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We in this profession are better off than probably 97% of the country. It is good to remind ourselves of that occasionally.
Chief
Before anyone comes in and talks about dentists' WLB, there's a lot of complexity here that we could get into but don't need to. I like my job. They work fewer hours. Many of us can also get higher comp and *are* indeed underpaid for our skills. Etc. Etc.
I just wanted to highlight this one metric because it's a meaningful one that helps give at least some perspective.
I know this is unpopular since people like to complain about pay in this bowl, but having joined from industry I’m honestly amazed at how often my firm throws money at us. Yes we have the standard raises and bonuses, but in between all of that we get constant cash awards after completing projects, fast paths to promotion expectations so salaries tend to increase at lightening speed. Add market adjustments, hiring bonuses, promo bonuses etc it’s been odd to see it unfold over the past 2-3 years, I’m like constantly getting pay increases or extra money. My industry jobs had better 401k and certain long term benefits. but in terms of ramp up consulting sure does the trick.
@D3 are you asking me? Either way- female minority. I also agree with SC1 with comparing FAANG to MBB vs. big 4 which I’m in.
I am a fan of the appreciation angle, but I wonder about the analysis. Can you tell us more about it? How did you define comp trajectory? Assuming that every consultant becomes partner/MD is probably not the best way to do it, and there's something to be said for more moderate wages outside of the top consultancies, and also job instability. Maybe the fact that consultants don't have to spend years in med school gives us an insurmountable lead in a NPV analysis, but NPV wasn't mentioned in the original post.
Chief
I'm talking about postgraduate debt D5.
And if you had debt from undergrad going into consulting, you probably would've had similar debt from undergrad trying to get into dentistry. So there's no differential there