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Hi all! I’m looking to connect with folks who either work at Coinbase or have interviewed recently for the Business Operations and Strategy Manager or similar role. I am looking to schedule my first interview which I believe is a consulting style case. So any details you can provide, I am all ears. The next interview will be a presentation. Again if you have any experience/advice on this, I’m ready to listen.
Thanks in advance! Help me escape Deloitte pleaseeee. I want this job sooo much!
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I’m about to do the exact same. Opportunity to move to director in about 1 yr. It’s an extremely tough call but I can’t stay in consulting and I don’t want to be someone who looks back and caused myself to be unhappy for a couple thousand dollars that’s insignificant in the scheme of my life. Also, amount of time put into interviewing was significant and really hesitant to stay and then have to do that again . Telling myself career is a marathon not a sprint and this is a first step into developing a fulfilling career for myself. Worried if I stay in consulting I’ll just end up quitting with nothing lined up anyway so this is a temporary holdover.
D1 is exactly right.
You’ve said the job meets all your needs, you’re struggling with WLB / mental health, and you are definitely leaving consulting. If you were to leave for pay equivalent or higher to your current TC, would that land you in a comparably better WLB spot or the same? Not everyone needs to be a superstar who believes work is life and you’ll die for the job. (Perhaps I’m projecting).
Strategy consultants make an F-ton relative to normal people (if you’re not comparing to bankers, or Silicon Valley tech). In absolute terms...are you looking at TC in the mid 200s dropping to 175-200? Are you supporting a family or single? Rent or own? Does this change impact your cashflow to get by or just impact your relative level of discretionary savings / trajectory?
Assume you’re relatively young and have a lot of years to “catch up” and you’ll have a lot of potential energy to excel starting as a Sr Mgr, assuming the advancement structure at new company isn’t too rigid. But that’s a thing to consider.
Based on that and assumptions about what you haven’t shared, I say take it. Sounds like a great opportunity and good luck!
Right on comp...was thinking Engagement Mgr salary. But the premise still holds.
C1, It’s 30% from base + bonus, not even including profit share :(
Add’l context, I’m definitely leaving consulting, so it’s either this or keep looking (potentially beyond transition period).
I think this job (consulting) has done so much damage to my mental health and sense of self worth that at this point I feel desperate to work somewhere that will allow me to recover and “find myself” again. My gut wants me to take the offer, I just can’t justify such a steep cut...
I do think there’s potential for promotion to Director within a year and that would bring my comp closer to what it is now, but still not enough (plus the opportunity cost of course)
But all the points about the excitement fading away eventually are true too
Oh whoops this is a week old thread and decision's been made
Thanks everyone for the thoughtful answers! I’ve decided to decline the offer and keep looking. It was a really tough decision, but the pay cut was just too high and far from what the market is offering, so I’m taking my chances here and hoping I can find another place with a good fit that pays better.
D1 I’m looking for Strategy & Ops / PMM roles in consumer tech companies. Many roles available, but also a lot of competition. Fingers crossed something works out!
Update #2: they increased the offer enough to get to the lower end of my target range, and after careful consideration I ended up deciding to take it!!!
A few factors that played a big role:
- cost of living (in this role I’d be able to afford a house, but in other “FAANG”/tech roles I was looking at in California, it would take much more $)
- Having P&L ownership upfront (vs other Corp strategy or pure strategy roles that I had been interviewing for)
- Really getting along well with hiring manager and overall team compared to other 5 places I interviewed at
- risk of continuing to recruit looking for a better role when the market is so competitive and not favorable for interviewees (my transition period was ending in less than a month)
Worst case scenario, in a year or two I’ll re-recruit and find something better. Best case scenario, I love the job and the new city, and in a couple of years I’m back to where I wanted to be financially but much happier and with higher quality of living
Congrats!! Hope it’s a great change and next step
Don’t do it. 30% is like half your salary. Might as well hang out with them for free.
Coach
Wow Acn....
Take it. Life's too short doing something you don't like. Prove your worth early at the new company and people will recognize you. In the long run, you'll regret not making the move if you stay in Consulting.
I know it’s easy for me to say, but that’s a significant pay cut and you should be able to find better with that much experience. If your career and comp are important to you I would try to hold on for better comp. this will impact your future comp potential for other jobs. That being said, if you think it will really make you happy and you’re not concerned about pay then would give one more round of negotiations and consider it.
You’re somewhat right. In reality, I do think in many states they can (or do) ask. The other thing I’d add is making more enables you to tell employers what you make and gives you more leverage. When I’m asked about comp now, I proactively tell companies my total comp potential because I feel like it is a good enough amount to build off of.
If it helps, I have 7 YOE plus MBA, 2 years at BCG as a C. COL is comparable to slightly higher in new job city. Sr Manager role at established public company.
I think we get the MBB brand and networking boost. Leaving for Director role as a 2nd year consultant, 6 years of experience, 2 of them in non-profit space. I think my other boost is very strong analytics chops (coding + DS) that aligns well to the role Im taking. I imagine the Pool of folks was small to pull from.
Don’t do it. Loving your manager and team will fade eventually when politics start kicking in.
Is this a 30% cut from base or 30% cut from total potential comp (base + bonus + profit share)? I’m actually kind of surprised by all the negative feedback since it’s pretty standard knowledge you get paid a premium to work in consulting. 30% base cut is pretty steep but is there any room for negotiation? I personally feel so mentally drained and beat down by consulting that everything you listed would make me take this offer in a heartbeat
Lol, okay, maybe YOU get paid a premium to work in consulting 🙄 probably more true for MBB and those at higher levels though.
If they like you as much as you like them, they will make it work. At minimum they will meet you in the middle. Tell them that this is the only box not being checked for you to execute. If not i wouldn’t sell yourself short
THIS.
It needs to be a two way street.
First, congratulations on your offer!
I empathize with your situation. When you need to leave, your need to leave. At the same time, you need to feel valued (I'm guessing that's one of the issues impacting your current work experience.)
I think the first question is, can you afford a 30% drop? Not just in terms of living costs, but in terms of living well. Consider how you spend your money now and what portion of that makes you feel good and then imagine being able to do that 30% less. Will that be a good change? Will it be tolerable for at least a year? Is it maybe a change your needed to make anyway? (this is assuming you've already negotiated and the 30% cut is what's left; if not, then do that first!).
Then consider to what degree is the current job impacting your mental health. Is it the job itself? A manager? A team or particular project? etc. Identify and isolate the issue(s) then critically consider if you've done everything you can to uphold your mental health. ie: taking time off, not replying to emails after work hours (whatever those hours are for you), seeing therapy, diet/ exercise habits, connecting with loved ones, etc.
If you can say you've done all what you can for your mental health and you're still sinking - then leave and figure out the pay cut.
If you literally cannot afford the pay cut and your mental health is still sinking despiteyour efforts, then see your doctor to document stress (anxiety, depression, etc.) and go on medical leave. Ultimately, you can still take the new job and be looking for another new job. It's not ideal, but you have to do what you have to do.
I hope it all works in your favor. Good luck!
Is there a relatively quick opportunity for advancement / reevaluation of compensation, like in 6 months? That might be a middle ground. A year is too long, like you said.
Depends if you're working 30% less and are 100% more happy. Lateral moves can pay off in the long run
I think from the comments, you’ll see there is no 1 right answer. Everyone will have different opinions! It’s what makes most sense to you and what your values are. This will not be the last opportunity that comes your way, so if you are able to buckle down and hang tight (at the cost of possibly your sanity lol) then do so. If you think you are at your breaking point, then by all means take the offer BUT understand that decision comes with possible scarifies in your lifestyle. If you don’t have anything to lose, as in no dependents or significant expenses, this jump is possible.
I greatly empathize with you because I was in the same position myself. For the entire 3 years I have been in consulting, there were SO many times when I just wanted to quit with nothing lined up. All I wanna say is hang in there, and no matter what you decide - it’s not the end of the world! You’ll make it work either way.
Subject Expert
Honestly if you don’t take it - I think the gap will just widen. I left for about the same salary when I left consulting for Microsoft and it was 100% worth it. My peers still in consulting are paid more now but they feel even way more trapped financially and professionally. Meanwhile I’m kicking butt here and was early promoted, and have a life outside of work
Subject Expert
Directly. I’m currently at post MBA level here after 3 years in consulting so I wouldn’t have benefited it
Went from consulting to tech with a 140% increase breaking 400k TC. If I can do that from GT, you can do better from MBB. 10 YoE
Is it a low COL city?
With the reduction in working hours, your pay per hour worked will probably be similar even with a 30% pay cut.