Hi Guys, I am working as a software developer in Oracle( btech from old IIT) . Its been 2 years and I now want to switch to management consulting (preferable in MBB) to experience it so want to give MBA.
I did some research but I want to gain some information on the salary aspect of it. I heard that the salaries are not that high they would probably be in the same range that I am getting now. BUT, I want to know in the long run do consultants get more hikes compared to tech roles?
I heard the wlb is pretty bad so is there some resource that I can study to know if thats the right suit for me since its a big risk I’ll be taking moving on to a different field. There are some good exit opportunities also I believe after MBB can someone tell more about it.
Would really appreciate some answers on this. Its on my head for a long time. Cheers!
24/7 work setup but you start at 45 CTC at an MBB. The fixed pay could be upwards of 30. If you want wlb, you are better off in your current setup. Also consultants are business folks so they get more exposure and a great network to tap into
As for MBB salaries, sharing some rough numbers - other posts on gvine also have some more details
(terminologies and pay differ marginally differ across the firms - Bain and Mck are pretty similar, BCG would be 5-10% higher - this is atleast till a consultant / manager level)
Junior Associate / Junior Consultant / Senior Associate (Level 1) roughly around 25+5L
Junior Associate / Junior Consultant / Senior Associate (Level 2) roughly around 30+10L
Consultant - roughly around 45+10L Extremely rare - offered only to candidates with a lot of years of work ex (4-5 yoe+)
Time period between each of these roles is roughly 1 - 2 years
Increments in total ctc slow down post that a little bit (goes up to ~1 Cr over 4 years thats when you're a senior manager / engagement lead)
Once you're Associate partner / Principal, your variable increases quite significantly - so then a good chunk of your earnings are largely basis performance and the kind of cases you do
On work life balance, yeah it can get pretty bad. But its generally very case dependent (and firm dependent - bcg really has the worst wlb out of the 3 but they also pay the highest)
There are days on my cases I've worked till 2-3 am, there are days I've closed work at 4 pm as well. I would say on average, you would work a 65-70 hour work week.
Weekends are protected at Bain (not sure about Mck and BCG) - over the last 3 odd years at Bain roughly, I would've maybe worked 4 weekends. But essentially i have no time for a life outside of work on weekdays typically.
As for exit opportunities, I think its very market dependent - but exit is especially great if you want to move to either a VC/ PE role or a strategy / chief of staff kind of role.
Developers are in great demand. Just skill up to get a role in product company if you want challenge work. Consulting is niche and will remain niche
Loads of senseless comments here makes me realize people don't know shit about how consulting has evolved in the recent past. I am a Principal at top 3 consulting firm (not in India coz pay is very less, culture is shit) My last 3 projects have been
@HappyCactus9 Thanks. So youre suggesting I should do a global MBA program for foreign consulting jobs. The reason I said IIM was I wanted to stay in India only permanently. Is the culture that bad here?
Yes, the culture/WLB is bad and the pay does not compensate enough for that. You needn't do a global MBA, you can take a abroad transfer after a year in India if you join from IIM. It's a tradeoff you have to choose.
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