Management Consulting Discussion

[netseeker09]



Although its not unheard of for consulting firms to drop pretty big raises, especially on top performing junior staff that they want to keep around.

45k + bonus is low unless you get overtime (or the bonus is huge)...but after a year you can see where they go with it. If you can't get it to where you want it, you've got a year of experience to shop around with.

Yeah I understand completely.

I honestly wish I could say I would be 1000 percent motivated to grind it out, but this job seems quite strenuous, learning VBA, learning to use Stata to an EXTREMELY high degree. Although, I am in charge of client accounts in the entirety, so I do get the responsibility of a usual Senior Associate as an Analyst, which I feel is good experience, but good experience is only as good as the money it makes me.

I wish I could say I'm gonna bust my butt for this, but its hard to have that mentality when the salary is so low. But I'll continue I guess to network the best I can try and find that lateral move.

When do you think would be the earliest I could ask for a raise? Given I was a top performer and especially given that the salary is so low and barely covers the cost of living in ATL

 

[MSchapiro]

Really not before six months. Once you're in the industry its much easier to make a switch to somewhere else. You made the right choice, market forces just aren't in your favor.

Once you are in with a firm, it's hard to get a big raise like you're looking for.

Given this, I have never understood why some firms give such obvious low ball and non negotiable offers. You'd think HR would understand by tracking you below your market value forever they are making you a flight risk. Given the cost of training a new employee or hiring laterally, it must be worth the extra $10k-$20k a year to just to keep you around. The highest performing ones are the ones who will be able to earn the most at other firms too. It could be solved really easily by just agreeing you to evaluate your package against the market in one year rather than as a percentage increase.

 

[Lord-Barrington]

When you let HR run your compensation policies, bad things usually happen. Most HR departments I have run across will stiff a far better applicant if it means saving 5K for the company so they can meet their KPIs.

This refers more to very large companies where HR owns most of the hiring process, but I am sure it remains true for some smaller firms as well.

 

[netseeker09]



Really not before six months. Once you're in the industry its much easier to make a switch to somewhere else. You made the right choice, market forces just aren't in your favor.


Given this, I have never understood why some firms give such obvious low ball and non negotiable offers. You'd think HR would understand by tracking you below your market value forever they are making you a flight risk. Given the cost of training a new employee or hiring laterally, it must be worth the extra $10k-$20k a year to just to keep you around. The highest performing ones are the ones who will be able to earn the most at other firms too. It could be solved really easily by just agreeing you to evaluate your package against the market in one year rather than as a percentage increase.

Yeah thats what I was thinking. Thanks for all your advice, you and the others have been very helpful.

I don't quite understand it either, the boutique is doubling in size every year, the work is extremely specialized (six months of training) during the interview process it was explicitly stated that "we want to really keep our employees here, because it takes so long train. Etc etc."

This would lead me to believe they would be more allowing of a raise,but still I think 6 months is the norm.


Looks like I'll be heading the bars for networking. -_-, If someone spills beer on my Alden's, I may cry.

 

[SeamasterLux]

Although its not unheard of for consulting firms to drop pretty big raises, especially on top performing junior staff that they want to keep around.

45k + bonus is low unless you get overtime (or the bonus is huge)...but after a year you can see where they go with it. If you can't get it to where you want it, you've got a year of experience to shop around with.

Very true. I had started at PwC at 50k$ + Bonus. I was top performer on my first year and got a jump to Associate 1 directly with a 25% increase but another Big 4 firm gave me an offer of an additional +15% on top of that which I took. I then stayed 3 years at the other Big 4 before heading to the Industry.

It's definitely by performing way above standards that you get a significant pay raise and when you switch firms, period.

Threatening to quit to get a raise is a double-edged sword as even if you stay and get your pay raise, they will give you insane expectations and may wait for any mistake on your side to sack you.

Quote:
That's absolutely right, unfortunately. I've seen that many times already.

 

[MSchapiro]

Very true. I had started at PwC at 50k$ + Bonus. I was top performer on my first year and got a jump to Associate 1 directly with a 25% increase but another Big 4 firm gave me an offer of an additional +15% on top of that which I took. I then stayed 3 years at the other Big 4 before heading to the Industry.

That is hilarious, but so true of what happens. Your old firm prob had to poach another one of the top performers from one of their competitors to replace you. Crazy how that works.

 

[netseeker09]



Very true. I had started at PwC at 50k$ + Bonus. I was top performer on my first year and got a jump to Associate 1 directly with a 25% increase but another Big 4 firm gave me an offer of an additional +15% on top of that which I took. I then stayed 3 years at the other Big 4 before heading to the Industry. 

It's definitely by performing way above standards that you get a significant pay raise and when you switch firms, period. 

 
Threatening to quit to get a raise is a double-edged sword as even if you stay and get your pay raise, they will give you insane expectations and may wait for any mistake on your side to sack you. 


That's absolutely right, unfortunately. I've seen that many times already.

Ah, PwC is one of the companies I'm aiming to laterally move to. (Interviewed with them at Houston office final round)

Although I hear that the PwC Booz merge isn't going as pleasantly as planned.

 

[Texasmade]



Ah, PwC is one of the companies I'm aiming to laterally move to. (Interviewed with them at Houston office final round)

Although I hear that the PwC Booz merge isn't going as pleasantly as planned.

Idk why PwC bought Booz. The cultures are really going to clash and everyone could see a pure consulting firm being acquired by a CPA firm was going to be a problem. The big 4 would be better off buying smaller consulting practices and integrating them. Booz was too large for PwC.

 

[orlais]

I worked for a boutique before taking a break to do some further study. What do you think my prospects are if I stay there? I could probably get an IB job and then make the lateral transfer to an MBB after a few years but I doubt I have the credentials to go straight to an MBB or maybe even a Tier 2 like LEK or ATK.

 

[netseeker09]



Idk why PwC bought Booz. The cultures are really going to clash and everyone could see a pure consulting firm being acquired by a CPA firm was going to be a problem. The big 4 would be better off buying smaller consulting practices and integrating them. Booz was too large for PwC.

Yeah it was confusing to me at first, but heres my theory

Look at the consulting industry overall, and where the work is being done.

Even McK is doing some more implementation work now, even having its own off shoot brand for it.

Booz and PwC merging creates a house that can theoretically do both strategy and implementation.

Culturally this is very difficult as the talent so to speak at both Booz and PwC varies greatly, even though they may be working on the same project. From PwC standpoint they might feel jipped b.c Booz gets paid considerably more than they do.


Thats my theory at least. I've heard that a number of Booz partners have already left for MBB..

 

[crappbag]

Quote:

I thought they would be under non-competes.

 

[MSchapiro]

Idk why PwC bought Booz. The cultures are really going to clash and everyone could see a pure consulting firm being acquired by a CPA firm was going to be a problem. The big 4 would be better off buying smaller consulting practices and integrating them. Booz was too large for PwC.

Was my thought as well. Especially after Booz has even split with themselves due to cultural differences.

I can understand it from a strategic point of view, but it will remain to see how well it plays out. Booz's international reputation is certainly a serious asset.

I worked for a boutique before taking a break to do some further study. What do you think my prospects are if I stay there? I could probably get an IB job and then make the lateral transfer to an MBB after a few years but I doubt I have the credentials to go straight to an MBB or maybe even a Tier 2 like LEK or ATK.

Depends on your country. A lot of people in my course of current study are from a tier 2 consulting background and have all been unable to get into MBB in the most desirable office (London). A handful will likely when they return to their home country. Really presume nothing, connections are everything.

 

[crispeta]



I've heard that a number of Booz partners have already left for MBB..

Make that number definitely >1 and include many more targets than MBB. Also replace Booz with "strategy& formerly known as Booz & Company formerly known as Booz Allen Hamilton" :tounge:

 

[Texasmade]

That new name is so stupid, Strategy&? PwC probably paid a crap ton of money for a name that everyone thinks is a joke.

 

[OmniscientCause]

If you had to put a list together for most desirable/prestigious firms to work for outside of the top 3 what would they be? And or is there no point in applying to something outside of the top 3?