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The BREAKDOWN on HOW Consultants get PAID: Salaries and Compensation for Consultants!
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- Опубліковано 2 сер 2024
- This is one everyone wonders about but doesn't talk about. Even though I'm a technology consultant at Accenture, I do know the general structure of salaries and compensation for most firms after talking to many of my peers in other firms. I'm going to give a breakdown of what really makes up salaries and compensation for consultants, analyzing Management Consulted's 2021 Salary Report, go over some misconceptions about the salaries and compensation for consultants, and how you can raise your worth in consulting. This will not go over how to get promoted as that would make it a much longer video, but that video is coming up, so make sure to subscribe!
Since I was part of a blue collar family, I rarely had the resources when it came to this realm and wish I had the knowledge I have now! I put all of my knowledge and research into this video for you so you weren't as lost as me!
NOTE: A lot of my knowledge is specific to the US, but a lot of this still does relate across other countries, so take this with a grain of salt!
The FULL Management Consulted's 2021 Salary Report: managementconsulted.com/consu...
0:00 Intro
1:12 What makes up the standard salary and compensation
12:16 Management Consulted's 2021 Salary Report
15:23 Misconception about salaries and compensation in consulting
18:14 How to increase your salary or compensation
20:41 Closing
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Fantastic and very informative video. Many thanks.
Thank you! I’m glad you found it helpful!
This is very helpful. Thank you!
You’re welcome! I wish I had this too when I got my offer!
I needed this when I got my offer! This is great. I wouldn’t know outside the offer letter of additional bonuses and how salary increases work.
I was on the same boat too haha. I didn’t know how PTO worked. 😂
Can’t wait for the video on promotions!
Thank you! I’m still trying to gather how other firms do it but the video is coming!
Awesome video! Considering applying for a Cloud TC job but want to make sure its the right fit
Every role is going to have a different nuance! It’s best to reach out to someone in that exact role at the firm you’re in and see what you think!
Thanks for sharing!! Recently received their offer and waiting for hrs call
Congratulations!!!
the work-life balance point is super important to call out! this one is hard to tell just from interviews - researching on the firm's reviews (Glassdoor) might provide insight
this is also true with other customer-facing roles, or professional services roles, where you work on projects that make you put in extra/long hours
I agree! Most people say it’s okay due to the pay, but there has to be a point where you won’t accept it anymore.
You should create a video on travel and relocation after you join, especially if someone wants to move from Canada to the US.
When you say travel, do you mean traveling onsite? As for relocation do you mean the adjustments on a professional standpoint or what to look out for?
I actually have a video on how it’s like traveling as a consultant here: ua-cam.com/video/4sBTj_fHUDo/v-deo.html
Once they allow travel and we can go onsite, I’m definitely vlogging so I can take you guys with me!
@@ChristineWong sorry for the confusing wording of the question. I meant opportunities for employees from Accenture Canada(for example) to move to Accenture US.
Ahhh, I don’t think I could make a video on that but I could provide tips on how it’s like to transfer internally whether that means across functions or across offices and countries.
@@ChristineWong Yesss that would be great!!!
I am also working at Accenture India as Technology consultant. The CTC usually varies for freshers from 6.3k to 6.4k usd per annum for associate and around 10k usd per annum for analyst. Luckily, I got placed as Analyst. If possible kindly make a video on promotion and provide some tips to get an early appraisal.
I will! Interesting to know!
Thanks for the video! Do you know if other consulting firms, like BCG, McKinsey, do the overtime benefit?
I can’t say for sure! I would reach out to them directly. I know it may also depend on the roles and levels if it’s overtime eligible too.
thanksss
You’re welcome!
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Do a video on hierarchy
What do you mean on hierarchy?
I have a similar video here if this is what you more looking for: WHAT makes up a TECHNOLOGY CONSULTING Project Team
ua-cam.com/video/vPuzTne2JlY/v-deo.html
@@ChristineWong hierarchy of titles at Deloitte/promotional ranks
@@goddessvibes08 the video I have is a broad hierarchy in projects, if you want an organizational structure, better for you to network with someone at Deloitte.
How is your work life balance at Accenture? I have a second round interview approaching for their technology development program for transitioning Service members.
I actually made a video about the work life balance! I mention a lot of my personal experience at Accenture here and it also gives a lot of points of consideration that can change someone’s work life balance disregarding the firm or role. ua-cam.com/video/phQXIF2A_FE/v-deo.html
@Thad, how’d the second round of interviews go? I’m a transitioning service member and I’m now in the beginning steps such as the assessment and the Military Intake Form. Would love to know your experience.
@@brittneywright4267
Hey Brittney. The second round went well. I received an Offer!! There were two parts to the interview, the Technology Showcase and an Assessment. During the Technology Showcase portion, I took a deliberate approach to show I conducted extensive research on previous technologies and other data to support my idea without making it a total snooz fest lol. It also helped that the interviewers were former Military, they understand how we can can contribute to the organization as Veterans. They took time to make sure I was comfortable and actually got to know me throughout the process. My advice to you would be to prepare well and be yourself. You got this!
@@thadminor7608 that’s awesome, congratulations on your offer! And thank you for the insight on the process, I appreciate it. I have my first interview scheduled next week *fingers crossed*.
Good luck, Brittney!
Would you recommend to commit a pay cut and switch from accountant to tech consultant ? Thank you in advance !
That’s going to be a personal decision for you, but first and foremost, try to negotiate your salary to see if you could get it higher. What I would also suggest is look into how much you want to become a tech consultant and the potential opportunities that will come out to potentially have a higher pay than your current accounting job. I would also look at how much of a pay cut is it and if you’re okay with the lifestyle that new pay would come (if it changes at all). If you can’t afford rent or mortgage or meet your financial goals with the new pay after salary negotiation, consider another tech consulting opportunity. One low paying offer should not deter you from a high paying offer, you’ll just have to put in the work. However, that low paying opportunity could open more doors to high paying opportunities. It’s your decision at the end of the day.
Advisory always pays better than Audit/Tax. Shouldn't need to take a pay cut, should get paid more.
I wouldn’t always say that is the case. If you’re at a boutique firm or a small firm or if it’s a different location with lower cost of living, levels, and many other factors can affect the actual salary. Even country.
@@ChristineWong I just mean advisory margins are higher than audit/tax margins for the same level in the same city.
I agree!
What program can I do to become a technology consultant
There’s no exact program because Consulting is more like a shell and what you specialize in (industry or tech) is what you can do to build up your skillset and knowledge. Learning anything about the concept, business use cases, and technicalities (as well as how to do it if you are interested in the technical aspect) as well as the soft skills with communication, leadership, teamwork, networking, client facing skills, etc. This playlist goes into how to become a tech consultant! ua-cam.com/play/PLibY-3NAtJvEjbuvbqswWm55yH2a01LKT.html
If an individual has a masters what would be a good salary starting out ?
It can vary so much! If you’re going for tech consulting, it might be lower than strategy consulting but even the firm matters too. Tech consulting could be higher starting pay at a big firm than strategy consulting in a smaller lesser-known firm. Region matters a lot too because salary does differ even from city to city. What type of consulting are you looking for and what region? I would start from there. Plus, how many years of experience? Sometimes with masters, you don’t get it immediately after ungrad but you get it a few years after, so that has to be factored in too!
The ESPP is actually 15% percent not 50pct.
I thought I mentioned 15%. 50 and 15 sound very similar. Also this video is not meant to be for Accenture only and it’s in general.