It has been said that the starting package for Big4 TS will not exceed 60-70k (base+sing on+bonus). But what is the promotion timeline? Is it similar to banking? 3 years as analyst then assoicate and VP? How high is the salary for 2nd and 3rd year analysts, associates and VPs (or whatever these positions are named in Big4)?
Would you choose boutique banking instead of Big4 TS? Is the pay at boutiques similar to MM banks?
Where do you have better chances to get into a top MBA? I guess boutique, since you might be able to better differentiate yourself...
boutique banking is leaps and bounds above Big 4 TS.
but will take it any day over big4 TS.....
In terms of an MBA
"making it" to a big 4 isn't much of an accomplishment relative to other professions.
I left big 4 (accounting) after 1 year to go work for a small Corp Fin shop (not the most accurate description, but you get the drift). I didn't even consider TS after 1 conversation with their managers.
From MY observation/opinion the Sr. Managers want it to be IB so you work late on Fridays, some weekends, etc.. But, from what I heard (with no real confirmation) is that the guys were getting paid low 60s (starting pay). For that pay (in my opinion) they can take their long hours and stressful work and shove it.
Some people do like it. The TS guys think they're the big swinging dicks of the Big 4, but realistically it's nothing compared to Corp Fin or IB most other places.
Note- I know TS isn't long or stressful compared to most IB jobs, but there you get the $$$. This is more hours and stressful than a typical accounting or some other job, without the extra $$$
Do you have info on the annual pay rise? 2nd year? 3rd year? Manager? Sr Manager?
I don't know about TS specifically, so this could be way off. However, in general Big 4 usually give 12-15%. When you get a promotion you get your typical raise and then a one time bonus.
Again, this is the accounting side, TS may be COMPLETELY different.
You are asking in the wrong place. TS is such a specialized and small division, so it's really hard to get an accurate descriptions or anything about it. Everyone in this thread is talking out of their ass and no one really knows. If you really want to know, network with some real profession in the TS division. You are also on a board where thers a bunch of wannabe IBankers who will never make it anyway. Advice: Do not talk about anything other than IBanking here, because all other occupations are frowned upon. It's a dawg eat dawg world.
I guess others will decide if they wanna answer, right? You don't have to if you don't want to...
I have had the unbearable pleasure of speaking with some people that work in TS. They are all pathetic and simply wannabe IBankers who couldn't cut it. My advice is stay as far away as possible in the hopes that their stupidity isn't contagious.
As for salaries, I don't see how it can be any better than other Big 4 starting salaries which are 55K in NY.
Well spoken from a 20 year old who hasn't even graduated yet. Not everyone wants to be a banker, get that in that tiny little head of yours. It's a dawg eat dawg world.
What is TS? Sorry for my ignorance
Great math dawgie, it would be 21. I agree not everyone wants to be a banker, but people should not try and present themselves as such through another profession.
what is TS?
I just got on this site today and this will probably be my last day given the ridiculous comments...
We hire TS people all the time and they are nothing to be frowned upon. As far as the accounting profession goes, they are the smartest guys out there as a group - sort of like an accounting SWAT team. As far as comparing banking to TS, you might as well stop there. You are paid more as an analyst in an IB (TS makes about 70K below manager level), but being an analyst requires about the same intelligence as a football player in a geography class. They work similar hours (if working for a megafund) and make less so I would cut them some slack...
Happy B'Day in 5 days PEAssociate =)
Thanks - getting old though.
TS is transaction services.
peassociate, I don't blame you at all, there's so much ridiculous trash spreading through here. I'm sure that someone as mature and experienced like you is not used to it. Just curious how did you get all that information about TS? It seems like a respectable line of business to get into.
It's a dawg eat dawg world.
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