Banking Tech vs Consulting - Page 5 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




Banking Tech vs Consulting

Reply
 
Thread Tools
  #41 (permalink)  
Old 15-06-2021, 03:29 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Having worked at both Accenture and JPM, I strongly suggest your go for banking tech unless the bank who offered you is working with legacy tech
Depends on where you work in Accenture. Were you in the strategy or management consulting practices?

If you are in Accenture tech, then of course JPM is better.

Reply With Quote
  #42 (permalink)  
Old 15-06-2021, 03:36 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Very insightful. Really dont get whatís with all the Ďglamourí in consulting. Personally, as long as I love my job and it enables me to live comfortably without sacrificing too much WLB, Iím happy.

Heard of too many stories of how these high-flying jobs in finance/strat consulting led to a deterioration of mental/physical health as well as personal relationships. Not my cup of tea, but too each itís own.
I dont think there is any glamour in consulting. Is there? That perception is probably formed by people not in consulting. Once you get into it, you will realize most of the time your job is really quite terrible and stressful. Nothing glamourous.

Reply With Quote
  #43 (permalink)  
Old 15-06-2021, 04:09 PM
Unregistered
Guest
 
Posts: n/a
Default

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? Thereís 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).

Reply With Quote
  #44 (permalink)  
Old 16-06-2021, 01:16 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
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? Thereís 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).
My opinion:

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.
Reply With Quote
  #45 (permalink)  
Old 16-06-2021, 01:46 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
My opinion:

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.
where does Accenture stand?
Reply With Quote
  #46 (permalink)  
Old 16-06-2021, 02:00 PM
Unregistered
Guest
 
Posts: n/a
Default

Donít think OPís offer is from a tier 2 (eg. OW, Kearney). Not sure if itís worth sacrificing the WLB for it.
Reply With Quote

  #47 (permalink)  
Old 16-06-2021, 02:21 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
where does Accenture stand?
His post is about strategy consulting firms. Accenture is known for technology consulting/implementation services. Accenture has a strategy division but the brand name isnt really recognized on par with tier1 or 2 strategy firms yet.

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?
Reply With Quote
  #48 (permalink)  
Old 17-06-2021, 02:46 PM
Verified Member
 
Join Date: Aug 2020
Posts: 29
megalomaniac is on a distinguished road
Default

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.
Reply With Quote
  #49 (permalink)  
Old 17-06-2021, 05:20 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
where does Accenture stand?
It's a tough one.

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.
Reply With Quote
  #50 (permalink)  
Old 17-06-2021, 05:25 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
It's a tough one.

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.
Nope. ACN S&C donít pay 10-20% less than Tier 2. Firms like Kearney & OW pay from 6-7.5k ish and when they merged to 2 units, the starting pay for analyst is at arnd 4.8k base.
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
RPA analyst in tech consulting industry hithere Income and Jobs 3 12-06-2021 08:49 PM
Capgemini Tech Consulting Grad Prog kimata Income and Jobs 2 06-01-2021 10:34 PM
Accenture Technology Consulting vs Deloitte Consulting (Tech Advisory) rayand Income and Jobs 2 08-09-2016 10:38 PM
Investment banking/consulting career path from non-finance graduate ericjack16 Education and Personal Growth 2 10-05-2015 11:57 AM
IT starter trying to switch to Consulting or Investment banking Z060049 Education and Personal Growth 6 08-10-2010 05:46 PM

» 30 Recent Threads
GovTech ( 1 2 3... Last Page)
496 Replies, 346,546 Views
GovTech Tech Associate Program... ( 1 2 3... Last Page)
122 Replies, 45,214 Views
High Finance Thread ( 1 2 3... Last Page)
348 Replies, 111,943 Views
How much are you earning per annum? ( 1 2 3... Last Page)
12,780 Replies, 4,418,302 Views
DBS Graduate Associate Program ( 1 2 3... Last Page)
2,067 Replies, 567,824 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
3,435 Replies, 1,396,427 Views
Lawyer Salary ( 1 2 3... Last Page)
14,366 Replies, 4,835,006 Views
DBS tech seed programme ( 1 2 3... Last Page)
1,108 Replies, 271,747 Views
Career as Teacher ( 1 2 3... Last Page)
4,071 Replies, 2,579,555 Views
How much do you earn and save? ( 1 2 3... Last Page)
286 Replies, 111,884 Views
Engineer Pay ( 1 2 3... Last Page)
328 Replies, 148,354 Views
Working in a bank ( 1 2 3... Last Page)
524 Replies, 342,861 Views
Top paying companies in SG for... ( 1 2 3... Last Page)
98 Replies, 138,944 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
6,155 Replies, 1,721,231 Views
Exxon Mobil Equipment tech or... ( 1 2 3... Last Page)
1,879 Replies, 629,574 Views
How is life as a doctor in... ( 1 2 3... Last Page)
2,925 Replies, 1,462,957 Views
Compare civil service salary ( 1 2 3... Last Page)
12,731 Replies, 7,492,234 Views
Hospital (Private or Public)... ( 1 2 3... Last Page)
93 Replies, 27,299 Views
Queries about Cpib application ( 1 2 3... Last Page)
1,289 Replies, 652,417 Views
Anyone work in JPM/GS/Morgan... ( 1 2 3... Last Page)
67 Replies, 10,798 Views
Mnc jobs - a must in life ?? ( 1 2 3... Last Page)
169 Replies, 69,064 Views
Getting MBA worth? ( 1 2 3... Last Page)
135 Replies, 101,355 Views
Relocation to the US or stay in SG? ( 1 2 3)
22 Replies, 1,038 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
824 Replies, 222,776 Views
NUS (National University of... ( 1 2 3... Last Page)
130 Replies, 123,531 Views
Anyone jobless for a long time... ( 1 2 3... Last Page)
3,103 Replies, 1,330,714 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
3,952 Replies, 1,812,506 Views
If you can't find a company here... ( 1 2 3)
23 Replies, 2,748 Views
How much to ask for starting pay... ( 1 2 3... Last Page)
201 Replies, 69,329 Views
Anyone working in Recruit express? ( 1 2 3)
29 Replies, 39,185 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 03:32 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2