Why does consulting pay so much less than banking?

like
Posting as :
works at
You are currently posting as works at

I think we overestimate how much more physically stressful 80 hrs a week is versus 60 hrs. We also underestimate the disposal income difference due to stipends/expensing in MBB versus BBs

like

* underestimate the additional 20hrs of 60 vs 80 - sorry typo

like

Hourly rate is pretty much the same

like

Industry... WAY more money flows through banking functions vs. Consulting firms. Same reason athletes make so much money... how muvh money is flowing through/into the business

likesmart

In addition to what everyone else said, bankers don’t make that much more anymore compared to MBB and some T2. TC is about 30-40% higher at each year of your career, but they’re working 80 hours instead of 60. I’d rather make 250k 5 years out of school than make 350k and work 80 hours. At 60 hours, I can still have a life, run errands, spend time with my dog, and see friends on the weekends bc they’re mostly protected. My friends in banking do make more, but with NY taxes the difference isn’t even as much as it seems pre tax, and I couldn’t ever work those hours. It feels like they work the hours I do during DDs, but week in week out. I would burn out so fast

like

The economics are very different. IB is taking bps on deals. Bigger deals, more $, and it isn’t completely linear to the number of people working the deal. Consulting is a service with set margins based on the number of man hours you bill.

Amount of people on teams vs revenues… overly expensing stupid shit as well that could go to our payroll and margins

This is like a community theatre actor asking why they and their fellow community theatre actors make, on average, less than what George Clooney makes.

There are plenty of bankers making $60k, even investment bankers. There are plenty of consultants who make >500k before bonuses. You can’t compare the highest earners with rank and file.

Also—generally speaking investment bank people who are trading and making commissions on multimillion to billion dollar trades are always going to make more than a consultant. The vast majority of traders aren’t all doing that.

Are people in banking actually doing 80 hours of work? Are bankers the least efficient workers out there?

Because we don’t have to work from 7 PM Friday - 9 AM Monday

Related Posts

Hi,
What salary is offered in SAP LAB for SAP ABAP with BTP skill with 8+ yrs exp?

like

What’s the average pay for room division coordinator?

like

Hi,
What is the fixed pay range for Grade 27 in Optum?

like

Anyone have a gauge on salary of a supply chain professional with 12 years experience?

like

Anyone working as a 2 years + lawyer for Fragomen in Canada can share their salaries and working advantages? (holidays, billable hours etc). Got an interview coming up and want to make sure not to under-sale my profile!

like

$215 OTE ( $165/50) + $15 RSU, usually exceed goal (4+ years) and get about $240. Other - 3x Presidents Club (Hawaii, Cancun, $15 payout for 2020).

5 years at this company.

Data Platform, very technical sale, SMB. USA.

like

I have already showed the counter offer once to IBM and they have revised it from 15lpa to 18lpa. Now I have another offer of 20LPA, can I negotiate again with IBM and ask for revised CTC?
IBM

like

Partners, what are some of the most memorable and effective ways/reasons your team has asked for more comp? If someone is a high performer/emerging talent, what is the typical comp increase you’ve approved?

like

I got an offer from a company. They told me on the phone the salary was 88k but when they sent me the offer letter it said $87.5k What do I do?

Hi ,
Need an advice and thoughts for the below companies too much confused which to join
YEO -5.3
Tech Stack- Java , Microservices
Salary - Almost same
1) HCL TECHNOLOGIES
2) Coforge - HSBC client
3)BMC SOFTWARE - But the tech stack is core java and legacy application
4) Synechron - Client interview will be post onboarding
Last 3 weeks remaining to complete notice period,would be really helpful if you let me your experience in aspects of wlb, job security, future growth & increments

TIA

like

Hi, i am going to have final round soon and, yoe 16. Including 6 years onsite experience. AZURE big data architect. If i clear final round, how much I can ask (current is 34LPA). I have offers from LTI,TCS and few other companies (mid level). Need your input for my role growth at Tiger . Thanks

like

What is your opinion of expected base salary for a Director of Global Operations Risk Management who has managers who are leads for each region (US, Latin America, Europe and Asia)?

Ps this is for a major global insurance company!

like

How is Zscaler as a company? How is WLB and Employee benefits in Zscaler ? What salary should I explicit for Staff software Engineer with 12 years of experience? Please help!Zscaler

like

Hi guys.
What should be the salary of a salesforce commerce cloud certified developer with 8 years of experience. Current ctc is 26lpa. How much should i ask for?
Thanks in advance.

like

Hi All,

Can you help me my what will be my in hand salary

Post Photo
like

Hi everyone

I attended interview at amazon for l5 application engineer role ,they told i will be hiring for l4 as my performance was not upto mark one more interview round to go,what will be the salary range for L4 and L5 for an application engineer at amazon could anyone please tell me ?

like

Senior motion designer. NYC. What’s an appropriate salary?

Hi Bain’ers, It will be super grateful to know what is the entry level package for a Manager in non-consulting role e.g. PPK. For reference, YOE - 11 yrs, 34 LPA fixed is my current package, not a manager.

like

May I know the payband for level 5(lead engineer) ? I have 18 yrs of exp. Current CTC 44(38+6).

Hi,
I am offered with 18 LPA + 7% variable in mastercard pune for bizops engineer II.

Current Experience - 7 years

Is it good or less? Can someone please help

Also how much I will be getting in hand per month

like

More Posts

Looking for an AD to comp up work I’m going on my own. I will pay you.

like

Hi Fishes, I have two offers
One from PWC INDIA and another from Accenture..
Salary is more or less the same from both
Which one should I join as a developer? Please suggest

like

Hi, Received CTC breakup on email from HCL HR team but still waiting for the proper offer letter for last three weeks. Any idea how much time Hr takes for releasing the offer letter? My last working day is on ,10-Aug-2022.

like

What is sfdc like at Accenture? Preferably NE region?

like

Inviting employees from Comcast offices in the United States, Comcast India Engineering Center and more to this bowl Comcast

What is the general interview process for Novartis for a lateral hire? I had an initial discussion with HR around salary expectations but the range I'm looking for was crossing the range Novattis offers for SA. Do they revert back in such cases?

Was there any market correction that Accenture did for Strategy & Consulting employees recently? If yes how much was that?

like

Hi Amazon ,
Can you please explain the difference between technical program manager vs non tech program manager

like

hey!
I'm looking for a job in development after 2 years of exp in support.
i have hands-on experience with Python, java, javascript, html, css, firebase, react, tailwindCSS, styled components, bash, Linux, git & has a figure it out attitude.

any leads would help

like
like

Brendan is a fucking gaslighter and deserves to rot in bachelor hell…

like

Customer Engineer offer in Austin around $225k TC for 4 YOE

Base $130k
Bonus $60k
GSUs $140k

Thoughts? This seems decent based on my research but couldn't find a ton of data points. What is the career trajectory/opportunity like is a Google CE? Opportunities to move to product later on or will I be heavily soloed within tech? How do refreshers work? For example at other tech companies I've heard only about 10% of a team might receive refreshers each year

like

Any good solutions to hair loss?

like

I obtained a judgment against a defendant who is also plaintiff in a pending case in another county. Can I secure funds from the other case to satisfy the judgment in mine?

like

Selling book of structured autocalls brokerage..all purschase when market was down with 6-12 month left to mature... 6467848487 cell....LPL preferred

Hi fishes ,

I received an offer for senior manager position in PWC .

Can you please let me know about the health insurance coverage as it is not mentioned in offer letter.

Please also inform if parents can be included in health insurance provided by PWC.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal