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What are pre-MBA pay bands at MBB?
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3% annual if you’re lucky.
When my wife was with Deloitte she was 7-15% with raises 9 of those 13+ years. Some of those were promotions and such. But they always were very generous in that regard. Bonuses were decent... And balanced out with the raises. Benefits in general were fantastic though. Medical, HSA, fitness spending $$ and more. Those were great additions to include in overall compensation consideration.
If you’re just an associate, I would not leave for private. You’re stunting your compensation growth. The sweet spot is to at least leave after making senior.
Top sweet spot is senior. I think 2nd best sweet spot is manager.
They’re pretty bad. One of the F50 companies I worked at would publish a matrix of the salary increases. If you were in the bottom 3rd of your payband then a raise for a normal rating would be 2.5-3.5% in the middle third it would be 2-3% and upper third of your pay band would be eligible for 1.5%-2.5%.
If you a top rating and you were low in your pay band you could get like 3.5-4% while a top rating for someone in the upper part of the band would be 2.5-3% until you max out.
Promotion was 7.5% on top of that but not a lot of opportunity to get promoted as it isn’t experienced based like public but actually a role that someone leaves and someone gets hired to replace.
Plus a lot of times these companies don’t hire internally. More experiences public accountants come in for the promotions.
Yeah you're looking at like 2%. Make sure you understand at what level one is eligible for bonuses. I worked for a F50 company and only managers and above were eligible for bonuses.
3-4% non promotion years. My promotion raises are a lot more in industry being 40k to 50k per promotion.
You need to level up before you transition to industry because level growth is stagnant unless you're constantly hopping companies. My experience with industry raises is basic COLA. Maybe that'd be different at a start up, I'm unsure.
The people I’ve seen move up in industry either worked at 1 company the whole time (usually strong performers and lots of upward mobility) or hopped every few years for better title (and likely better pay).
Been in industry for 2 years and got 4% raise and 3%. Got bonus of 15% of base at year end both years
Pro
3-5%
Stay until manager or you will have a very hard time getting promoted to leadership roles later that get better bonuses and equity.
Most people that jump to industry at your level end up getting no higher than senior associate. Meanwhile much younger outside hires will get hired for manager roles because they stuck it out those extra 3 years and made manager first.
Rising Star
Depends on the company. Some have better raises than PA, some are worse
You guys are getting raises?
Hah nope, just happy not to get laid off.
My experience in industry was 1-3% raises but 5-7% bonus when I left PA for industry as a senior. I ended up coming back to PA after a few years.
Rising Star
0-5%. As others have mentioned lots of companies decide to hire outside instead of promote internally as well.
3%....