Forgive me of my cluelessness on the roles mentioned, but I'm a petroleum engineer. I did operations engineering and consulting for West Texas (Loving and Pecos County) oil wells. Everything in operations from artificial lift installation/optimization, chemical usage optimization, correcting anything wrong with wells (tubing/casing leak, packer leaks), swab jobs/clearings. I am now at MIT Sloan full time MBA now as a 1st year. I also have like 6 hours of TAMU online masters PETE but wont' finish it. I'm trying to figure out how I want to move forward in my career. I've been heavily involved in coffee chats with MBB and have 2 interviews (one with BCG and Mckinsey, waiting on Bain) for Houston associate consulting roles. I've been told 50% of Houston MBB cases are oil and gas related, so it'll be familiar and my passion.
I stumbled across these roles for Exxon (MBA financial analyst intern) and Chevron (finance and commercial MBA program). Are these desirable roles compared to MBB? Does Exxon and Chevron hire anyone for these roles (Like SMU Cox or Rice students) or is it selective and they hire only M7/T15? How's the pay, work life balance, what kind of projects, is there ample room for progression to move up? It's hard to get data on these jobs as different websites tell me different pay and not many glassdoor summaries. Thanks for any help.
The Chevron FCMP is a top-notch program in terms of pay, opportunities, and progression. It's one of the highest-paying industry roles you can get out of business school. I think it starts you off around $130k-$140k base with a 10%-15% performance bonus. Signing bonus and relocation packages are very generous, from what I've heard.
Exxon's MBA corporate finance opportunities are more limited in scope. You are either going to be a Controller or a Treasurer. You will get paid less than your Chevron counterparts, and the work will much more limited comparatively as well. Exxon does still offer a pension, but now that they no longer match 401k contributions, I'm not sure why any MBA would pick ExxonMobil over Chevron's FCMP, if given the choice.
Thanks. This helps a ton.
Chevron will pay comparably to MBB Y1. Chevron also has 4 to 1 401k match up to 2% contribution. Both companies are very generous in terms of benefits. Exxon pays around 15% less than Chevron in terms of base and does not have bonus - however, you will start out in Houston (or Austin for Treasurer's, IIRC), which may offset some of the difference in cost. Also bear in mind that the roles at Exxon are direct placement rather than an LDP. So as Klavin mentioned, there is less internal mobility. I can share more via DM on specifics for both programs.
Treasurer's are based in Irving, with some sitting in the Houston/Spring campus. (I wish it was in Austin, though)
So, I did some hours of research on this since I got an interview with Exxon. The person who is interviewing me went to HBS and did this role back in 2009. I looked at his linkedin profile and immediately upon graduating from HBS MBA and starting with Exxon, he had a Senior Financial Analyst role which will be what I'm interviewing for next year if I decide too. I searched on glassdoor and found that the average senior financial analyst at Exxon salary is 150k. I also have the interview with Chevron FLDP. I'm not sure how y'all heard that Exxon pays 15% less than Chevron, maybe you're generalizing based on one experience or hearsay. I haven't been able to find if Exxon offers any bonus in the role or not. I would imagine that there's to be some bonus being a Fortune 5 company to stay competitive and retain talent. If the small oil company I worked at after undergrad pays bonus, I can't see Exxon not, but I can't say for sure or not. I've also read that they give bonuses to CL 26 level employees and higher which the Senior Financial Analyst position would fall in that realm.
That's great! Most MBAs at Exxon start at CL 24, so if you're able to leverage your program and start at that level it will be a very competitive opportunity. They should give RSUs to high performers starting at that payscale, and I'm mostly sure they don't give cash bonus. I spoke to quite a few people after getting my offer and visiting the Houston campus, and they affirmed that notion. Chevron gives both cash and stock bonuses, although the latter takes a bit longer to acquire (starts at the equivalent of CL 28-29, but at a much more significant figure. Around 25% of base and quickly scales).
By your rationale of company size, everyone would be going to Walmart for a career. Now they have some interesting opportunities through Walmart labs, but they are not the top destination for new hires. Amazon pays less and works more in all post -MBA roles other than PMT, where then only the work component is true. I would argue that the reason why people join these companies is for brand and not the benefits. You can observe similar industry trends at Goldman and Blackrock, where you'll generally get paid less early and mid career. Let's face it, O&G is also a less popular career destination now.
I would take those Glassdoor figures with a grain of salt - they range from 13k to 210k. The upper band is still reasonable if you're a high performer but haven't been pushed up yet. Don't forget Exxon also halted 401k contributions.
Either way, I made my decision based off the people I met, and the nature of the placement itself. There was an observed lower satisfaction rate at Exxon (within treasurers and comptrollers), and it was going to be more of a "direct" role; I had much more interesting non-LDP internship options in that category.
Exxon is notorious for not paying cash bonuses until a pretty senior level in the employee ranks.
echoing that Chevron pays better and has better people / culture
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