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Need help deciding if this offer is worth moving for. Received an offer from Booz Allen Hamilton for an Associate level Sr. Systems Engineer in Los Angeles for $135k base. I countered $150k and a $15k singing bonus and asked if I could be brought on as a lead associate since I've been a lead/manager for a while in my current company.
Current company TC: $125k in Utah.
YOE: 7 with M.S. and MBA
Is the switching cost/risk and higher COL worth it?
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I prefer green though
SYW is either dead or caps out at $80
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@ D it is level A thru E with E being the highest. I’m sure you have something similar. Our folks that just got to partner this year would be level A. Our partners that lead entire service lines and own account relationships are our level Es. Typically they all have succession planning in place to ensure the relationship stays as the older ones start to think about retirement. But not every partner makes it to level E. That’s why a lot of the time you hear people saying welcome to the partnership— your career just started. Hopefully that’s helpful.
Partner pay is based on units of ownership. The levels represent a wide range of unit ownership. So partners at the same level are in the same range but may be paid differently by a few hundred thousand dollars. Like with other levels, pay increases (for us unit increases) are based on performance. So two partners three years in would likely be paid differently. That said, a lower performing partner 30 years in is likely paid more than a high performing partner 3 years in (unless they have had units taken away).
Partners can definitely be let go. Just ask the S& partners who all recently left and went to Accenture and other firms.
MBB gets paid a lot more. We have significantly higher rates for our projects.
My base was just over 250k as a first year partner - so if I had a bad year, I’d have made less than pre-partner. In actuality I had a pretty good year, so total comp was a multiple of that.
These are partnerships. They don't earn a salary like you're thinking of it, ie there is no "base pay" as such. They make a plan for the year, and if that plan is met, they return the earned income to the partners proportionally according to their unit share. That proportion is known as the beginning of the year so they each get a projected "base salary" based on that. But, and this is important, if the firm doesn't make their goal, then the partners don't get that huge payoff, which means they all take huge cuts in what we think is as salary. Now you know why they care so much about hitting that plan each year.
At my firm we get a responsibility income that is not very high, and equity income based on ownership units. 80% or my income is based on firm performance. The responsibility income varies based on where you fall in the partnership grid.
Average partner at D is C level which means they have about 800 units. This year each unit paid out $1200 dollars a unit. Which means that made about 960k.
E level partners cap out at $3.5 million
Does MBB also pay Partners every year until they die? Because at PwC, they get a pension dependent on the average of their best years at Partner every year until death. This is what is causing massive layoffs bc we need to pay these pensions
If you don’t hit your numbers, they will make you a director
Our partners all pull the same base which is a multiple of consultants salary. That’s only a fraction of their take home though, the rest is based on revenue credits for work they sold.
Mck Senior Partner comp is standardized globally. It depends on tenure at the role and rating that year, but for same tenure and rating in India is exact same comp as US as it is for Brazil. At regular (not senior) partner there are some minor differences, but it's close to standard there, too. #Onefirm. Before partner it varies by region, but generally all the same within a region (e.g. All new associates of a given rating in US get the same at year end)
In reference to units being taken away... in more than one of the big four firms, a low performing partner can have units taken away. This is a big part of how we encourage an under performing partner to leave. You may have 1000 units and have a really bad year and go back down to 800 units.
Well if you aren't selling or hitting targets, then your company "goes bankrupt" and you go out of business. Same concept...
Exactly D5. And if you are in a partnership where someone is not taking on their fair share, you want them out to make room for the next partner who can.
@ Principal 1- understood pension looks different for everyone but does something like this sound feasible?
80 percent of your best 6 years averaged out in perpetuity for the rest of your years?
P1- Units taken away? What does it mean - I thought once you make it to partner level your base is guaranteed and it can only go up. Do partners get laid off? Must be rare - I have not heard of any one yet.
Units determine pay... I do think partners have a base pay but like some of the responses from earlier, their base pay is a small fraction of what they make overall
Salary or equivalent (draw etc) is such a small portion of partner comp that this question doesn’t seem very relevant. Nonetheless, I think it does vary a bit with the rolling average of last several years total comp, which tends to make it higher for more senior partners, and it can be more for those who take on firm management roles.
D6, C suite which means E level. E is for executive. C suite is just another E level. No difference