Related Posts
In hand salary?? plz help
What are base salaries at for B4 M1s in FDD now?
More Posts
Decided to payoff my mortgage.
Additional Posts in Consulting
Best books on leadership and self development?
Workout centers at the airport - Yay or Nay ?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
OP, you are delusional beyond belief lol. American average income is $50k/household. Idk how spoiled you grew up but starting in consulting and staying in consulting is a financial blessing most of the time.
Chief
OP I think you have valid points but I think you're missing a few things:
1) I think if given the option, many consultants WOULD choose a better paying job as a SWE or high finance. But those are different skill sets that most consultants don't have. After SWE and High finance, consulting is probably the third best option when it comes to compensation. Many consultants reach 100k by 24/25. That's a great trajectory.
2) also most consultants will not stay 10 years. I would bet most leave actually after 3-5 years. The 3-5 years working themselves to the bone (as you put it) has now set them up these consultants up to exit into a higher position than they would've gotten straight out of undergrad.
3) I think you are also vastly OVERestimating the ability for people to make money outside of consulting. Again, outside of SWE and High Finance, the clear path to 200k+ is NOT easy. In consulting however, 200k is basically manager/Senior manager and absolutely achievable given hard work and persistence. I really don't think this is the case for other industries.
Lastly, if you don't mind me making a reach, I think it sounds like you ARE intelligent and probably very good at your job. It sounds like you could've succeeded at being a SWE or High Finance and are now salty at the fact that you're a "mere consultant". Your title indicates that your still relatively young and i think you have plenty of time to go back to school to possibly pursue a higher compensation job. Unfortunately you do come off as immature and your age shows. We are incredibly blessed (whether by luck or hard work) that we have a job that basically guarantees we will never be anything below middle/upper-middle class. There are a plethora of other jobs that work just as many hours as us and are paid much lower. There's nothing wrong with you wanting to get paid more, but keep in mind where you are compared to the average American.
I consulted out of school and lept to industry when marriage and kids became more important than billable hours..
I returned to consulting after a rewarding career in industry and kids hit college. Joined the firm years ago as an experienced hire wi5h 50% increase over what I made as tech lead at an international non FAANG Dotcom.
Curren5 goal is retiring in my early 50s.
Why does everyone think making PPMD brings you riches? New MD makes about 235k-250k and a new partner starts with about 400+\- units. Factor in the 2k loan per month and they are close to even. Now factor in about 5% avg raise per year for MDs and maybe 20 -40 units per year for P’s if u are lucky. Do the math! I am just sick of people walking to to this journey with their head up their a$$ thinking it is some magical thing and they get rich instantly. I make less now as a new MD than I did as a SM and have done so for the past two years. Let that sink in and I blow my numbers out each year. Fact is, 37% of all outstanding units are used on people that don’t have a client facing positions. Yes, that’s right, 37% of all units are spent on people sucking off the teet. Yes, we need management and overhead but freaking 37%. We don’t have the balls to take these leaders when they are done and stick their a$$ back on the line and make them pull their weight. We rather make up some bs role like strategic growth leader to make them feel better about themselves. Put their buts back on the line and earn your keep! Why should I pay for you to continue to suck off the feet at my expense?
The fact you make it seem like $400k ain’t shit, much less pushing $1M in later years, it’s honestly just baffling to me. People act like PPMD brings you riches because that is an extremely large amount of money. It means you earn more than 99% of people. It means you have hugely succeeded from a financial perspective. Seriously I can’t possibly imagine where people are coming from when they say things like this.
What OP should’ve referenced in the original post was “consulting makes low relative to peer jobs”. Long term, consulting does make much less than tech exits, pe, hf, vc, startups, etc. and we all acknowledge difficulties and benefits of each of those jobs. This seems to be coming from the perspective of if I can have any job since I’m top talent, why stay in consulting if I can make more elsewhere which is fair. I don’t think OP was trying to compare consulting to the avg job out of college because obviously consulting hires are bless with a great source of income.
Exactly. D7 you just listed a bunch of jobs that are hard to get, hard to keep and easy to fail or get fired from. Consulting is a much easier and straightforward way to do well in your career. And even here, it ain’t easy to make partner and stay there.
No...you work, jump around to get highest income..then retire when ur nest egg is ready. No one here wants to work until they are 67.
If you don’t like the path, start a business and make it work. Being an entrepreneur is really the only way to massive wealth, unless your lucky enough to become a Fortune 500 ceo.
Pro
Thanks op for asking. It’s a valid question indeed and those who have seen both the sides will only think about this.