Consulting exit salaries?

Prospect in S&T - FI

I'll be at a mid-top BB in S&T this summer, technical major. Honestly, I kind of fell into the old exit opportunities way of thinking, and felt unenthusiastic about my internship because everyone here and some at my school told me there was no opportunity after S&T.

I've since realized how flawed that way of thinking is because of the different desks in S&T that only people who work there know about -- not everyone works in something that can be automated & some are working on automation. But when people first said that, I took that to heart and put myself in the MBB consulting prep route recently, hoping to optimize for exit opps.

I'm still relatively early in prep but have dedicated lots of time to this, and I've started to think about what those exits are and then Googled.

Director of Strategy, VC, Director of Business Development, etc were first to come. I looked at the salaries: 150k-250k on a Reddit thread

I realize the following is a very privileged way of thinking, but two things that came to mind were:

  1. The compensation seems lower compared to that of areas such as finance and tech at that level. Is that actually what the compensation is?
  2. Are those exits actually enjoyable? Is the work meaningful?

I realize having those exit opps has a lot of value, but I'm trying to understand how those exit opps actually materialize. Thanks!

Comments (3)

Jun 10, 2020

Strategy roles in F 500 seems like a mix bagged. Some of these roles are highly visible and involve a good deal of work that makes its way to the C-Suite + helps shape overall corporate direction. Others, however, seem more like second-class citizens at their companies relative to executives in more front-line or direct revenue-generating roles such as Marketing, Finance, General Management, etc.

In terms of pay, your range seems directionally accurate for Director level. The one thing to note though is that these roles can be spring boards into company executive leadership teams, where pay is much more variable and top-line ceiling is higher. This transition is very do able and can easily cause one's comp to jump to north of 1 Mil per year, and quickly.

Source: have line of sight into these roles as a Consultant who often works with VP/SVPs of Strategy or Business/Corp Dev as a primary client stakeholder

Jun 10, 2020

Not sure I would agree with everything you've suggested but here is my opinion.

You really can do most things after MBB. In my analyst class, of the ones who left the firm, people did strategy/bus dev at F500, business roles at start-ups, social sector work, grad school (MBA and other) and PE (those who went after it got roles, including top tier shops). Now, some roles like PE and VC may be easier coming out of banking (probably harder out of S&T), but are more than doable if you put in the time to studying and respond to all the headhunters.

In terms of comp, it will really depend on the position. Keep in mind the director level roles you referenced would be for someone who is 5+ years or so at MBB and not an analyst after 2 years. For director of strategy comp, that will be dependent on industry and COL. For a tech firm, someone after 2 years of consulting will clear $160 and probably close to $200. For something like retail, you are probably going to be closer to $125. VC is probably going to start closer to $180-200 all in (can be much lower if at a lower tier firm) for an associate level.

In terms of the work, its kind of up to what you find interesting. I like a lot of the strategy work I do and find other parts tiresome. Overall though, I am happy with my choice and see a clear lane to grow in the company/industry. The other side is most well-performing consultants can go back to MBB and have B school paid for if they go back for a couple years. So if you don't like where you ended up, you almost get a redo.

Last thing is I would be ready to explain going from S&T to Consulting. I really only saw that with a couple MBAs who used that as their transition. It is a very different focus so I would be able to articulate a bit more than just about the exit opps. If your GPA is solid, come from a target and are coming from a top level bank, you should get an interview for sure. But they wll want to understand the rationale for switching so I would think through how to answer that.

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Jun 10, 2020