Does anyone else feel like they are making less than expected in consulting? I left a sales job and got my masters degree with the intent of being a consultant. Now 14 months into it, I feel like I am falling behind financially. I’m able to save some money, and I am grateful for what I have, but I thought That a consulting job would allow for a higher quality of life. Is anyone else disappointed?

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I’m 25 and making $230-240 TC… I really can’t complain but then again I didn’t get a MBA so I could see how it would be more disappointing to get the degree then feel like you’re falling behind

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Aight, I cant even fault you

Man's honest

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At 14 months, you should be due for your first promotion in the next 4 to 10 months - are you having those conversations already? Start planning that out - make a document that shows how you are performing at the next level in whatever dimensions you are currently being assessed in. There should be some kind of framework your firm has laid out - ask your career coach/manager if you don't know where it is.

To maximize what you're making in 2 years from now, I'd recommend: 1) staying til your first promo and then 2) making a strategic jump to SC at some other firm where you already know people and don't have to completely rebuild a network

What might this look like, in terms of TC?

Current: 90k
Promo in 4-10 months: 120k?
SC elsewhere, a month or two after that: 135-145k (practice dependent, seems like you aren't in a pure strat role)

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Hmmm - that is uncompetitive, if promo time is on that ~2y schedule. The 135k mark is still doable if you leave, though.

Ultimately, my message is this: job hopping is absolutely a ticket to more money, but if you aren't making vertical progress with promotions, you are working against your longterm tc aspirations

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What is your TC?

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NYC metro area

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What type of consulting are you in? 90k is a decent salary, but you can probably change firms and make more

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I’m 25 yo and making >$200k a year and I am not at MBB. So no.

It sounds like you were offered an entry level role. This is common in consulting as experienced hires are often down leveled (unless direct consulting experience). As stated above consulting is a grind. Depending on the firm, there are set expectations around raises and promotions (every 1-2 years). Wealth from consulting really comes from either sticking it out for a few years for the promotions and raises, or leveraging the experience for exit opportunities.

Reading your other replies.. what firm are you at?

If not at a B4/ACN equivalent or higher, perhaps the strategy is to leverage the consulting experience you DO have into a higher paying firm.

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