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Please let us know what they counter with. Would be very helpful to hear if they are in fact “paying up” for external talent vs rewarding folks who grew up in the firm. Thanks OP!
Of course they are. It happens everywhere
We all do have work and tasks but as someone who came from industry trust me, consulting is a different animal. It takes about 8-12months to get good and another 2-3 years to build a solid network. In industry you have your tasks to complete, in consulting you have to make the client look good, make yourself look good in your practice, look for other sales opportunities, manage a team and multiple work streams and make sure you take care of yourself. There are some engagements and clients that are less demanding of others and people joke all the time that all we do is build decks but when another consultant is knocking at your client door, you better have put in all the work to make sure they dont answer it.
I'm not demeaning your work and experience, consulting is that much more demanding
Too high. Same as was said in another post where you used your real name originally, you have no consulting experience which is why you won’t get the numbers you have mentioned. A lot of people process payments for large banks and make nowhere near $200k, it pays standard middle office processing work rates
Thanks. A couple of points --
a. Never used my "real" name anywhere in this forum 😉
b. Never worked in payment processing. It’s very different from Payments industry and business process improvements. So no, never worked in middle office at the bank. My current role is with the S&O side of the business line.
I would try - $170k base + $15k signing bonus. Given no prior consulting experience but with strong FSO exp.
SC2 not reach for the stars poster.
OP maybe go Spotify? If you do 170k+ there will be a high expectation to perform. If you don’t sell + get well utilized you will he fired pretty fast. Consulting is very metrics driver and if you don’t have any experience it’s a real risk
I assume you won’t really be able to negotiate bonus if EY has a bonus matrix - someone from EY should correct me if I’m wrong.
My opinion is that salary looks high and bonus looks low, so would suggest with going in with that salary and upping your bonus to a higher percentage
I like what you said in para 2. However, on para 1, the main reason why I am looking to leave my current employer is because we’re moving to NY from SF and my line of business doesn’t have a lot going on in NY. The fact that I am interviewing with multiple companies in various industries should also show them that my skill set is transferable and therefore I don’t think it necessarily is a bad thing!
And of course, EY can always come back and say no and I am open to listening to their counter offer.
I think it’s unlikely they bring you in as a manager with no consulting exp
EY is known to bring folks in a level up from other firms so I could be wrong.
But for 200k all in you better be selling and leading projects
I’m a manager in Chicago. PI practice. Only make $115. I think you are asking too high for EY standards. You would already be maxed out on the top of the pay band and might not get any raises for a few years
Comp varies so much by skill set, there is just not a good way to compare. It’s likely apples and oranges. My practice, there are no M1s making under 150k and 200k is certainly achievable before SM. In others, your salary in the norm.
Lol at someone who interviewed at EY for a Manager role expecting 195. Use Glassdoor before doing this kinda stuff
Mmmm... I am pretty sure the reason why we are on this forum is because we all know Glassdoor data points are a shitshow and it definitely doesn't take into account of location, leveling, area of focus, etc.
Maybe you are in the wrong spot and should just stick yourself up to Glassdoor?
Seems on the higher end for manager, but not outside of reasonability. Don’t know much about banking so not familiar with pay relative to other areas.
Lol OP. You'll get maybe 160 max for M1 with 10 yra experience but non consulting.
What you making now out of curiosity?
Also we are notorious for paying lower than expected so I agree with those above the base ask is high but make them counter you
M1? 195? Y'all trippin
I was making 165k as a manager a few years ago with similar years of experience.. I doubt I was the highest earning manager in all of big 4 so upside there. Our firms are always willing to pay a premium for a specific skill set especially when have projects that need staffing (short sighted? Yes but doesn’t mean some folks don’t benefit).. All the naysayers on here are likely generalists or specialists who haven’t cashed in on their worth at the right time. Go for it. And keep us posted on outcome.
Yep. Agreed base is high. Even if they bring you in at an M2 level you’re probably looking at 150-165. Though the market is hot and we’re losing a lot of people... could be EY will pay a premium for new talent.
Base is high without consulting experience. But heck go for it. What do you have to loose if you have other options?
Go for the high base. The worst that can and will likely happen is a counter offer that is lower. Also keep in mind that unlike industry, EY will give you a decent raise every year if you are a high performer.
I think $195 is reasonable starting point for the negotiation. It is likely on the higher end but we do pay a hefty premium for external hires. The $15k signing bonus is low. I'd ask for $25k.
So.. this HR process is extremely tedious. It's been a couple of weeks and they are still trying to figure out what's the best number to offer me! A quick question for you all, what's the top of the band for M3 in PI for NYC? I have been told that they'll bring me in as M3 and not M4.
I knew a PI senior with an MBA who got promoted to mgr and made 170 his first year so top of band for M3 is prob in the 195 range. Stick with that.
This is how I plan on going in.
Base: $195K (will accept $185Kish)
Signing bonus: $15K
Interviews: few rounds into Spotify and Morgan Stanley. One HR round into Deloitte S&O. Expecting a solid offer from Spotify within 1-1.5 WK.
Business Case: 10+ years of banking industry experience including 2-years of payments. Solid experience into a practice area where EY is already working with Wells Fargo.
Core competencies: process improvement, product management, systems integration, project/program management.
Any take on how else to make it a solid ask?