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How do Big 4 and other consulting firms compete with tech companies on pay? They seem to think their only competition is other consulting firms but plenty of people are leaving for tech companies and are doubling their pay overnight in many cases

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Few thoughts: One, we don’t really compete with consulting for talent...we win competing offers 95% of the time. Two, I don’t think it’s fair to say we double comp overnight given RSU structure. Take home often is similar for first two years...and radically widens thereafter. Finally, I dont think it makes sense for 500k employee professional service firms to greatly increase comp because there’s 250k employees in tech doing fantastic

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AWS I’d expect a bigger paycheck- they align with us and GCD and we compete directly on comp. Definitely feel when you include big tech (e.g. AWS) consulting is losing well more than 2% of its workforce. In some ways this as much a feature vs. a bug. Allows them to create faster promotion paths while not growing top line revenue like tech

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Agreed there is more money to be made outside of consulting. However do think there is a slight difference in comparison e.g. private partnership vs. public trading company. Startup is debatable. Early stages are going to be a shot in the dark. Late stage might as well be closer to actually tech w/o actual stock value. What I would say is if you moved to tech, to get up at a level to make big $ (without reliance on stock performance which could turn at anytime really) it would take awhile. (Unless you work Netflix in which case congrats personal best market value in cash is killer). Whereas consulting make partner and you’ll steadily bring in 500-1M each year. To each their own tbh. I’ve left consulting to late stage startup. Got more $ but the work isn’t really all that great/interesting (and industry probably won’t ever get me what I’m looking for). So making a move back to consulting and sticking to P.

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Depends where you go. Deloitte it goes M-SM-P/MD. Others have M-SM-D-P/MD. You will typically spend 4-6 years at M at D then another 4-6 maybe little longer at SM. That is getting promo to M. If you come in as an experienced M I’ve seen 2-4 maybe 5 for those less experienced. Deloitte does have sales and managed rev goals at M where I believe others may not have sales goals.

Big 4 does compete with smaller tech companies. Not every software company is paying FAANG salaries. The reason why big 4 doesn’t compete with Microsoft, Amazon or any of these big tech companies is that they can’t afford to and generally don’t need to. Most people from consulting firms aren’t exiting to SWE at tech firms. They’re exiting to some sort of analytics/strategy/Tech sales roles. There aren’t as many of those roles at big tech firms, so it’s only a small percentage that are leaving big 4. Of course at Partner levels, big 4 does compete directly with FAANG. A partner walking away with his book of business is more damaging than a manager or consultant doing so, so big 4 are willing to compete in this space.

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