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If you are in Accenture tech, then of course JPM is better. |
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Interesting strategy work is no longer found in consulting. Think about it. Big players like MBB advise a lot of F500 companies. Do you honestly reckon that these companies would be comfortable sharing everything about their competitive strategies? There’s actually nothing stopping these consultancies from using this information to help a rival (which is actually one of the selling points of consulting - but it is dying as mentioned above). Projects these days are mostly to do with tech transformation (MBB are now focusing less on their strategy business and are instead growing their digital ones).
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MBB > Tier 2 strat house (OW S& ATK LEK RB - probably in that order from APAC perspective) > Banking tech > All other consulting (Big 4, boutiques) 1. In MBB/Tier 2, you will probably do a ~60/40 mix of strategy:transformation engagements (give or take 10% based on firm, industry, and region). Unless you want to delve deep into technology, you're still going to be more marketable to general commercial positions in 3-5 years time. 2. Yes, corporations are increasingly sophisticated and they have internal strategy / consulting units to do some of the work. However, management / c-suites somehow still leverage consultants for select opportunities, and many will want the rubber stamp from consulting firms. 3. On practical terms, as a full-time employee, you're probably better off in a tier 1/2 strategy house in terms of remuneration and exit options in the short to medium term. Banks are not going to pay in-house tech talent >10K in 3 years post-undergrad, which is what the tier1/2 consulting firms pay. You can then decide to leave after that, get a 10-20% pay bump in industry and work your way up from mid-mgr level. |
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Don’t think OP’s offer is from a tier 2 (eg. OW, Kearney). Not sure if it’s worth sacrificing the WLB for it.
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In terms of tech consulting and implementation, think of firms which are doing the same as Accenture. Are they close to the scale (eg. Global reach, global revenue, no. Of employees) that Accenture has? |
Really appreciate the inputs everyone! I've decided to go into banking tech as I'll be working on cloud infrastructure - hopefully avoiding having to deal with legacy systems. Like many have pointed out, I probably don't want to contend with the poor WLB associated with the higher pay, plus I think there's value in gaining more technical experience earlier in my career.
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From a career standpoint, as a junior, unless you're in the strategy consulting team (with a differentiated pay scale compared to their mgmt consulting arm), you're probably going to be on the same trajectory as a banking tech guy. On average 3 years to 6k, 6 years to 9k monthly gross pay. I understand from an external market perspective, they did a recent consolidation between the 2 units - strategy and mgmt consulting - but apparently their compensation structures are still differentiated. However, as a partner / MD in ACN's case, it's a good deal because they deal in mega transformation projects. Many juniors want to be in sexy strategy short term 3-month projects, and that's fine because its interesting and market pays relatively well. But as you move up in seniority, partners want more stable revenues with less BD effort and hence prefer to sell large scale long-term transformation projects. From a market recognition standpoint, ACN's main strength is in digital / tech, not in Strategy. If you want to rank it based on pay, ACN strategy pays 10-20% less than OW / ATK at junior levels, and similar to RB. Any other unit in ACN pays significantly less than all the tier-2s. Prestige ranking is subjective, and very dependent on region, so probably won't lay it all out here. |
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Well u guys will find it hard to believe. But ACN fresh grad strategy analysts start off with 6.5k now.
Next rank in acn strategy is now near 9k. After the 'merger', management consulting people did not get an increase. |
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Started in S&C in May last year (4.8k base). |
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Strategy analysts started off with above 5k even before the merger. Are you saying they had their pay dropped down to your mgmt consulting level? Does it makes sense? I would expect more thought from someone in consulting. I guess that is why you arent in the s in s&c. |
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It's just the branding i guess. If you are this capable, why not join the big tech instead , even those e-commerce are also giving 5-6k + rsu min for fresh grad.
Why bother with sweatshops. |
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To me, big tech is a highly overrated job. But just my opinion :) anyway OP has decided to go banking tech route so good luck to him. Ciao. |
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Big tech isnt overrated. They pay well for tech employees who are worth their salt-particularly those who are constantly seeking to upskill themselves in new tools, people who arent afraid to learn well into their 40s, 50s. |
Yea. Wasn't clear - overrated to non-tech employees. Pay is really just average if you aren't in tech side of things. Yes, data is the new oil - AI ML predictive data analytics big data data science bla bla bla all the buzzwords. Ultimately you just have to find the right industry / position to make good money comfortably, be it in big tech or not.
Strategy consulting will probably survive. Snake oil or not, C-suites dig it. Almost (if not all) the mergers / carve outs u see on Financial Times probably has a consulting team on it. However, the landscape, where they play, and margins may change. Anyway, salary wise, all of the above are mediocre when compared to the PE dudes who earn through carry interest. |
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Haha i see alot of these non-tech people joining big tech company and they automatically become some "techies". Throw big words like AI/ML/Data Analytics when they can't even write proper formula in excel. Then the news also promoting these role (women in tech or tech switch whatever) such that the entry of barrier into tech industry become a joke. Like a chinese culture grad can suddenly become data analyst lol?! But then data analyst is not considered tech role anyway. They just churn data and do dashboarding. Anyway, the top pay in tech is always the engineering side but due to some hype other company slow to adapt to tech keep on hiring useless Business Analyst, Data analyst, UI UX designer and inflating their salary. When i say useless, i mean they hire more than required. such that they are many of these freeloading tech job. |
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In the same way missionaries go about telling people that they can't see, hear or feel god, but trust us, he exists! |
Bottom line, if you are a fresh grad and have offers from MBB/Tier 2 (OW, Kearney, S&). you take it 99% of the time. Regardless of your major (simply because there is very little jobs out there offering the same pay/branding/exit opportunities at the start of your career).
Anything other than that becomes subjective. E.g. your acn/big 4/mid-tier strat firms. |
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If selling a "crock of bull" enables me to be successful to such an extent, just like these religious organisations, i'm down for it. Value is subjective, in the sense that you don't seem to appreciate the industry while CEOs around the world do. Like I said, maybe you are just more operationally savvy and gifted than these corporate leaders who don't know what they are doing. |
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