Do you ever think we’re a little out of touch for how much $ we make as consultants and the expectations of growth in income we have? Sometimes I look at my salary and I’m like damn, I’m slacking compared to my peers or xyz firm average at this level. Other times I realize how I’m already making more than 87% (just googled this, not a hard stat) of Americans and make more than some people will ever hope to annually in their lifetime. Thoughts?

likeupliftingsmarthelpful
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It’s not analogous. Most Americans don’t live in extreme HCOL areas and weren’t near the top of their class in high school and college. You get what you deserve, and not a cent more. Corporate America makes sure of that. We’re not out of touch, we’re ambitious.

likefunnysmart

EY7, what evidence do you have that comp tends toward marginal value?

Comp is based on replacement cost, not value.

Having lived in both Europe and America, I’d say society in America is a “act in your own interest” culture. In Europe most people act for the greater good. That somewhat explains why we compare ourselves to others a lot and are out of touch. We can’t understand why insulin would cost $350 a week but we don’t care as long as we aren’t diabetic or have insurance to cover it. We simple don’t know what most people who don’t command consulting salaries go through.

likesmartuplifting

As a non-American, non-European, I found Europe to be more exclusionary of other races. I haven’t felt like “an other” in the US as much. I know people speak of racism in the US, but Europe takes the cake. Sorry, not sorry. The only people who harp on about lack of racism in Europe are the white people from those countries who benefit from it.

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Yes, we definitely are.

A lot of us have aspirations to pull in $180-200k by the time we’re 30. For many people that is just an unimaginable salary number.

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A12, whats your numbers?!

Coming from an older person (compared to most on this board), here are my learnings about money.
1- Sometimes, no amount of money can be enough. That is arguably the most dangerous disease that has no cure. Wanting more money to satisfy another need.
2- Money cannot buy your happiness, class or gratitude.
3- Spend what you have left over after you save. Not the other way around.
I also want to share a personal experience with you all. I remember an incident many years ago when I was making 30k a year and took a bagful if quarters to a coin star machine at a grocery store. There was an old man at the entrance collecting donations (can’t remember what cause). I looked at him and he reminded me of my dead grandfather. Don’t know what got into me and I put the whole bag into his basket. He gave me a hug and I started crying in happiness. Still the best thing I did for a stranger. In those days, 50 bucks was a lot of money for me and yet it bought me more happiness than the full value of my account today. Thanks for allowing me to share this story..

likesmarthelpful

Very kind of you to say that but really it was to tell folks here that money and doubling, tripling or quadrupling it isn’t what life is about. I have a 500k house, 50k car and can afford many expensive vacations but true happiness is got from non-materialistic things. And you don’t experience real joy until you help someone who really needs it and who can do nothing for you in return.

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The histrionics here over things like not being able to expense meals when WFH after travel ended this spring and millions were losing their jobs told plenty about how in touch some are.

likefunnysmart

Personally — if we were moving to wfh permanently or for a majority of the time, I would appreciate the flexibility to expense dinners in the case that I am working late on a deliverable and don’t get a chance to cook. Obviously, like travel, this would be based on budgets and profitability of the firm / account.

I understand that compliance is challenging to monitor but having one less thing to worry about would be helpful.

Our hours have not gone down due to wfh and the overall take home salary for junior folks has actually decreased by about 10-15% due to increased expenses.

If you’re response is “its the middle of a pandemic what do you expect” — i am referring to long term when travel decreases.

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There’s a huge gap between people who have only worked in well-paying consulting jobs and those who have worked elsewhere before transitioning to consulting. The latter group tends to have a lot more perspective

likesmartfunny

I more than doubled my salary after moving out of consulting

Absolutely. 10 years ago I was making about 25k/year. Now I’m making 120k. To most consultants, 120k is ok, but definitely not their end goal. I’d be fine making 120k from now until I retire.

likefunny

Solution is simple, rent a reasonable place, keep saving and investing...

Maybe buy a place in the burbs someday if that is appealing to you later on in life

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We are more than a little out of touch.

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Ask for a paycut I'm sure they'll oblige

likefunny

D1, don’t worry they’re just from EY is all.

OP you are absolutely correct. For many reaching $100k is a dream come true, and yet we see many on this app talk about $150k as inadequate compensation. It is all relative but a good reminder that these high salaries and the people in this circle are a bubble.

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Nope, high tech companies make more for less hours

likesmart

Millions in stock for days of work is worth more per hour than consulting if you ask me

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If you offer my buddy 50k bump and in return he has to work 5/7 more hours he’ll turn it down.
You offer me 50k for 8 extra hours I’ll be like where do I sign. Lol perspective and life choices I guess

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8 extra hours per week? That’s 416 hours per year. Life is short buddy, 416 hours can build me a business.

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Yes. I switched careers after a decade of managing nonprofit grants. I’m making as a consultant what I was making as a “Senior Manager” in my past life, to the penny, and was pretty close to the pay asymptote without gunning for really depressing executive work in that sector. Now I genuinely enjoy my day to day work, learn from my peers, and if it weren’t for simultaneously being in school part time, I’d say I’d be getting better sleep too.

Folks who have only done this line of work have no idea how good we have it, on the whole. My old colleagues are dumbfounded that an entire app exists for people to complain about these jobs they’d kill for.

likefunny

Totally. I keep this at hand.

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Yawn... them to to a tech shop. We are not that

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We always want more. It’s never enough, even when it is.

likesmarthelpful

Honestly, I don’t want more. 100K per year is perfect for me. I’m very displeased to discover that I must list all my financial relationships to the firm. I make about 5-8% per month on the stock market. Ask me how I feel right now. Lol.

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Definitely. My dad probably works twice as hard as me and makes less than 1/5 the money

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You are one of most mature Millennial I’ve seen yet. Come work for me. I will insure you’ll be successful here.

likefunny

The irony that one of your peers isn’t a spoiled child?

Believe it or not, statistics for the average American are not correct. A lot of business owners, for example, have a lot of tax write offs with an LLC taxed as an S-Corp with a 199-A deduction. Working at a strict 40hrs per week job with a side hustle is much better life

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There’s always somebody making more than you.

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Remember a few years ago when it was Bill Gates?

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My “base salary” (without the bonus) is within the 95th percentile among all Americans, and I am making more than triple the salary of my spouse. However, it is a comparison of apples and oranges.

From a salary comparison perspective, these consultant salaries might seem “out of touch”. On the other hand, doctors have always been making “way more than other professions”.

Management consultants help big businesses solve problems, which otherwise cost millions of dollars. Therefore, our hourly rate is high. If we cannot get utilized, or if we don’t perform well enough, we can be laid off. Performance criteria are not comparable to other positions or other industries.

“Elevated risk and job insecurity” are factored into these very high salaries. Consulting firms are using these high salaries as a recruitment tool to incentivize qualified candidates to join the firm. Some consultants get job offers from their clients and exit. All consultants overwork in one way or the other.

I was very happy to get a raise this year, while many people were being laid off. I was willing to accept no raise, had prepared myself for it. Looking around at other people, I sometimes think it is a privilege to be able to “work from home”. My brother and sister have to actually go to work every single day.

If the economic crisis persists for a long time, consulting services will take a greater hit, and layoffs will continue. I am trying to “maximize my savings now” to make sure I can buffer an unexpected job loss situation until finding my next job, in case of a layoff.

likesmart

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