Could you please elaborate on the pay scale of MBB consulting firms and how to negotiate the salary successfully? The ranges on glass doors and other websites are vast and the data is mixed between old and new, honest and dishonest numbers.
From my experience, the payscale is very set at the entry points and set for each rung on the ladder. Coming out of undergrad or and MBA, you’ll slot into a class, and that class all gets paid the same. EXCEPT the higher performers will get bonuses and better raises. So yes there is a range, but it is very much performance based. If you’re coming in as a subject matter expert, then the standard negotiations apply. All three firms have very clear guidelines on what they pay their people. This matches up roughly with what they can charge for each consultant minus a margin for profit. So there might be some negotiation, but I think very little. It really depends on what level you come in at. So that might be the only negotiation you can do. That said, they offer very competitive salaries and bonuses, profit sharing, retirement accounts, etc… So you might be better off considering IF consulting is right for you as the payscale will be set.
Could you go into more detail about your experience completing the case study and what advice you would give to others?
Sure. I've given a lot of case study interviews so I can do a full video on that - from the perspective of the consulting firm.
@@RichGilbert waiting for that video. Thanks for your honest speech and thorough insights
Could you please elaborate on the pay scale of MBB consulting firms and how to negotiate the salary successfully? The ranges on glass doors and other websites are vast and the data is mixed between old and new, honest and dishonest numbers.
From my experience, the payscale is very set at the entry points and set for each rung on the ladder. Coming out of undergrad or and MBA, you’ll slot into a class, and that class all gets paid the same. EXCEPT the higher performers will get bonuses and better raises. So yes there is a range, but it is very much performance based. If you’re coming in as a subject matter expert, then the standard negotiations apply. All three firms have very clear guidelines on what they pay their people. This matches up roughly with what they can charge for each consultant minus a margin for profit. So there might be some negotiation, but I think very little. It really depends on what level you come in at. So that might be the only negotiation you can do. That said, they offer very competitive salaries and bonuses, profit sharing, retirement accounts, etc… So you might be better off considering IF consulting is right for you as the payscale will be set.