I don't know if this has been posted here already, but I could not find it with a quick search.
But I just looked at the [Management Consulted MBA salaries]((https://managementconsulted.com/consulting-salari…) for 2019 and OMG!
McKinsey and BCG are at 165K. That's insane. It shows the T2 type firms still at 150K. Even though we all know that over the long run you make a lot more at MBB, T2s do try to match starting salaries. So that probably means S&O and ACN will try to go above 150.
Any thoughts?
That's higher than banking base... Damm
To be fair, the real difference in banking vs. consulting comp is in the bonus. None of these bonuses really exceed 20-30%.
Like the guy above me said, the difference is in the bonuses, which are significantly higher in IB than consulting.
At the post-MBA level, consulting base salaries have been higher than banking for a while, but the gap is actually closing. Before 2018, street pay was at $125k base for the stub year, now it's $150k across the board. Consulting bases were $145k-$155k, and now they're roughly $160k.
So now, there's really only a $10k-$15k difference in starting base salaries, but IB still has WAY bigger bonuses. The pay gap only widens as you progress too.
Bain and McK pay the same, BCG has to pay extra, and T2s are 2-3 years behind pay wise. Nothing new execpt an overdue inflation adjustment
Why does BCG have to pay extra? And, all three have the same base pay (post-MBA).
BCG recently upped salaries for all consultants- probably because they feel that they are losing many cross-offers to M/B.
Kind of surprised at how low that is for post MBA.
What are you smoking?
200k cash after bonus for a 26-28 year old isn’t bad. Not to mention most of them pay MBA tuition if you stay for a period of time.
Maybe I should have rephrased. I hire a lot and didn't realize I could snipe from top consulting firms that inexpensively. I think it's a good deal for that quality of talent. Lately I've been hiring ex-ibankers but this will make me look @ ex-consultants too.
Ha sounds like you have been overpaying... btw do you have any openings??
No, we pay less but make up for it with equity opportunity and most guys are more than willing to take a salary cut to work with our team. Our cash on cash returns in the first 10/12 months are also pretty ridiculous so I'm not really worried if I am overpaying. We have a very performance driven culture and if someone isn't paying for their seat I have no problem firing them.
Damn at least tell us what industry and if you directly hire from B School.
No B-school hires because they're frequently unproven unless they have solid ops experience pre-b school.
We buy/invest in eComm/DNVBs.
Then you are an idiot, sir. I started a thread about 1.) Management Consulting 2.) Salaries out of B School.
You have nothing to contribute to to this thread, except a snide remark / humblebrag about how much people in your fake VC firm make.
Lol, weren't you also the guy who made the post complaining about no longer being able to sexually harass your employees? AndyLouis I'm really surprised to see individuals like this with certified user tags.
When would the first bonus be paid (assume mid/late summer start date)? And what about future bonuses thereafter? Thnx.
Why do PwC Undergraduate Consultants now get paid the exact same as Strategy& consultants now? From what I know, the S& folks work longer hours, have a significantly harder recruiting process, and have the most "elite" kids and backgrounds.
Seems like a really raw deal for new Strategy& analysts.
They're still figuring out the final amount, but it's been made clear they're increasing S& (including for those who signed this fall - i.e. increasing before start date). Keep in mind $75k was fine before everyone else bumped up, it's just that S& has been slow to make a final decision and announce it.
That's really interesting (and reassuring for prospective S& analysts)!
Where did you hear this - is this internal, or has this been made clear to everyone looking at Strategy&?
T2 have all announced pending or current adjustments except Deloitte. Not sure what they're thinking. I would venture that they are focused on MBA recruiting. Historically they win all t2 cross offers because they pay second year tuition if you intern there and they no longer recruit full time, so they don't lose out in second year process. I'm guessing the strategy group had a hard time convincing the audit partners that they need to raise to keep winning talent.
> T2 have all announced pending or current adjustments except Deloitte. Not sure what they're thinking. I would venture that they are focused on MBA recruiting.
If I'm interpreting this correctly that you're saying undergrad hasn't bumped up yet bc focusing on MBA, that's not true. They just bumped up this year to 80k + 12.5k signing this fall.
No - I'm referring to post-MBA. I should have made that clearer.
Gibbs providing a lot of value as usual.
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