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Sort of. My guess is someone with 5 YoE in consulting with earn more than someone with the same YoE in a Big 5 bank. Because of the faster progression.
The disparity comes when you move between the two. People in consulting see those 5 years as more valuable and try to level up when they leave. So they’ll have similar YoE as someone in the bank but come in a level up, and make more.
Long way of saying B4 will pay more for no experience. Then the bank will pay more to acquire this experience. So who pays more will depend.
Generally yes, but progression may be more stagnant.
I know seniors who left and got 10-20k increase. However, if they stayed they would've been promoted to manager in a year or two and been at the same salary. In another 3 years they would be senior managers and make even more. At the bank, you don't know when your next promo will be.