mundane, you don't need a well educated, smart resourceful person to perform it
2. Deloitte's billing rates are MUCH lower than all other firms mentioned on this thread, I've seen bids from Deloitte and they are a much cheaper firm to hire
3. At the lower levels at Deloitte, employees are usually just workhorses and have little to no impact on the direction/strategy of the case. A look through reviews at any consulting forum will support this
4. Deloitte's revenue per employee is abysmally low compared to other top consulting firms

Bottom line: People work at Deloitte if they don't have a choice!

Didn't want to do this, but you're obviously trolling for Deloitte

Thanks!

As far as Shared Services Center is concerned, Bain uses it too

http://www.bain.com/management_tools/tools_shared_service.asp?groupCode…

And how does everyone know Deloitte doesn't use their 'talent' to make money? Also, what is 'real' strategy? This seems like make believe for people working in MBB to try and distance themselves from other firms.

Okay, If I take what you are saying, should I consider applying to Deloitte then? I am leaning towards consulting than I banking, but my eventual aim is to enter PE/VC/HF. I will obviously try for MBB, but if I dont get in, should I consider Deloitte if I get in there (will only consider S&O)?

If you want to do PE/HF/VC, definitely don't go to Deloitte. If you don't get MBB there are other great consulting firms you should be considering (names have been mentioned here and on other threads). Why are you pimping Deloitte so hard if you don't work there? seems really irrational

Thats really because many of my friends at b-schools really told me great things about it(most of them dont even work there).. I dont know its weird, and I had developed such a nice image of the firm... I'll actually forward this thread to them...

So you are saying if I dont go to MBB, and lets say Booz/Monitor etc, and I end up getting Deloitte, there is no way I could enter buy side? Unless I go to a top b school that is...

B school doesn't help with buyside recruiting unless you were in PE before b school (or top consulting/bulge bracket - still a slim chance). Buyside after Deloitte is very very difficult (nothing is impossible) and at a megafund would be borderline impossible.

Thanks for the insights!

^^ +1

I agree with most of what's on here generally as far as overall firm reputations, but I just wanted to point out for the OP that there are exceptions.

For example, while Deloitte overall is much weaker, they do have a turnaround/reorganization group that is quite good. I actually have a friend who left Bain to join Deloitte because Bain didn't do that sort of work. And buyside firms definitely recruit out of that group. But I agree that general consulting at Deloitte is not in the same ballpark at M/B/B, or the "2nd tier" firms.

Likewise, if you're dealing with consulting focused on financial services, McKinsey and Oliver Wyman are in a league of their own. Look at risk, for example. Only those 2 have risk groups. BCG is working frantically to build one out, but not much is happening at Bain, Booz, etc. And to be honest, Oliver Wyman is probably more respected within financial services than McKinsey. McKinsey has the name and prestige, but almost every single person I know who has hired both firms has had nothing but positive things to say about the quality of Oliver Wyman's work.

My point is just that while overall firm reputations definitely matter, you have to keep in mind niche areas or specialty groups. No one tends to look at that while you're in school, but once you've spent a good number of years working you'll realize how much those things matter.

It's similar to finance--Goldman is great, but if Goldman sucks in the product area you focus on, and some other bank is better, say BofAML, then you go to the bank with the better desk. You'll make more money that way, and once you start to focus on a particular area, believe me, everyone who works in that area knows who is best, and that it doesn't always follow general firm prestige exactly. Overall firm prestige is very important early in your career, but it fades as time moves on and once you start to specialize.