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@BCG1, firm contributes “profit sharing up to 10%” as a retirement contribution annually, but has been 10% every year for the last decade, so it’s pretty much a given. Then 25% match up to 6%. So overall a retirement contribution of 11.5% from the firm.
Yes to bonus. Last years was 22-24-26 and this year should be 5-10 pts higher bc of our performance being dramatically up
Jesus, this is getting absurd. I have worked with so many MBA hires who can’t handle the pressure, ambiguity, or travel of consulting and home grown talent (making far less) run f*cking circles around them. Most leave after the two year commitment. What a joke.
BCG1 go to the mirror and stick your tongue out. That green shade you see is from all the cooolade..lol.. jokes aside. BCG is a great firm, I recruited for BCG, made it to final round and didn't get an offer. I had a lot of friends in the firm and met a lot of additional great and smart people through recruiting , but by no chance are folks at BCG close to the smartest folks I know.
Let's be frank, You don't need rocket scientists to solve the problems that are brought to consulting firms. Infact, the hardest parts of the job to a person with above or average level IQ is not infact analytics or structuring but leveraging soft skills (EQ, leadership etc) to get buy in. My point is everyone that makes it to the final round on merit (i.e not partner's friend kid etc) already have or have the potential to met these, and if they were hired would have done just fine. If they continue to be motivated and their values and goals continue to align with that of the firm.
I would address your other points below:
1. "It's due to tech not banking or M+B". Can't argue this, I am not in the firm. This helps make my point. If BCG is defending itself from Tech, shouldn't other consulting firms do the same? Also tech hirers a good 33% of the class from most top 20 MBA programs, as such they are not hiring the top of the cream only (Am sure BCG is doing this specifically for those top of the cream candidates only lol). If we even agree for a second that S&'s talent pool is a tier below BCG's, then more the reason S& needs to protect its pool from Tech also.
2. "MBBS can't happen-hamstrung by independence". Wake up BCG1 (Blockbuster, Kodak, even taxi drivers once said "it can't happen"). The market is demending a different product these days (End to End). BCG 2017 revenue ~ $6.3B, Bain's ~4B and PwC advisory ~ $13B. Not sure your >25% is accurate, but if it is, we are still able to pull 13B in advisory revenue. Further, given the markets need for end to end solutions, which PwC is better at than any MBB, and if MBB is arguably better than S& in strategy, then on average the clients see us in similar light (all about pros and cons)
3. "Talent overlap and talent drain". You're supporting my arguments, if you don't want to lose talent to BCG or other competitors, you work on intiaitive to make it happen (pay is an example). We also got a few tenured BCG partners recently. Why are they leaving?? (my argument wouldn't be that they are lower tier talent or partners that couldn't hack it, but rather I suspect it has to do with the E2E solutions clients are wanting and they can provide this easier at S& with the help of PwC' s network).
You can tell I am sick and tired of half ass arguments from some (the ones that choose to be ignorant) MBB folks.
Our strategy is to be clients #1 choice, you can choose to believe that it's silly or impossible. After all you're entitled to your opinion, but please don't tell us (S& staff) that we shouldnt complain about not being treated similarly to who our leadership is telling us we should strive to out perform in the near future.
P1 - that’s why we are up or out. If you can’t handle all of that, you leave within 18-24 months.
I’ve said before and I’ll say again, B4 matching comp with MBB for campus hires is inconsistent with the rest of their strategy
Have offers with OW, ATK and S& - no match with MBB’s new comp
Haha..yea blame the MBAs smh..lol
We did not
McK is. Bain likely will. S& likely will (given leadership comments). Can’t speak for the others.
Really BCG1? It’s inconsistent? If I wasn’t receiving PwC “MC” compensation, I would be at BCG right now. I’m not. So, anecdotally, PwC’s Strategy of paying S& talent higher is retaining that talent allowing us to compete with you and sell pull-thru work.
ATK did
Since recruiting is right now, the offers are being adjusted. All existing consultants @ every level will have raises communicated by year end.
What about us? :(
Not yet
Also not just BCG increased salaries. Banks as well as tech did.
Also imagine all the folks that made it to final round at MBB, did well, but didn't get an offer (mostly due to affordability- can't hire everyone that's good, and hiring process isn't exactly prefect), you think you're better or smarter than they are cause BCG picked you?? Or you think they can't hack it, hence why they didn't get picked? Ask your self if the answers to these Qs are always true.
Further, when you're trying to compete in any market for similar customers/talent, what are some strategic initiative you would consider?
My point here is your premise assumes MBB can't be over taken and they would remain MBB for life. Remember it was once MBBB, and if the plan is to go back to MBBS (which it is), they ought to do all they can to make that happen (hence why they would even consider the match) and this also would align with why BCG raised comp-to fight off banking, tech and attempt separation from Mck + Bain.
@Booth You sure? Our offers bumped to $158 last Monday.
^that's not really matching, is it?
Thanks S3. Last quarter, Deanne was very clear that the goal is to move up Vault rankings. We can’t do that with subpar compensation.
It’s a fair point S4. But we’re hearing people turn down offers already due to compensation. Also, if I had known that the delta would become larger, I would have accepted that BCG offer I had last year.
Nope
^ we are reviewing comp across all cohorts. Heard from Partner.
It’s not about separation from M and B (or keeping up with banking). It’s keeping up with tech, plain and simple.
MBBS can’t happen because you’re hamstrung by independence (>1/4 of your market is unaddressable) and you’ve had a huge talent drain. We have a ton of ex-Booz partners, and I doubt we scraped the bottom of the barrel for them.
Of course those things aren’t true every time. Frankly I think I got totally lucky. There is a ton of overlap between our talent and yours. But those things are true, on average. Unless we’re really awful at picking people