3/31/09

Hi all, there are lots of threads here about the salaries, interviews, etc., but I'm curious if anyone who is actually a consultant (or knows 1sthand) can shed light on the things that you get after you are hired? (just to give a bit more concrete info to imagine what the life is like, and to get an idea of the things that make consulting appealing? There must be concrete reasons, i.e. why we strive to get these jobs!) The more specific and detailed, the better, to help give a full picture.

For example, I hear that you get a Blackberry as standard issue -- what kind and what usage plan typically?

What laptop and what software packages are you running every day? What kind of email do you use?

What credit cards and what are the typical kinds of expenses that you incur in a day? What are some typical vs. outrageous things that you became accustomed to paying for as a consultant -- that you now don't blink twice at paying, but never would have spent money on before becoming a consultant? Related to that, anything special you never saw yourself doing/receiving until you became a consultant, that others would be in awe of? Willingness to take limos, private cars, or the like, because you value your time?

Related to that -- travel policies and perks? Is it first class all the time, top hotels, fine dining? Or Southwest Airlines, and Motel 6?

What kind of background support from the company do you get to make your job go smoothly? I.e. support/admin staff, or information network, or travel agents, etc?

Does your status as a consultant get you more interest from talking to friends, family, at parties, bars? Is there a mystique about it? Do people view you as important and worth knowing as a result?

I hope to have my interest in consulting increased by your answers -- Thank you!

Comments (118)

3/31/09
  1. You sound like a giant tool when you say things like "Does your status as a consultant get you more interest from talking to friends, family, at parties, bars? Is there a mystique about it? Do people view you as important and worth knowing as a result?"
  2. http://www.wallstreetoasis.com/forums/perks-of-bus...
    http://www.wallstreetoasis.com/forums/consulting-p...

Management Consulting Interview Course

3/31/09

This is so incredibly lame.
How about doing a job that you like rather than doing somethign for the fringe benefits???

I mean it's one thing to think about that kind of stuff but to right such a detailed post about it is quite sad actually.

Anyways, all that kind of stuff is getting cut back to the bare minimum so I sure hope you don't base your career choice on these...

4/6/10

*

3/31/09

yeah you're going to be a HUGE baller with that 65k salary

thats the kind of salary that definitely justifies hiring private limos because your time is just too damned valuable. make sure to program your broker's speed dial into your blackberry

4/6/10

You get to see the insides of various airports.

4/6/10
partyingtoohard:

You get to see the insides of various airports.

Honestly though? Travel is what attracts me to a career in consulting in the first place. Plus it's better paying than being a pilot.

I guess frequent flyer miles....? I'm guessing if you're flying twice a week, and you do this for three to five years, you'll have enough miles to never have to pay for an upgrade to business class ever again.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

4/6/10

i dont work at MBB but ive heard some of the perks

if you are on assignement somewhere cool, you are allowed to stay over the weekend you want and use the money you wouldve spent flying back to NY and back on monday for anything you want (hotel, restaurants, etc)

lots more vacation time than at banks. i think you get 14 days and every ACTUALLY takes it

often will pay for your MBA

someone at MBB can prob chime in better

4/6/10

Do you guys over there only get 14 days holiday!?! Even when I was at a bank I took 20 days!

iambateman:

i dont work at MBB but ive heard some of the perks

if you are on assignement somewhere cool, you are allowed to stay over the weekend you want and use the money you wouldve spent flying back to NY and back on monday for anything you want (hotel, restaurants, etc)

lots more vacation time than at banks. i think you get 14 days and every ACTUALLY takes it

often will pay for your MBA

someone at MBB can prob chime in better

4/6/10

But you can actually take them...

4/6/10

bump

4/6/10

.

4/6/10

Thank you for the responses people.

anonymous707 - Am i nevertheless correct in assuming that the hours are far less than M&A banking? You get weekends etc off?

4/6/10

Absolutely they are less, though definitely not lifestyle friendly. Consider the fact that the firm is paid for each hour of service they provide, they in turn want you to put in a solid amount of time, probably around 12 hours a day, though no weekends. It seems that consulting is also less about face time and more about productivity (face time means time spent in the office, even if its not 100% imperative that you be there). Example: At most firms you are expected to be on the client site from Monday morning to Thursday evening and then return home. Some places will let you work from home on Fridays, or put in shorter hours in the office.

4/6/10
anonymous707:

Absolutely they are less, though definitely not lifestyle friendly. Consider the fact that the firm is paid for each hour of service they provide, they in turn want you to put in a solid amount of time, probably around 12 hours a day, though no weekends. It seems that consulting is also less about face time and more about productivity (face time means time spent in the office, even if its not 100% imperative that you be there). Example: At most firms you are expected to be on the client site from Monday morning to Thursday evening and then return home. Some places will let you work from home on Fridays, or put in shorter hours in the office.

Horseshit, firms don't get paid by the hour. Consultants aren't lawyers.

4/6/10
ideating:
anonymous707:

Absolutely they are less, though definitely not lifestyle friendly. Consider the fact that the firm is paid for each hour of service they provide, they in turn want you to put in a solid amount of time, probably around 12 hours a day, though no weekends. It seems that consulting is also less about face time and more about productivity (face time means time spent in the office, even if its not 100% imperative that you be there). Example: At most firms you are expected to be on the client site from Monday morning to Thursday evening and then return home. Some places will let you work from home on Fridays, or put in shorter hours in the office.

Horseshit, firms don't get paid by the hour. Consultants aren't lawyers.

I think that consulting firms are semi-paid by the hour. I know that at the firm I interned at (MBB), the consultants definitely had a bill rate. In the end, I think these are just used as estimates (X consultants at $Y/hr * 2000 consultant-hrs for the project = $Z), but it's clearly not a deal size driven pricing model like banking.

4/6/10

It is not "deal size" driven because there is no transaction taking place. However the price is determined up front by the bill rate * consultants. If you work 20 hrs/week or 80, your firm will collect the same amount of money.

Also whoever said there is no weekend work doesn't know shit.

4/6/10

ideating:
Horseshit, firms don't get paid by the hour. Consultants aren't lawyers.

Depends on the firm, but yes the per-engagement fixed fee model is much more common.
4/6/10

Factoring in travel, consulting hours are in line with the slightly lighter side of banking hours (60-70 a week). Through in a delayed flight or two and you are about even.

4/6/10

Well, regarding one topic: getting your MBA paid for. At least with McK, they don't guarantee that they will pay for your MBA if you are a BA there. Either way, if you average $75,000 as a consultant for two years, and $140,000 as a banker for two years, the difference is still ~$130,000 over two years which is well over the $85-90K price tag for an MBA.

You'd also have to take into account other things. For example, since McK consultants hit the road 4 days a week, they save $100-150 in food, entertainment, etc. a week which ends up being $6-7K a year. There are a lot of little things that end up saving you money as a consultant (though the trade-off is being cut off from your social life for 4 days a week, if you are on the traveling model).

4/6/10

A starting pilot def. makes more than a 1st year consultant out of undergrad...or at least near the same amount

4/6/10
big unit:

A starting pilot def. makes more than a 1st year consultant out of undergrad...or at least near the same amount

Yeah, sure. http://www.aviationinterviews.com/compare_pay_rate...

The distinction you fail to make is that a starting CAPTAIN makes more than a consultant out of undergrad. A starting first has to deal with flight school debt AND shit pay.

Take a look at starting rates for a first officer, which is where you'd be starting at. Most pilots start at regional airlines like SkyWest and Mesa, which pay between $19,000 and $23,000 a year. A first officer at a major airline like United/Northwest/Continental all start at less than $40k. Some carriers, like jetBlue/Southwest/Delta, pay $50k or thereabouts but they're the exception, not the rule.

Anyway once you make captain your job becomes much more cushy. But that's a 20 year road.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

4/6/10

Looking at the pilot data, it seems that most starting FOs make as much, if not more, than starting mgmt consultants per hour. They do, however, seem to work far fewer hours.

(I'd say first years make ~$75k base + bonus, working 50 x 50 hr weeks = ~$30/hr)

4/6/10

I'd like to know what airline would hire an FO fresh out of college. Hmmm, according to pilots, only regional airlines. Yes, jetBlue pays its staring FOs $50k, but a starting FO piloting an A320 is NOT fresh out of college. Those guys have at least 3-4 years experience. Don't think of starting FO salaries as the kind of money the likes of Northwest and Delta pay them to fly across the pacific, a pilot fresh out of college is lucky to get to pilot jet-powered aircraft. Think of what the likes of SkyWest and Mesa pay them.

Frankly, I'd rather work too much and make lots of money than work very little and make very little money. On an hourly basis, yeah, they make more, but what does it matter that you make $100 an hour if you qualify for welfare? I'd rather make $30 an hour and have a fat bank account balance. Because financial issues are the worst kind of issues there are, next to health issues.

Something to think about the next time you get on a regional jet. Some of those guys qualify for food stamps.

Plus being a pilot loses its appeal when you're doing 7 takeoffs and landings per day and the management treats you like crap.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

4/6/10

MCs def do not charge on an hourly basis...I have an engagement letter on my desk that outlines an upfront fee with a success fee and a stipend for out of pocket expenses. I personally think it is a waste of money

4/6/10
junkbondswap:

MCs def do not charge on an hourly basis...I have an engagement letter on my desk that outlines an upfront fee with a success fee and a stipend for out of pocket expenses. I personally think it is a waste of money

Engagement letters won't put up hourly rates, but the fees that are charged are ultimately the result of hours projected to be spent on the project and the bill rates of the people staffed on it.

4/6/10

I know that they had the black limousoune to pick you up after a certain time and when you travel they put you in 5 star hotels, first class airplane seats and pay for all your dinners. But from what I gather traveling becomes a pain in ass after a while, so I guess if you like traveling that much you should become a consultant.

4/6/10

Um, so how much do litigation consultants travel, exactly? By travel, I mean getting on a plane and flying off someplace, not driving to a law firm across town. (for me the more travel, the better)

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

4/6/10

a job... seriously...

4/6/10

It depends on who your client is. Some clients prefer to bill by the hour, some prefer to bill by performance.

4/6/10

For me at BCG, some perks we get are latest iPhone (including tne entire mobile phone broadband and internatioanl calling package), MacBook Air, free movie tickets, free massages (around once per two weeks), and my significant other is invited to all BCG social events. In addition, my Premiere Insurance for medical and dental care is 100% covered and so does my husband and my two-year old daughter.

4/6/10

BCGDreamer:
For me at BCG, some perks we get are latest iPhone (including tne entire mobile phone broadband and internatioanl calling package), MacBook Air, free movie tickets, free massages (around once per two weeks), and my significant other is invited to all BCG social events. In addition, my Premiere Insurance for medical and dental care is 100% covered and so does my husband and my two-year old daughter.

Seriously. You HAVE TO learn to stop running your mouth. You're killing yourself here. You got your offer a month ago, you haven't even started yet. I'm not trying to be a jerk about it, I'm trying to prevent you from getting yourself fired.

Your attitude is all wrong. You don't get your phone as a "perk" it's for business (and you have to pay extra if you want the iPhone vs. the standard Blackberry). No one is going to go through your call logs to check every call, but at the same time if someone notices that you're spending $200 a month on international calls and you don't have a business explanation why, you're in trouble.

4/6/10

BCGDreamer:
For me at BCG, some perks we get are latest iPhone (including tne entire mobile phone broadband and internatioanl calling package), MacBook Air, free movie tickets, free massages (around once per two weeks), and my significant other is invited to all BCG social events. In addition, my Premiere Insurance for medical and dental care is 100% covered and so does my husband and my two-year old daughter.

The BCG dudes I know didn't get a MacBook Air...

One of those lights, slightly brighter than the rest, will be my wingtip passing over.

4/6/10

I've heard the rewards points (airline, credit card, hotel, and rental car) valued at $9K/year, which doesn't seem far off based on my back of the envelope check. That doesn't count the status that you earn.

Travel is a hassle, but if you really are excited about it then it can be a nice perk. Other than seeing different cities and getting to stay over the weekend or fly to other places, you also get a very generous expense budget for meals every day (translates into dinner at nice restaurants if you have the time). You can also get some pretty great team events, which you are expected to plan as the junior member on the team.

Work/life balance varies significantly based on study and individual. I typically work 10 hours a week less than my team average (very very rare weekend work) and have been performing just fine. It is whatever you make of it.

Insurance coverage is pretty great, as BCGDreamer mentioned above.

4 weeks of vacation starting, bumps up to 6 weeks after a couple of years; there are also flex-work options that decrease pay in relation to taking more time off (and yes I do know of people who do this). It is more than acceptable to take all of your vacation, and no one monitors if you use too much in a given year.

There are plenty of other benefits (loans/financial, social, professional, etc.), but those are probably the highlights

4/6/10

Anyone from outside the US got any perspective on the amount of travel typically involved?

I know in the US, companies have headquarters in plenty of different cities. But it strikes me that MBB primarily work with corporate HQ and in regions like ANZSEA or MENA there are really only a few cities that have corporate HQ.

In these sorts of regions, where there are offices in the cities with the corporate HQ's is there actually that much travel involved?

4/6/10

Outside of US, you get into a range. Ancedotally. If you work in the Amsterdam office, no you will almost never travel, as every client HQ is in the office. If you work in Seoul/Tokyo, you will travel within your country mainly, mainly for client language purposes, if the client has US/Europe operations, most likely your team is split between HQ and ops location.

4/6/10

9k seems pretty steep for valuing miles/hotel rewards, but that'll probably vary a lot. If you're traveling LA to NYC every week and staying at an expensive new york hotel, you'll accumulate a lot faster than someone who's in Atlanta flying to Jacksonville every week.

What MBB are you thinking of Dorsk? I only wish I got 4 weeks of vacation. I accumulate at 1.25 days a month for 15 days (3 weeks). After two years I accumulate at 1.66 days per month for 20 days (4 weeks). Still not bad, and in slow times I think there are plenty of people who "work" from home some.

4/6/10

I did a little digging after posting yesterday and I think it actually goes up to 5 weeks after 2 years, not 6 weeks. The MBB I'm referring to is the one I work at, which I'd prefer not to say.

Regarding $9K...

1) I've spent $16K on my corporate card since the beginning of July (much lower than average), extrapolate to ~$40K per year. Valuing points at $0.01, this is worth $400
2) 107K airline miles since beginning of March (less than anecdotal average), extrapolate to 160K. Valued at $0.01 (slight underestimate), worth $1,600
3) 17K hotel points in November (higher than average month), extrapolate to 200K. Valued at $0.01 (moderate underestimate), worth $2,000

Those 3 come out $4000. That doesn't include rental car points, but that's probably $500-$2,000. Total ~$5K.

You're right, $9K is probably steep for average. But like you said, if you're doing NYC->LAX every week, it's certainly within reason.

4/6/10

Dorsk:
I did a little digging after posting yesterday and I think it actually goes up to 5 weeks after 2 years, not 6 weeks. The MBB I'm referring to is the one I work at, which I'd prefer not to say.

Regarding $9K...

1) I've spent $16K on my corporate card since the beginning of July (much lower than average), extrapolate to ~$40K per year. Valuing points at $0.01, this is worth $400
2) 107K airline miles since beginning of March (less than anecdotal average), extrapolate to 160K. Valued at $0.01 (slight underestimate), worth $1,600
3) 17K hotel points in November (higher than average month), extrapolate to 200K. Valued at $0.01 (moderate underestimate), worth $2,000

Those 3 come out $4000. That doesn't include rental car points, but that's probably $500-$2,000. Total ~$5K.

You're right, $9K is probably steep for average. But like you said, if you're doing NYC->LAX every week, it's certainly within reason.

While this isn't part of just the value of travel perks, there is some opportunity cost savings with all that travel. The opportunity cost savings of not paying for food or daily work commute 4 days a week? ($20 a day for food + $6 gas/public transportation) x 4 days a week x 40 weeks a year = $4160. Of course that $4K in savings doesn't make up for missing out on 4 days of happy hour.

4/6/10

Yeah, but he said rewards points. Opportunity cost savings from an expense account adds up pretty quickly, and the money saved is worth more than the rewards points cash value.

Anyway, I guess I could see how 9k could add up in certain circumstances, especially because I think 1c per mile/point is a pretty conservative estimate (e.g. I just looked up New York in March and the Aloft Brooklyn gives 8 cents per point). Your vacation is better than mine will be! An actual difference between the firms (unless pre-MBA and post-MBA positions have different vacation).

4/6/10

Yeah, I typically target 1.5c for airline points and closer to 3c for hotel points.

The vacation policy is level independent. It also goes up to like 7 weeks after 8 years at the company, but partner vacation is based more on what they can take away from their clients than any prescribed amount of time.

Management Consulting Interview Course

3/31/09

Consultants are the low men on the totem pole just like Analysts. You get $65K, blackberry and too much bitch work.

4/6/10

Full health, dental and practically every other kind of insurance.

12% into your 401K per year.

Some other awesome stuff I've heard.

Apparently they get $75 for dinner per person in a team? Way above average. Confirm?

4/6/10

all BA's get the same pay...regardless of location

4/6/10

wow even for NYC? McKinsey wages over there must be close to the poverty line

4/6/10

$75 for dinner - that's supposed to be a perk? I was at M/B/B a little over a year ago, and I recall that the daily food allowance was $100 per person per day (they had a uniform 1st year - Partner policy), though it didn't matter in the least because none of the receipts were audited. In each 2 week expense period, you could have up to $400 worth of non-receipted expense items.

The McKinsey 401K at 12% is definately a perk relative to Bain or BCG, but your real comp comes in the form of brand equity that you're being paid.. so I wouldn't worry so much about dollars and cents at this point.

3/31/09

You do consulting to learn about business fundamentals, processes and industries with a leadership component in an intense and potentially rewarding way. If you enjoy it and believe it's the career for you, you seek to stay long-term. If not, you leverage your experience as a platform to get to X,Y,Z. That's why you strive to get the job.

None of the other stuff matter. Blackberrys, software and standard issue green amex's aren't toys, they are tools that you will become intimately involved with, like yourself.

couldn't help the last line, but for real - don't sweat any of the other stuff. it's all fringe.

4/6/10

Is it safe to say that MBB guys spend most of their travel time in large cities? Can someone give me a percentage of time spent in large cities?

(Large cities = large companies = able to afford MBB).

4/6/10

BTbanker:

Is it safe to say that MBB guys spend most of their travel time in large cities?

No.

Can someone give me a percentage of time spent in large cities?

Depends entirely on project/industry/luck. I have friends who have worked exclusively in NYC and Chicago. I don't travel much but when I do it's places like Podunktown, IN or forgotten industrial cities in rural England.

(Large cities = large companies = able to afford MBB).

There a lot of large companies located in surprisingly shithole places, plus (again depending on what you do) you may be visiting DCs or production facilities not the corporate HQs.

4/6/10

You still can't buy bottles with starwood points

4/6/10

Amphipathic:

You still can't buy bottles with starwood points

respect for the reference

4/6/10

Amphipathic:

You still can't buy bottles with starwood points

"Every man should lose a battle in his youth, so he does not lose a war when he is old"

4/6/10

RichardPennybags:

Amphipathic:

You still can't buy bottles with starwood points


But you can get a bottle (of wine) for Platinum check in.
4/6/10

abacab:

RichardPennybags:
Amphipathic:

You still can't buy bottles with starwood points

But you can get a bottle (of wine) for Platinum check in.

At some Hiltons a dude serves you an unlimited amount and you get free dinner :D

4/6/10

Xepa:

abacab:
RichardPennybags:
Amphipathic:

You still can't buy bottles with starwood points

But you can get a bottle (of wine) for Platinum check in.

At some Hiltons a dude serves you an unlimited amount and you get free dinner :D

They employ this "dude" and that is his only job. They keep him locked in a closet until a platinum member is thirsty.

4/6/10

and anyone knows how this compares to IB at a BB?

4/6/10

It is pretty much spot on. The phone bill is fully covered though (you might need to pay some in taxes in some countries) and you can also expense home internet and gym membership.

4/6/10

Hate to be that guy, but in what world is a blackberry a perk?

Also have my doubts on some of these team building activities. I can think of at least 30 things I'd rather be doing than spending my weekend in clown school.

4/6/10

reformed:

Hate to be that guy, but in what world is a blackberry a perk?

Also have my doubts on some of these team building activities. I can think of at least 30 things I'd rather be doing than spending my weekend in clown school.

I don't know, man. Heard the Big 4 guys get these ( http://bit.ly/JL2vhY ).

4/6/10

Was en route to posting the "can't buy bottles with Starwood points" line but it seems someone has beaten me to it.

I hate victims who respect their executioners

4/6/10

best perk: traveling and living in bumblefuck, idaho for 4 days out of the week and then spending the rest packing and waiting around in airports

4/6/10

Best MBB perk compared to banking: Free time. I'm going to hang out with some guys at the office I'll be starting at in August this Thursday from 7:30 pm and this Friday from 4 pm. I doubt many banking will be off work by then.

The business of business is business.

4/6/10

Cowfoot:

Best MBB perk compared to banking: Free time. I'm going to hang out with some guys at the office I'll be starting at in August this Thursday from 7:30 pm and this Friday from 4 pm. I doubt many banking will be off work by then.

lol sounds like a blast...

4/6/10

ledger123 has a point. A lot of people know that but I'll still bother reminding that the mood of the original post is somewhat misleading.
I'm at MBB in Russia, and consultants here travel 8+ hours one way to live in a town without a hotel, -60F outside. Sleeping bags are not unheard of, though it might be a myth. Forget your expense account.

4/6/10

As one datapoint, I hadn't spent much time in off-the-grid locations. As someone pointed out earlier, most MBB clients tend to be Fortune 1000 companies and major institutions, and most tend to be located in large metros. On occasion you may have to go a plant or DC or somewhere more rural, but rarely is it for 3+ months. I would venture to say the 80/20 rule applies, 80% of the time you would be located in a decent city.

Worst location I've been staffed in is St Louis, which really isn't all that bad. Typically in cities such as Austin, Portland, Boston, Minneapolis, Chicago, Pittsburgh, etc.

4/6/10

I did appreciate the lounge staff. This lady at one of the Marriott's I frequented knew I prefer two Dannon yogurts with peach to go in the morning and would put them in my bag every morning as soon as I walked in. Beats overpriced bottle service with fireworks.

3/31/09

Starwood Points?

Anyways, you should work at a job partly because you feel you are creating significant value (making things more efficient, better, more affluent) for society and your surroundings, whether it is as a banker, consultant, entrepreneur, scientist, artist, school teacher, janitor, whatever. You shouldn't do a job just for fringe benefits.

4/6/10

Yes and no. No in the sense that no firm stands above the others: all three offer excellent, best-in-class perks. But yes in the sense that the perks differ from firm to firm (and among entry points)--and one might, on an individual basis, prefer the perks of one firm to those of another. At the post-MBA level, for example, the following stood out to me: 1) BCG's low-interest home loan option, 2) McKinsey's retirement contribution, 3) Bain's profit-sharing incentive. And even in these cases, it's all quite comparable. For example, McKinsey (and I believe Bain) offer a home loan option, the terms just aren't as friendly as those of BCG, while BCG offer retirement contributions just not to the same extent as McKinsey.

4/6/10

as far as expense policies go, talking to friends i feel like BCG is loosest, bain is tighter, McKinsey between.

still generally better than a firm that would have per diem and make you do international flights in coach

i know at least at my MBB the benefits are fantastic, better than the tier-2 firm i was at previously

4/6/10

Things like expense policies tend to vary more across teams and managers than across firms.

4/6/10

Also across clients. At my MBB, there are definitely clients where we'll be super careful because we know that they'll be reading the expense reports, and then there are those where we won't give a rat's ass.

Personally, I've found that you reach diminishing returns very quickly when it comes to getting enjoyment out of things like bougie expensive dinners. It's fun every once in a while as a change of pace, but you get used to it just like everything else when you do it routinely.

4/6/10
humblebot:

Also across clients. At my MBB, there are definitely clients where we'll be super careful because we know that they'll be reading the expense reports, and then there are those where we won't give a rat's ass.

Personally, I've found that you reach diminishing returns very quickly when it comes to getting enjoyment out of things like bougie expensive dinners. It's fun every once in a while as a change of pace, but you get used to it just like everything else when you do it routinely.

Ain't that the truth. I've become a complete brat about hotels now; I caught myself complaining about the Four Seasons once and remember thinking "Wtf have I become?".

4/6/10
humblebot:

Also across clients. At my MBB, there are definitely clients where we'll be super careful because we know that they'll be reading the expense reports, and then there are those where we won't give a rat's ass.

Personally, I've found that you reach diminishing returns very quickly when it comes to getting enjoyment out of things like bougie expensive dinners. It's fun every once in a while as a change of pace, but you get used to it just like everything else when you do it routinely.

Plus all the eating out at bougie places makes you a fatass really quick

4/6/10
humblebot:

Also across clients. At my MBB, there are definitely clients where we'll be super careful because we know that they'll be reading the expense reports, and then there are those where we won't give a rat's ass.

Personally, I've found that you reach diminishing returns very quickly when it comes to getting enjoyment out of things like bougie expensive dinners. It's fun every once in a while as a change of pace, but you get used to it just like everything else when you do it routinely.

Totally true, although when you leave consulting, you really start to miss all the free food and nice hotels. While I like my F500 Corp. Strat Job, my company is frugal to say the least, and I am lucky if I get a free dinner once a quarter.

4/1/09

Why do people continue to think that a BlackBerry is a perk?

That sh!t will ensure that you never have a moment of peace.

4/6/10

depends on firm and client... but at mine (not IT), yes you can.

4/6/10

As F. Ro Jo said, it depends on firm. Mine (MBB) and my girlfriend's (IT) both allow it.

4/6/10

IBM allows that as well.

4/6/10

What happens if you choose to stay in the client's city over the weekend? Would you instead be able to expense the cost of the flight in the form of a hotel stay from Fri-Sun + meals?

4/6/10

Western:
What happens if you choose to stay in the client's city over the weekend? Would you instead be able to expense the cost of the flight in the form of a hotel stay from Fri-Sun + meals?

Most consulting firms will let you do this. However, flying out on weekends is wiser, since you rack up air miles points and can later use that to get free flights on vacations.

4/6/10

IvyGrad:
Western:
What happens if you choose to stay in the client's city over the weekend? Would you instead be able to expense the cost of the flight in the form of a hotel stay from Fri-Sun + meals?

Most consulting firms will let you do this. However, flying out on weekends is wiser, since you rack up air miles points and can later use that to get free flights on vacations.

not necessarily.... SPG points are arguably more valuable than miles and transfer to most airlines.

4/6/10

F. Ro Jo:
IvyGrad:
Western:
What happens if you choose to stay in the client's city over the weekend? Would you instead be able to expense the cost of the flight in the form of a hotel stay from Fri-Sun + meals?

Most consulting firms will let you do this. However, flying out on weekends is wiser, since you rack up air miles points and can later use that to get free flights on vacations.

not necessarily.... SPG points are arguably more valuable than miles and transfer to most airlines.

And SWUs are worth more yet...

4/6/10

Yes.

4/6/10

But keep in mind that most cities where hotels are cheap enough for you to cover four nights for less than the cost of a return flight aren't places you'd want to spend the weekend at.

4/6/09

I get to explain to people at bars/parties/etc. what consulting means.

It's really a pain in the ass every single time.

4/8/09
chron3k:

I get to explain to people at bars/parties/etc. what consulting means.

It's really a pain in the ass every single time.

I'm not a consultant, but both my parents are, and so I've had to experience that my whole life - nobody has any f-ing clue what consultants do, and it's not the easiest thing for a ten year old to explain.

4/6/10

(sigh) these are all old threads. quick rundown.

comp: 60k+10ksignon+5-10k year end+some % contribution to retirement plan (not matching, but straight contribution)

Perks: blackberry is firm to firm, you get a per diem when you are on the road (usually between $75-100), obviously laptop, miles whoring is huge, firm subsidy for gym is firm to firm, usually firm discounts for various retailers around town. no black car service if you work late, no free food if you are in town, friday (if u're lucky enough to get back in to town) is mostly a little more relaxed.

I'm not going to go over consulting vs. ibanking because that has been beaten to death.

4/6/10

At a firm I used to work...

No blackberry (which I think is a great thing)
Subsistence @ APS30 - APS70 per day
First class rail travel or equivalent national flight travel
Business class travel if journey > 4hours
Meal after 7pm
Cab home after 8/9pm
Gym subsidies
Discounts from other firms
Free drinks every friday and free food & drinks once a month



Corporate Whore - The Musings of a Legal Prostitute

4/6/10

So, I know this is an old question... but, in general consulting has a slightly better lifestyle than banking, correct?

(i know it depends on the firm and division, but Im talking generally)

4/6/10

its a ball & chain and with every new little envelope that appears (paricularly as the weekend approaches), the knot in your stomach will remind you of this...

4/6/10

Less likely to work on weekends and until midmorning, but the travel is brutal. E.g., waking up at 4am on every Monday to catch a plane.

4/6/10

I wouldn't really consider the hours that much better than ibanking in spurts. There are weeks where i'm working 110+ hours for an extended amount of time. On the flipside, there are those nice periods on the beach where you catch your breathe and dont do much at all, relatively speaking.

4/6/10

If you're in a particularly interesting location, is it possible to "extend your stay" to explore the area? Or is boardroom to boardroom travel?

http://www.tripsync.com

"We make the rules, pal. The news, war, peace, famine, upheaval, the price per paper clip. We pick that rabbit out of the hat while everybody sits out there wondering how the hell we did it. Now you're not naive enough to t

http://www.tripsync.com

"We make the rules, pal. The news, war, peace, famine, upheaval, the price per paper clip. We pick that rabbit out of the hat while everybody sits out there wondering how the hell we did it. Now you're not naive enough to t

4/6/10

It all depends, some people I used to work with liked to do this when they could, which is not usually very often.

Personally I used to sometimes schedule a flight back the afternoon after the meetings finished, so I could sleep in, go shopping, go to the hotel spa, etc. Kind of like a mini-vacation and with all the time zones nobody really noticed where you were...

4/6/09

My impression so far has been that the prestige of an MBB job declines markedly once you leave a target school. Most friends and family have no idea how hard the job is to get, nor do they have any idea what it is.

4/6/10

Those are the standard consultant statuses - everyone has SPG Platinum, and everyone on the northeast corridor has Select Plus. But a Sheraton is your favorite NYC hotel? Not the W Union Square or the Parker? I find that impossible to believe - I only touch Sheratons when there's literally no other SPG property within 15 miles.

One of those lights, slightly brighter than the rest, will be my wingtip passing over.

4/6/10

2x2Matrix:

Those are the standard consultant statuses - everyone has SPG Platinum, and everyone on the northeast corridor has Select Plus. But a Sheraton is your favorite NYC hotel? Not the W Union Square or the Parker? I find that impossible to believe - I only touch Sheratons when there's literally no other SPG property within 15 miles.

W union sq is mine, primarily for the great dining options in the area. read: late night ippudo.

4/6/10

2x2Matrix:

But a Sheraton is your favorite NYC hotel? Not the W Union Square or the Parker? I find that impossible to believe - I only touch Sheratons when there's literally no other SPG property within 15 miles.

This. Not just in NYC but most anywhere.

4/6/10

OP - you are a real consultant now- making little things grand like you always do on your slides

4/6/10

2x2Matrix:

Those are the standard consultant statuses - everyone has SPG Platinum, and everyone on the northeast corridor has Select Plus. But a Sheraton is your favorite NYC hotel? Not the W Union Square or the Parker? I find that impossible to believe - I only touch Sheratons when there's literally no other SPG property within 15 miles.

both those hotels are far less generous when handing out suite upgrades. Also neither have a platinum lounge. in terms of flashiness, yes Ws and Westins and Parkers win. In terms of comfort, sheraton wins. note that not all sheratons are equal. most are category 3-4. but the sheraton tribeca and the one near times sq are category 5.

4/6/10

in terms of points earned per night spent..... sheraton does not win.

why would i need a suite when i'm only there to pass out and get dressed.

4/6/10

Any suggestions as to favored airlines to be racking up miles/status on?

4/6/10

depends on which city you're based in

4/6/10

NYC.

4/6/10

Ppandey:

2x2Matrix:

Those are the standard consultant statuses - everyone has SPG Platinum, and everyone on the northeast corridor has Select Plus. But a Sheraton is your favorite NYC hotel? Not the W Union Square or the Parker? I find that impossible to believe - I only touch Sheratons when there's literally no other SPG property within 15 miles.

both those hotels are far less generous when handing out suite upgrades. Also neither have a platinum lounge. in terms of flashiness, yes Ws and Westins and Parkers win. In terms of comfort, sheraton wins. note that not all sheratons are equal. most are category 3-4. but the sheraton tribeca and the one near times sq are category 5.

They're category 5 because everything is inflated in NYC. I have never failed to get a suite upgrade at either of my preferred hotels, so maybe you're going off of a misleading sample size. I still can't believe that you stay at the Sheraton - it's so far off the map of hotels where my coworkers stay that I didn't even know there was a Sheraton in NYC.

One of those lights, slightly brighter than the rest, will be my wingtip passing over.

4/6/10

moose46:

NYC.

Delta for NYC.
United (mostly) for Chicago.
American for Dallas.

Not sure about Boston, although Delta probably makes the most sense if you're commuting to NYC.

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