Banking - Back Office

Originally Posted by Unregistered

Yes but it's very common to see SIM students being staffed as contract staff.

And as you might know, that would mean they are on a different pay scale. Let's not even get started on benefits...

On that topic, and since you know the industry, may I ask how much salary does a MBB consultant get, a) starting after undergraduate and b) starting after MBA with 3 years of experience?

Originally Posted by Unregistered

im contracted with UBS ops at the moment drawing 2.8 as a fresh grad. may i know if i were to be converted i can expect this range of 4-4.5? thats like a very big jump.

One look at your 2.8k for UBS ops and I know there is something wrong. I'm sure you didn't graduate from the local uni trifecta.

Originally Posted by Unregistered

On that topic, and since you know the industry, may I ask how much salary does a MBB consultant get, a) starting after undergraduate and b) starting after MBA with 3 years of experience?

Not the guy who posted this but - a fresh grad at MBB gets paid about 5.5k to 6.5k, not too sure what the actual figure is. With MBA, experience doesn't really get you paid more if you are restarting your career but you can expect an annual of about USD110K if based in the US, I would adjust downwards for the local offices

Originally Posted by Unregistered

Not the guy who posted this but - a fresh grad at MBB gets paid about 5.5k to 6.5k, not too sure what the actual figure is. With MBA, experience doesn't really get you paid more if you are restarting your career but you can expect an annual of about USD110K if based in the US, I would adjust downwards for the local offices

Thank you. I'm surprised at the fresh grad MBB starting salary, I thought at least $7k.

Hmmm ... interesting. I had word that MBB after MBA was key to big bucks but it seems IB VPs getting a little more. So if did banking for five years in Singapore, got MBA in States but returned back to Singapore, salary about S$11k base?

Originally Posted by Unregistered

Thank you. I'm surprised at the fresh grad MBB starting salary, I thought at least $7k.

Hmmm ... interesting. I had word that MBB after MBA was key to big bucks but it seems IB VPs getting a little more. So if did banking for five years in Singapore, got MBA in States but returned back to Singapore, salary about S$11k base?

I thought so too. I know one of the boutique firms here pays about 7k and I heard that its more than what MBB would pay a fresh grad.

What you heard is right - A high percentage of ex-MBBs move on to C-level position. In the US, at least 30% of the firm's CEO were previously from top consulting firms. If you do banking, you have to be clear of what type of banking - generally to get into a b-school in US, a typical candidate worked in a client facing role, or was part of an amazing start-up story or did social enterprise with very clear impact and so on.

Anyway, 5 years is quite a long period. I thought that I would take 5 years as well - to save money and such (expect to spend a total of >= USD200k for a 2 year MBA). If you are certain you want to go into consulting after MBA, you can take loan - there's this start-up by a few INSEAD grad that offers interest-free loans during your study provided you gain entry into one of the top grad schools around the world.

In the US, most tier2 consulting firms would offer to pay your 2nd year tuition after a successful internship and FT conversion and you start off your base at USD11k

Originally Posted by Unregistered

In the US, most tier2 consulting firms would offer to pay your 2nd year tuition after a successful internship and FT conversion and you start off your base at USD11k

And what about that same situation but returning to Singapore? Tier 2 or MBB in Singapore? S$11k?

investment banking pays more than MBB consulting on average. OM (finance focused, tier 2 consulting house) pays 7k, higher than MBB actually.

Prestige:
Mckinsey > BCG > Bain

Pay:
Bain > BCG > Mckinsey

Originally Posted by Unregistered

investment banking pays more than MBB consulting on average. OM (finance focused, tier 2 consulting house) pays 7k, higher than MBB actually.

Prestige:
Mckinsey > BCG > Bain

Pay:
Bain > BCG > Mckinsey

sorry i meant OW, not OM

Originally Posted by Unregistered

investment banking pays more than MBB consulting on average. OM (finance focused, tier 2 consulting house) pays 7k, higher than MBB actually.

Prestige:
Mckinsey > BCG > Bain

Pay:
Bain > BCG > Mckinsey

Got that. I was asking pay for MBB in Singapore after 2 - 3 work experience and MBA. Supposing the candidate paid US$150k for his MBA, he needs to pull in a high pay. From what I gather, considering tax and living expenses, I say S$11k.

Originally Posted by Unregistered

Got that. I was asking pay for MBB in Singapore after 2 - 3 work experience and MBA. Supposing the candidate paid US$150k for his MBA, he needs to pull in a high pay. From what I gather, considering tax and living expenses, I say S$11k.

yeah no idea about that. my figures are for fresh grad pay.