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| Date: |
19 Aug 2008
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| Name/Email: |
steve ()
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| Company: |
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| wow so if you're lucky you'll get paid the same as a second year analyst!
These firms will just get all the people who were made redundant |
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| Date: |
19 Aug 2008
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| Name/Email: |
Wizard of EC1 ()
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| Company: |
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| 10-15% bonus ???? Must be a joke, no wonder most consultancies are only given "bit" roles, hardly numbers that attract talent. Having said that, the comp package could be worse - you could be employed by the FSA. |
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| Date: |
19 Aug 2008
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| Name/Email: |
Ibanker ()
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| Company: |
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| 50-70K is pathetic pay. better to be on the dole |
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| Date: |
19 Aug 2008
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| Name/Email: |
your cousin ()
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| Company: |
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| only the people who have lost their job will join....
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| Date: |
19 Aug 2008
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| Name/Email: |
human pirhana ()
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| Company: |
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| Yes, i confirm: they give that bonus, 15% if you are in the top percentile (top 10% or someting).
I just went to the recruitment process because they called me, but in the end i decided to remain in the financial sector and get the usual fat salary.
as 1st y associate you make exactly half with this job...go go to consulting
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| Date: |
19 Aug 2008
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| Name/Email: |
sovereign man ()
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| Company: |
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| To go in consulting after banking you have to be either mad or sick.
Anyways, i deal with strat consultants sometimes, they deserve that salary, is the result of their lack of specialization...they sell hot air |
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| Date: |
19 Aug 2008
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| Name/Email: |
Texas Tiger ()
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| Company: |
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| better than a kick in the teeth...
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| Date: |
19 Aug 2008
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| Name/Email: |
wise man ()
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| Company: |
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| Well..dont just sit behind your computers making fun and having a laugh at your own silly jokes.
When the christmas season, January sales kicks in and the January bills arrive on your door step....then you know you are really unemployed for sure.
You lazy sods poking fun online here..
Well get off your bums and start dancing to the McKinsey & Co consulting tune..(Its called job hunting).Nothing wrong with that.
Tthere will be no jobs left for you all come Janaury 2009..
So I suggest you swallow your stupid pride and - go job hunting- actively seeking work..
So be smart and make hay whilst the sun shine...
Otherwise you dont even qualify for the dole, if you cant prove you are actively looking for a job...
I give you a few months from now...
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| Date: |
19 Aug 2008
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| Name/Email: |
ksal7089 ()
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| Company: |
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| ...barely... |
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| Date: |
20 Aug 2008
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| Name/Email: |
A.Banker ()
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| Company: |
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| worse than a kick in the teeth, actually. More stress, less creative challenge, _and_ less money than banking - a lose-lose proposition. |
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| Date: |
20 Aug 2008
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| Name/Email: |
jouseeeee ()
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| Company: |
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| More stress: don't think so
less creative challenge: your point of view...
less money: true
And what about the great exit opportunities..? |
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| Date: |
20 Aug 2008
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| Name/Email: |
orlando ()
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| Company: |
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| Strat consultants, including prestigious firms like McKinsey, find themselves in desperate need for outstanding talents. Due to the boom in financial services, PE, hedge funds over the last couple of years, they have been struggling hard to attract the right persons. Lower pay, unclear career opportunities, shift towards less strategic projects don't help. |
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| Date: |
20 Aug 2008
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| Name/Email: |
Pro-McK ()
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| Company: |
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| Don't be sour grape. We employ only the best and give them an all-round experience that is second to none. It's not all about money, the gap is much narrower these days given market conditions. |
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| Date: |
20 Aug 2008
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| Name/Email: |
Alvin ()
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| Company: |
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| i'd say it's good sense to park yourself for a couple of years in strat consulting from corp finance/FO sales while the IB dust settles. reason 1) mckinsey/bain/bcg are good names to have on your cv anyways; 2) learning a diff perspective of selling 'hot air' won't be too bad for enhancing your skill set; 3) current morale in uk banks amidst poor bank health and uk/euro economy makes it such a drag to get motivated in your job - just hope it doesn't do serious damage to your professional mindset. |
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| Date: |
20 Aug 2008
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| Name/Email: |
fxo man ()
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| Company: |
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| The issue here isn't that strategy consultants get paid poorly, rather that IB get paid so far over the odds, when compared to any other industry sector.
But the theme of the comments has substance: why would ANYONE want to leave banking for a total comp package that is literally a fraction of what they're currently earning. All this chat about Jan09 and zero bonuses? This is possible but unlikely. Even IF one does get zero bonus, chances are your basic is more than strat consulting salary plus 10-15% anyway!
All this said, i imagine people at partner level in strat consultant get paid pretty well... but that takes 10-15y?
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| Date: |
21 Aug 2008
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| Name/Email: |
human pirhana ()
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| Company: |
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| Can you esplain me, if you have on the table an offer from Mck with that miserable salary and another offer in whatever bank with fat salary and even fatter bonus, what you choose?
I really don't see the point to turn from banking to consulting, what do you do later? And the salary?
A profession is all about how much you get, cash is the king all the rest is bulls..t. The most interesting job actually is sipping a martini on the beach of a caribbean island, and to do this job is better to get top bucks not selling that "creative" hot air...
Come on, in consulting you have to work 2 years to get the equivalent of 1 year of banking associate.... |
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| Date: |
21 Aug 2008
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| Name/Email: |
Master of the Universe ()
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| Company: |
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| Having dropped out of skuul and learnt nothing, I became an investment banker and mastered the markets. I certainly do not have the credentials to work for McKinsey, but in some cases, I believe McKinsey may have the right credentials to work for me/us.
. |
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| Date: |
22 Aug 2008
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| Name/Email: |
fxo man ()
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| Company: |
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| human pirahna is so right.
unless you are a complete fool, you work to live.
ib serves this purpose more efficiently than strat consulting (or law, accountancy, corporate...) |
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| Date: |
25 Aug 2008
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| Name/Email: |
JOHAN - EX I.BANKER ()
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| Company: |
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| So i banking is more creative than consulting? Where did you learn that? I don't know about consulting but certainly, processing your associates mark ups and turning around IM's and templated models like a monkey doesn't make you creative, it makes you a well paid (not any more) monkey. Who said I. bankers are smart? Trying to persuade a client who most of the times doesn't care about your point of view more than sticking your firm's name on his proposal doesn't need intelligence, not being stupid is enough. I'd rather work in a prestigious consulting firm and actually have a life than losing my best years corporate finance with the risk of not even getting paid |
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