Hi,
I have applied to B-School for 2019 enrollment. I am interested in either working in management consulting or IB. I noticed on managementconsulted.com that they published 2019 management consulting salaries and MBB post-MBA salaries shot up a decent amount.
Has anyone heard of anything like that happening in IB? If not, typically when this happens, does anyone know how long it takes for Wall Street to catch up to management consulting?
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Exactly. Right out of MBA, you're making maybe 25-50k more than your MBB counterparts all in (significantly helped by the bonus).
By year 4, you're making $200k more than your MBB counterparts.
Hell yes you are! And hopefully you've only lost a few years off your life from sleep deprivation.
Is the 100K bonus guaranteed or is it only reserved for top performers (top 10%)?
Thanks for doing this.
Not guaranteed, obviously. But most, if not all, MM / BB / EB will pay an AS1 a 125k+ bonus (on top of 150k base) for mid bucket. Top bucket should be around 150k+ (300k all-in)
I remember looking at this couple years back and just checked again.
WSO’s own report says median of 225k all in for associate. 150 base and 75.
Way I thought it was IB top performer kills it but on average it’s not that differtent from consulting. But the no one plans on being the average...
Median bonus of $75k for associates is way too low, even if you are just talking about first year associates.
butthurt consultant
Yep, way too low. Probably skewed by people putting in $0 and only reporting salary, or people working at small boutiques / lower middle market firms.
People underrate consulting hours as well, in that your time spent away from home is actually rather high. Office hours are one thing, but being on the road or stuck in a random city isn't equivalent to having more time off work.
My friends who do it say the hours are 8AM - 10PM Monday through Thursday, 8AM - 6PM on Friday, and then random catchup work on Sunday as needed. So consulting has ~70+ hour work weeks. Better than banking, but not by much.
Factor in travel as necessary, and you get a life that's not too far off from banking with a little bit less pay.
Thanks for sharing this. What is the post tax comp differential in Banking vs Consulting assuming middle bucket as A1?
If you end up doing DDs (not uncommon) hours are not far away from IB. Been there, done that.
If you factor in travel - it gets much closer than you think.
For example on a project I had in consulting (factoring in travel): Monday: 6AM-10PM (16 hours) Tuesday: (9AM-10PM) (13 hours) Wednesday: (9AM-10PM) (13 hours) Thursday: (7AM-10PM) (15 hours) Friday: (9AM-6PM) (9 hours) Weekend work: ~4 hours
So, for an average week, you are for sure looking at 70 in consulting. And depending on the firm, the pay is definitely not as good.
Another thing to consider with MBB is that there are much less spots in top tier cities (eg New York) compared to banking
I know many ppl would strategically submit applications to Tier 2/3 cities in MBB rather than their first choice city in order to improve their chances
Do you know if IB and Consulting salaries and bonuses vary by city as well? Are SF and NYC going to pay significantly more than Atlanta or Dallas - other than to account for cost of living?
In my MBB base salary is the same once you join. Further increases are according to performance. City is not a driver.
IB salary is the same across cities as well
I think the MBA class of 2018 started with $150k/year for BB, up from $125k. I only have 2 data points for EB, both of whom are $160k for this incoming full time MBA class.
As far as the internship goes, I heard GS is weird this year. They're still offering $125k prorated for the summer even if full-timers from the class above are getting $150k once they graduate. Everyone else seems to be offering the same prorated salary as the full time position.
As mentioned by others, though, bonuses are a lot higher in banking for comparable performance.
The famous "GS discount" in full-effect. I've heard that GS is able to pay relatively lower as compared to other BB/EB's due to their stellar brand name (though normally thought that this discount was realized in the bonus and not base)
I've heard of this "discount" happening at the Analyst level, where it's realistic to target those PE/MF/etc. exit opps, but for post-MBA associates, who are technically recruited to be career bankers (even though major attrition still happens), shouldn't the Goldman Discount be less severe? Genuinely curious.
Can confirm this is accurate. For 2019 summer I know for a fact that MS JPM CS Barcap Citi all pay 150k prorated, while GS still pays 125k
GS and RBC are still at 125k
Baird now at a flat 175k for all associates.
How's that structured? Big gap in bonuses (e.g., 100k for A1 and 200k+ for A3)?
Interestingly, in Canada, all the big Canadian banks keep associate base the same for all years, but move the bonus up. This includes RBC btw.
Top first year associates got comped just shy of $300 so assume the same all-in for next year with less allocated towards bonus.
Interesting. So this is even for A2 and A3's?
Yup - RBC base in Canada is $120k from A0-A3, with bonus going up around ~$40k/year. All the other big 5 were 90-100 base but BMO recently moved up to 120 as well. Not sure about the rest. I'm guessing RBC will bump Canada salaries when they bump the US as to not create too much inter-company salary arbitrage (guys moving from RBC Toronto to RBC NYC etc to get a large pay bump)
RBC NY pays 135k for the summer (2019)
Can anyone confirm BofA?
BAML is at 150k with everyone else in BB minus GS. Highest paid right now is Guggenheim at 175k and bonus structure for mid level being 100%, top performers bonuses are north of 120%. Evercore 160, Moelis 170. This is all for A0/1
Interesting, thanks. Where are you getting those figures?
Any numbers on PWP, CVP, GHL, PJT?
You're saying a top bucket Gugg AS1 is getting $385k...? Why do I severely doubt that
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