Would you go for a Director / Big 4 SM equivalent at a smaller consulting firm ( max potential TC $480k), or Project Leader /SM equivalent at MBB?

The smaller consulting firm was historically an outsourcing firm and recently opened its management consulting division. Both roles are focused to serve PE and catering to DD’s.

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I would be hesitant to join the first. If they are shifting focus there is going to be a lot of bumps in that road. You need a very strong leader with the latitude from the CEO to get it done.
I have stood up two verticals and I can’t imagine shifting the focus of an entire company

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Not sure what the likely TC would be at the boutique, but the max absolutely crushes a PL comp. I’d go option 1

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Directors have much higher sales quotas; it’s harder to build your network to sell projects etc. I asked my last director this exact question and he said PL/SM since he would be closer to the work. You don’t need to sell and establish a new network at the same time

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