Related Posts
Anonymous User
Pwc salary structure? Benefits
Urgent
Anyone know the raise amounts for BCG yet?
More Posts
Recommendations for a Roth IRA?
Additional Posts in Consulting
Best consulting firms without the massive ego?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
To be honest, the context is just that I am trying to determine what my career goals should be as I begin as an associate. I really like doing consulting and working on exciting problems both in the public and private sectors. I come from poverty and made it to fancy colleges/PhDs on scholarships and fellowships, so to discover how much money this world brings is quite shocking.
I feel at a crossroads because I could see myself working hard and hustling to pivot into private equity where it seems you could get into a LOT of money (tens to hundreds of millions). But I like the consulting work enough that I would happily stay and work/hustle towards partner if they pay in the same ballpark (say perhaps net worth in the tens of millions). But it's really quite opaque what partners really make.
I know, I know - this is more money than I've ever seen and I should be happy. I am, I'm like crazy happy. This is a dream. But if it's possible to get to that level of wealth, I really want to try and make it (while still *enjoying* work and finding some fun in it - that's important to me and I'm still not sure how PE compares).
You’re getting pretty far ahead of yourself. You are literally just starting the job, right? Who knows if you’ll last 2 years, let alone to Partner, or if you would succeed in PE.
Thanks a lot friends! Really appreciate the honest feedback. Perhaps this context might help explain some of what seems like crazy early planning - I come from academia and to be a tenure track professor in a biomedical field at a top place (Harvard-MIT-Stanford-Princeton-Yale) you kind of do need to start thinking at least 5-7 years ahead. You need a good PhD that makes a solid advance or with famous professor, followed by a fancy fellowship at a top place where you produce something that is substantial but also exciting and can bring in money, and then you finally apply. Each position gets 400-500 applications. I’ve played this game for 6 years now. I’m really good at it but realizing how much better valued your time is outside academia. Would be honestly really nice to sit back a bit and enjoy the work without trying to optimize for something a decade from now.
Chief
At McKinsey it's Associate Partner, Partner, Senior Partner. Honestly Partner and Senior Partner comp is a big ???? for anyone not at that level. It's known that it's in the $1m+ range, but exactly how much is unclear.
Associate Partner ranges from $400k to $600k. As you move up base becomes a smaller portion whereas bonus grows
@A1 - burnout
Wow talk about long term planning.
I wouldn’t call it planning really, I don’t think I’m capable of that. More like long term aspirations maybe? Just want to get a better handle of what I’m building towards. I feel that kind of long term motivation is important for me to work hard and put in the hours.
Focus on getting to a level of wealth that allows you to be happy, and more importantly find a job that excites you to come to work each day. Some people, that’s 50k a year. I’ve set retirement goals for myself not based on a number, but rather a lifestyle and things I want to do. Making 1M+ a year in a job you hate is useless if you work 80+ hours a week and never get to take time off/enjoy the money you make.