<p>How much compensation would one get for being a right-out-of-college managment consultant? and how about after 10 years? Does the pay mimic that of Ibanking's, or is it on a much lesser scale?
Any info would be GREATLY appreciated... thanks.</p>
<p>initially pay is similar and it does increase, but never exponentially like that of a banker's. You have to understand though that both careers will lead to great exit opportunities (so an opportunity to get more pay than you would in MC) and your work is more dynamic and interesting (not pitchbooks all day)</p>
<p>You also have to understand the purpose of exit opportunities. When you choose to pursue business you shouldn't be focused on doing one job for the rest of your life -- it's not a great way to go. You should instead focus on careers that will give you a great variety of options so that in 10 years you don't have to be a consultant, you can be doing something else.</p>
<p>Consultants have the opportunity of going into fields such as Strategy and Business Development for F500 companies, Management positions within this companies, venture capital firms, and even private equity. Some of these careers can lead to pay that's higher than a banker's and some of these careers can lead to pay that's lower but only have 40-50 hour weeks.</p>
<p>but how about some actual $ figures?</p>
<p>For top MC firms, the base salary is 50-55K plus around 10K in potential bonuses. </p>
<p>For top IB firms, the base salary is around 55-65K plus around 10-30K in potential bonuses. The bonus at IB firms mainly depends on how well your department does and your individual performance. But when the economy is in a recession, bonuses at ibanks dry up pretty quickly. </p>
<p>The pay at MC firms doesn't mimic the pay at ibanks because the bonuses at ibanks have the potential to be much higher than at MC firms. </p>
<p>After 10 years at a MC firm, you'll most likely be a partner or VP of some kind. Your base salary will easily be 6 figures. Plus, you'll get bonuses and will be a part of the firm's profit sharing program. I have no idea what the actual figures would be though because it would vary by firm and the position you hold.</p>