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Hi fishes! I had asked for benefits other than CTC which Bank of America provides & now that I've completed 1 month here, here's the list of allowances you'll be getting irrespective of position/band:
1. Sodexo: 1300 p.m./ 15,600 p.a.
2. Transport allowance: 900 one way, 1800 two ways p.m./ 21,600 p.a.
3. Internet: 1500 max p.m. (other than that, one time installation charges)
4. Tuition fee: Any certification related to your field. Like CFA, FRM etc. 3,00,000 p.a.
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There’s some benefits to the smaller cities approach: (1) save money (2) better office community (3) better study variety since there is less local work (4) if you’re pre mba you can alt Travel to the cities your college friends ended up in
Why save money early at the expense of building a network in real powerhouse cities? Your 20’s are a great time to build a network of folks who are young and ambitious. A greater percentage of those people in Tier 1 cities will end up in very influential roles in the future which is important if you want long term career growth and optionality. Life options and career value isn’t as sensitive to consulting firm prestige. MBB associate/consultant is great on the resume, but honestly don’t underestimate the power of Tier 1 cities with respect to career impact as well. The trade off between tiers is not just about cost of living and social activities
There’s no MBB in Buffalo
MBB and then transfer to a different city down the line...
MBB regardless of city
Just FYI Detroit isn’t shitty
How old are you? Im a stronger believer in living in big cities while you are in your 20s. I was in buffalo this past summer and it wasn’t fun. NYC/CHI will always have something that you can partake in.
MBB if you're thinking long term. Nicer city if you're only concerned about your quality of life for the next 2-3yrs.
I live in Detroit. Get calls for positions in new york all the time and tell them they’d have to quadruple my salary to get me there. No thank you
Detroit's on the up and up.
Am I the only person who prefers living in smaller cities? I don't like to party or drink a ton and find NYC, LA exhausting after a long week. My small Midwest City has no traffic, easy access to nature, and cheap COL let's me spend my money on hobbies. Maybe the kind of people that do consulting typically just like to party?
This is a classic work life balance question. If you care more about your career, go to MBB. If you care more about having an enjoyable life (time on weekends, etc.) go to the nice city. In my experience, we come across a lot of candidates who are in this position (OW offer in NYC vs mbb in crap city). If the city is shitty (Detroit, Cleveland, etc), I would say about 75% of candidates choose us and I think that's the right decision. Where it gets tough is the 'shitty city but not that shitty' e.g. Philly, Atlanta, Dallas, etc.
@SA1- sometimes there are other factors at play. As part of the LGBTQ community, it’s easier to find other people to date in larger cities; it’s also nice as a POC to grow a network and support other young professionals groups in larger metros than staying in a smaller city.
You do you. Glad to hear that your city is supporting the life you want to lead- there are lots of other factors for other individuals.
Large cities distract me from my insecurities. Small cities leave me alone with only my thoughts.
Just an example. A city of that nature.
Office culture is different from city to city. Might be easier to build a strong network in a larger city
Depends a bit on how long you want to stay in consulting. If just in it 1-2 years, go with MBB for your resume. Longer term, I’ve found some prefer our culture - we have a lot of ex-McK P/Ps. That said, we’ll probably give most MBB Associate-level people an interview if you change your mind. D1 - comp for our junior consultants is pretty comparable to MBB, so I wouldn’t look at it from financial perspective other than cost of living.
I disagree with Partner. Network is dependent on your work, not your city; you’ll be networking just fine at MBB.
People don’t care about your city. They care about your pedigree. MBB is a cut above the rest. Work there for 2-3 years, then move
I’d rather be a homeless man in NYC then live in a palace in Detroit
BSC1... 🙄🙄🙄