Does consulting gives better compensation than tech and corporate?
Right from undergrad, you can make partner in consulting a bit later than 30, even at principal level, you can make enormous amount of money while in tech (business roles) and corproate strategy (or business units) it is extremely hard to get even close.
e.g. principals in general makes much more than a director/senior director and even VPs+ while the former is way younger
Is not taking consulting a mistake (post-MBA)?
Compensation will depend on the country/office, type of firm, level and practice (Management Consulting, Tech, Digital etc). So there is no blanket answer. Broadly speaking, Consulting pays well than Corporate but not necessarily than Tech. When you bring in work life balance, the comparison changes completely. Hope you get the point.
And, I am sure you realise that salary is just one of the many attributes to consider before taking up any job, let alone Consulting. Please have a look at this article for plenty of tips & guidance-https://www.preplounge.com/en/articles/how-do-i-know-which-career-is-right-for-me
Hi there,
I think your last question is key: Is not going into consulting post-MBA a mistake?
Believe me, just go for what you feel most passionate about. You can easily get a better comp package, better work-life balance, and more interesting work in tech (eg BigTech, AWS, biotech) than in consulting.
Also, think about the companies and sectors who are building and shaping the future. Is that MBB? No.
Go with what your gut tells you. I know the peer pressure in MBA programs and the need to pay back loans can get overwhelming, but try and forge your own path.
If that includes consulting great, if not you will be fine as well.
Best
Stephan
Hi there,
This is a pretty loaded question! Not all consulting, tech, and corporate are created equal. Generally Tech > Consulting > Corporate.
That said, I know people making $500k/yr in corporate. I know others who are set to make Partner in consulting at 32 / 33. And others who have $1M in Amazon stock options vesting over 4 years (in addition to base salary).
So, it's really hard to generalize here :) It's dependent on location, role, timeline, company, etc.
In general, you are correct, assuming you can go up the ranks faster in consulting - but there's a lot of variation in tech (if you pick the right “horse” it will be better).
Of course, you are reducing everything down to money, and assuming one's ability to be successful is the same in every field, and none of them is true.
By the way, there are other options. Usually financial related roles (Investment Banking / Private Equity) can pay quite well.
