Who earns more
An MBB grad fresh out of B school makes around 30 fixed. MBBs have an "up or out" policy, so if you don't get promoted in 2 years you are out. All promotions are effective every 2 years...12 years into MBB, your fixed is around 1.5cr+ bonus is around 60l+. So if you join out of B school you are looking at 1.5cr fixed by 35; add to this all free hotel points and air miles. Full disclosure - I don't work at an MBB, wifey doe
And what you do?
I approve timesheets 😂😂 Jokes apart - I head the risk data function of a large US Bank in their Bangalore office. Title - Vice President, fixed is around 52, another 10 bonus... compensation is nowhere close to MBBs but I get to come back to my son at a reasonable hour if it counts.
Let me provide a detailed comparison
Work ex. MBBK+ salaries PM salaries (FAANG) 0-2. 30-35. 30-32 2-4. 40-55. 45-55 4-7 65-80. 65-75 7-10. 1.2 - 1.8 Cr. 80-1.2 Cr. 10+. 2.5+ CR. 1.5-1.8 Cr.
Consultants who exit at any level generally are offered desirable positions in strategy team that broadly matches fixed + ESOPs PMs hit the glass celing at 7-10 Years of exp Cosnultants at 10+ year of exp are c-suite or board level material
consulting is lucrative but harsh (12-16 hours of work) + travel + stress of up and out
I wouldn't say consultants at 10 years exp are board level materials but definitely more than capable to head a department or function in a startup or similar firm of sorts. Most consultants who get to C suite are typically tenured senior partners with 20+ years of work ex
Can be true for some, but if you check Linked In you will see 2 patterns
- CEOs that started as consultants (2-5 yes) then shifted to startups and quickly climed up ( SVPs, VPs)
- Partner level material with 3-5 years at partnership level. Entering as CSO, COO, first and then climbing to CEO etc.
- Some startups or firms keep partners at advisory level or board directly (mostly in the industry practice the partner leads)
Momos/Rolls wala. The one nearby my house earns 1.5-2L/month profit approx, tax free.
Quality of life
Whats quality of life acc to you ?
MBB consultants > Big Tech and good PBC PMs > Big 4 consultants > Regular PBC PMs > Boutique firm consultants
Best of consulting pay is better than best of PM pay but the opposite is true for the lower side of the spectrum.
On average/median, both would be pretty similar.
Irrelevant comparison without company name/tiers.
A FAANG or even MNC Tech Company(PayPal, Intuit etc.) PM would beat most Big 4 consultants.
But a Big 4 Consultant can beat no-name companies, service firma and start-ups with APM, PM roles.
But even for FAANG PMs it's difficult to compete with MBB Consultants in long term paywise.
Per hour basis, the product manager might make more as consultant do 55-60 hours/week, but not sure how long that will stay true.
Given the over supply of people who think PM is easy and bootcamp courses + no more ZIRP, so working hard and not getting laid off will be most PMs focus.
Funny thing, One of my mentors used to say, if you like coding stick to dev, A dev with good product sense is far more valuable in market than a PM who can code
Whats with the votes? Product managers make more....... and they work less
Oh is it?
Yes
Ofcourse the management consultant
I wish that was true
I believe management consultants earn more annually but product managers would be earning more on an hourly basis given the difference in the number of working hours in both the professions.
Do we consider the income from fake invoices too?
