How much do you earn after moving to industry? (as a % of your consulting total compensation) Please indiacte the location, industry and role.
I am looking to exit to industry but compensation varies a lot...Does it make sense to just ask for 20% bump or there is usually a reduction
I would say that it all depends on the particular situation in each company. Usually, there will be a reduction, but it’s better to discuss certain conditions with the hiring manager on places.
Anyway, always follow your path! The important thing in a job is your interest. The money will come with it.
Good luck,
GB
Hi there,
Please don't lock yourself into a number now - it will only be wrong!
I know people who left and made 50% more. I know other who left and made 50% less. Others who stayed the same.
Let the "game" unfold with each individual company. That's Negotiation 101 - first figure out where the other parties' bands/ranges are (It will be different for every industry and company).
For reference: I earned 15-20% less when I moved to data/analytics consulting.
I agree with what has already been said but my personal view is also thinking about how your total compensation likely will evolve too. At most consultancies, you have visibility on how your compensation will evolve (most often grow) year by year which rarely is the case in industry. You might be able to negotiate a good package at the point of entry but that may not be the case 3-5 years down the line for example. It's also worth pointing out that most senior roles in industry offer equity which is a different type of equity compared to what consulting partners are given. It's really difficult to be completely apples to apples in total compensation and so I would also encourage the more "bottom-up" exercise of how much do I actually need to live the lifestyle that I want for myself (and my family).
(edited)
There's a wide range depending on company and position, so difficult to just ask for a bump without any context. My recommendation would be to check salaries on glassdoor and try to estimate the company's target range, rather than just base your negotiation on your consulting salary.
