Consulting

I have a couple of friends at JP Morgan and Marsh who are VPs and 28/29 yo. I come from a strictly consulting background so it’s hard for me to understand what this equates to.. are they basically SMs

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More like a Manager. Everyone is a VP in Financial sector, so that the clients feel like they are talking to someone important when in reality it is somoeone who has 5 - 7 years of experience.

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Its not a direct equivalence but VP at most banks aligns pretty well to a manager level in consulting. It is not the entry level, but could be the first significant promotion after a post-MBA hire.

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manager level in consulting. but with a slightly higher salary and much much higher bonus. this is the level they hit mid-six figures consistently in total comp. some will hit over $1MM.

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300k all-in is associate comp at GS. VP varies widely but it is not impossible to clear $1MM. most people are closer to half that though, in the $500-700k range.

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What part of JP Morgan are they in? Retail banking? If so, VP isn’t anything crazy. If it’s ibanking then different story

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What does executive director at JPMorgan equates to in consulting ? Director or MD ?

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Generally yes, but respect is all a matter of perspective, and ED is a wide band. Certainly a big promotion from VP, but a junior ED is also a long way from MD.

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In lots of places it’s either Dir or ED, rather than two separate levels. But that band can be a very wide.

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Banking to Consulting Analyst = Analyst Associate = consultant VP = Manager Director = Senior Manager MD = MD

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What's a senior associate or consultant in banking terms then? I've seen seniors in consulting lateral to VP at banks.

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I left Booz to go to J.P. Morgan (private bank strategyish group) in 2014ish - SA at Booz was = manager at PwC, base back then was something like 170 and base at JP Morgan was something like 160 - bigger bonus in consulting less hours at JPM

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VP is generally manager level at most banks. 5-9 years out of undergrad or 2–5 out of MBA. usually it’s analyst -> associate -> vp-> md -> partner. not all firms are exactly the same but they all seem to have VP in the middle.

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