oragator said:
His answer was "do you really want that?"
That's a solid question. Grass isn't always greener...
oragator said:
His answer was "do you really want that?"
Our RSU's and PSU's vest after 3 years and our SARS vest 1/3, 1/3, 1/3.Cyp0111 said:
RSU are almost always staggered and vest over a period of time.
Subtle differences from firm to firm, but can confirm that life as an SM/Director is truly awful some weeks (My clients still know my phone is off on weekends, so it isn't that bad)... I have four active clients and am managing relationships across several others to co time to build pipeline and maintain 3-4 active engagements at any one time. But base comp is a hair under 300 with total much higher.RangerRick9211 said:Yo, M&A in energy. CIVE > MBA > M&A. I do integration / separation execution. I don't touch diligence or strategy.AgLA06 said:I hope he comes back to expand more, but I have a close friend that is a partner at a big 4. Planned their entire life / career to get to this point at 40.Thunderstruck xx said:RangerRick9211 said:
Bring the hate, but consulting is easy money. You have some dues coming out of B-school, but I've been in coast mode for a few years now. You just have to find the right client, make middle management and never, ever climb the ladder.
PwC is a cohort model and their folks always crowdsource their new comp to reverse engineer the pay structure across ranks/city/tier (performance). It's pretty similar and a good proxy for other firms.
https://docs.google.com/spreadsheets/u/0/d/1p82A0ORFPWb6pHMv0LFKzM4FClvFoDQ8HsNTEZkXtKQ/htmlview#gid=1642874993
For reference, a new MBA grad will enter as a SA2 ($193k) with a sign of $60 and a perf (Tier 1) target of 30%. Total all-in for a fresh hire is $310k for that year. It does go down next year as sign is a one off.
For me, 36, "Manager 2" equivalent in the sheet and it's pretty close. $220 base and a consistent Tier 2 performer (40%). I do nothing beyond my client role with no desire to move up. I have, and will continue to bounce between firms to remain a "Manager."
You won't hire into S&/EYP/Deloitte Strat without MBA on-campus pipeline. But I know plenty of ex-engineers within my firm that do advisory work without an MBA. Their pay is slightly below ours, but it's still great and the ceiling is the same as mine (all comp aligns at Partner across a firm).
Once you know the game, the gig is easy, criminally easy.
Consulting in which industry? And why do you never want to climb the ladder?
They won't admit it, but I think they ultimately regret it. They went from making very good money, slightly above average time commitment, and managing actual meaningful work to ridicules time commitment chasing business and ridiculous money.
At some point it changes from being good at your job executing / managing work to basically being sales focused to bring in money to get your numbers / billable hours as a partner. And all the additional happy hours, business entertainment, travel, and account management that comes with it in addition to the previous responsibilities.
It's not surprising that the divorce rate / substance abuse rate is high among consulting partners.
Big 4 primer,
- Associates / Staff = Undergrad hires. Life sucks for them.
- Senior = Can be promoted undergrad hire; entry for MBA campus hires (different pay cohort, though). Life generally sucks for them as well. Typical consulting experience: told what, where and how. Minimal voice and delegation.
- Manager = Typically own a single client / workstream and have a team to delegate work. More voice, more maneuverability and more control over type of work. IMPORTANLY, your performance is still governed by utilization, not rev or sales. Expectation is to above-and-beyond sales to justify a promotion, but it's not mandatory. So, I don't do anything beyond client work, because...
- Director/Senior Manger = **** sandwich. Multiple clients, multiple teams = multiple messy humans and needs. PPMDs pass all the internal and client crap to you. Worst hours, most pressure and you slave away for 4-6 years playing the internal politics game to get Partnership. You're judged by sales and managed rev.
- PPMD = Lot's of money (median ~$1m for my practice), terrible hours and A-game everyday. Better hours than Director/SM, though.
Net, I make plenty and have an excellent WLB and minimal work stress. I have a lot outside of work (dad, skiing, MTB / gravel racing) and I'd rather spend my time there. We're nearing FI (4-5 years away hopefully) and I plan to eventually downshift. So career advancement is in my rearview.
Said simply, I'm at the point in my life where I've turned Team's notifications off on my phone. I could not do that as a Senior or a Director. Solid middle-management, ftw.
Agsquatch said:
do you require a cpa in your outfit or would an mba fit?
It totally depends.tamuags08 said:Not the person you asked but am an SM.Agsquatch said:
do you require a cpa in your outfit or would an mba fit?
Consulting is different background from Tax/Audit/Accounting. CPA definitely not required and would honestly be an odd fit in consulting.
I don't have an MBA and only about half of my colleagues do.
Buck Compton said:
VERY difficult to be successful being hired into the SM/Director level, mostly due to internal politics and networking needed to hit your sales targets. Some direct hires happen into the Manager level, but most non-consulting people direct hire into a staff level where you are an IC or lead a very small team on one part of a project.
Howdy,MRB10 said:
Commercial insurance underwriter
Psychology undergrad.
Work less than 40 hours most weeks.
Total comp was north of 200k for the first time last year.
I'm in my mid-30s.
Edit: I've been doing this for 10+ years, know how to do the job well, am constantly a high performer, and have a good reputation in my region. There was no secret sauce other than keep doing the thing well for a long time.