Is this move insane to do or does it make sense. I find the Rx work more interesting then what I currently do in CB. I focus on the underwriting side as is right now. I think bass comp may get cut but total comp would be close? And more flexibility on WFH + less turnover
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Correct on the WFH & turnover points, comp depends based on where you end up at. FTI or its offshoots yes comp is lower but noticeably better wlb, firms that go off billable hours, comp is higher
Would disagree here. FTI and offshoots (think that would be Ankura & BRG) still see insane hours on large engagements, while also seeing many significant “down-time” periods intermittently, but hours are much more sporadic and unpredictable than CB (even for those firms) and pressure is much, much higher than CB, on all fronts, pretty much 365 days a year, regardless of the actual hours worked.
On comp, have a few data points/buddies in NYC offices at all three firms, and comp is still variable, but higher than CB. FTI does comp based on the billable hours model, but for 100% bonus below VP level, hours will have to be as bad as PWP/Moelis/PJT - more realistic AN/ASS bonus figures at FTI fluctuate between 45-70% in T1 offices, but base is usually slight discount to CB/IB. Ankura also uses billable hrs model, and comp is right in line with FTI. BRG, on the other hand, doesn’t use billable hrs model, but base is in line with CB. To my knowledge, bonuses are 30-50% at lower-mid levels, while VP (which is associate director there I believe) sees bonuses step up to ~80%. A&M/Alix/PPP/M3/select few boutiques comp more in line with IB, so significant premium to CB.
Specifically looking at FTI in T2/T3 city, but was thinking about negotiating base / pay out of bonus if it gets to that point. Work just excites me more, had a friend tell me he isn’t pushing over 70hrs often/ever a week. Just seems like a better gig (Consultant / Senior Consultant)
That's good to hear. Would also recommend trying for T1 city if that interests you (bc. I think a CB background could go a long way in that industry, so think you'd be competitive), unless you want to be closer to home/fam/friends, in which case, (coming from someone who moved across the country to live out the "T1 city dreams" & is still in NYC) F*ck what everyone says, go where you'll be happiest. Also surprised he's never put in over 70 - my connection from FTI specifically told me abt 3 weeks straight of 90hrs+ followed by like 30 and 40 the next two weeks. Did he give any insight on comp?
The pay bands at FTI have quite a bit of wiggle room depending on YOE/experience, so agreed that negotiating shouldn’t be off the table.
Disagree, FTI doesn’t go off billable hours in the traditional sense. Yes you do keep a DTR when the company files, but comp doesn’t rlly scale the more you bill. Caveat is if you bill over a certain number of hours a year (this is determined by leadership), you get paid a stub bonus, but other than that it doesn’t work the same as say A&M or others. Hours are indeed better, but obviously can fluctuate at times. Still a very good firm for long term
That makes sense. So what is typical bonus % range in that case?
As a C1 @FTI, unless you’re getting screwed, around 33-38% of your base. By the time you’re a second year consultant, your total pay should ideally broadly be in the 140-150k range, which is the same as what McKinsey pays for 2nd yr consultants, so broadly competitive
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