im currently a 2nd year entry level at MBB in a developing country. My net is ~$25K.
i love the MBB i work for; however with that salary feel like the value proposition is not worth it.
im up for promotion in a year but even then ill be making ~50K. Additionally i get a signing bonus that if i leave within a year i pay back + taxes. if i go the MBA sponsorship route ill be in debit- they do sponsor you but my salary and savings isnt enough to live in US/Europe for 1 or 2 years; furthermore, i dont want to do an MBA only to come back at -$50K.
i did try the internal transfer route but its not working due to many reasons
im approaching 30, and yes thats young however i feel like i need to be optimizing for money and wealth building.
i did apply alot to industry however the current landscape isnt helping.
i got an offer from kearney that is ~$100K at one if their GCC offices. That is 4x my salary and tbh an great salary.
im unsure if i should take it or not; i will try to leverage it for an internal transfer but chances are slim.
the pros: its a country i want to be in+ more independence which i want + very good money that i can use to save, invest, enjoy and potentially retire early
cons: lower brand name this affecting longer exit ops + rebuilding connections and my brand.
on the cons, i feel that given i already did 2 years at Mck i already have the brand name so potentially the exit ops hit isnt so severe?
other consideration is when applying to industry i realized how heavy competition is and we have an internal job board which i felt was a huge plus
what do you guys think is the correct move?
Thank you so much for your reply! The issue is even after a few years and all the way to associate +2 years i will be making <$50K given geography. Unfortunately the idea that mbb gets better as you progress isnt true when across geographies. I wouldnt want to stay post EM. In your opinion is the exit ops difference significant?
If you don't want to stay post EM, then from a financial standpoint it makes sense to move now. In the next 4y or so you'll then accumulate more money which could go towards your savings. I'm just struggling with the idea that money would be your primary driver to move - I can't imagine that making you satisfied.
Hi Anonymous, I just want to back Cristian up here and respond to your comment regarding "Unfortunately the idea that mbb gets better as you progress isnt true when across geographies". While there is cost of living adjusted salaries, there is a significant difference between a T2 firm vs MBB especially once you hit the Principal level, and definitely so when you are a Partner. Cristian was really talking about the long term game, and that point stands. Partner compensation is a complex and opaque topic, but if you do your own benchmarking you will see the income curve's gradient to be drastically different if you stay at McK vs a T2