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Not as much as it seems...

 
#1 Not as much as it seems...
28/06/2007 18:06

Greg

Having recently started a graduate consulting 30K a year job in London I walk out with around £1700 a month after tax, nat insurance and student loan comes of.

My brother who is in a bog standard stress free 9 to 5 job in an office earns just £17K a year walks away with £1100 each month.

I think the point I'm trying to make is earing what seems like a big salary doesn't equate to as much as you might think exatra each month when you consider the qualifications you have, the longer than 9-5 days and and quite stressful job you have in comparassion. Another point of note is that if my brother works longer than 8hrs he gets overtime at double time.

Not sure I've made a point in this thread but I'm thinking something!

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#2 RE: Not as much as it seems...
28/06/2007 18:14

po to Greg (#1)

I think that there is an interesting point about working overtime. I mean the extra few hours at the end of day are worth more than the few hours from 9-12am. Likewise those extra few hours (or more) that pull you in at the weekend are worth much more than the others. There is not a linear realtionship between the number of hours and the financial value that you place on it. That's why I think that although you can be earning multiples of MC earnings in IB, for me at least, it's just not worth it, as although the hours are only that bit more a week, it really comes a such a cost.

I think that the point I'm trying to make is that how you value these hours is a personal thing, but you should always keep in mind the non-linear relationship...thanks for reading a bit of a ramble.

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#3 RE: Not as much as it seems...
28/06/2007 18:45

Village Idiot to Greg (#1)

You need to think about the long game, but I'd wager that a relatively small differential in wages now (£17k vs £30k) could potentially be a much bigger gap in 10 years time.

Take a senior manager in industry (£65k) and compare to a senior manager in consulting (£120k).

And assuming you're clever, look at the earnings levels of a partner. Sure, it's not impossible that your mate on £17k could make partner eventually, but odds are that someone who's taken a £17k, 9-5 job doesn't have the personality and drive to make it...

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#4 RE: Not as much as it seems...
28/06/2007 21:46

anon to Village Idiot (#3)

thats a very good point Village Idiot...

anyways as far as I know the only place where you can get double time is the public sector and good luck getting a promotion there without waiting for someone to leave or retire...

long term prospects and vision is what its all about...but yeah work/life balance is always going to be a challenge in this game....

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#5 RE: Not as much as it seems...
29/06/2007 07:33

The Senior Vice President to anon (#4)

The work-life balance 'problem' is a man-made one. There are always more things to do, more deadlines to meet, more research to carry out, another phone call to make.

I make a point of dropping everything at 6.00pm on the dot. Sure I might work an extra 10 mins to finish off something I'm in the middle of, but pretty much my rule is that I have to draw the line somewhere and for me that line is 6.00pm. And I wouldn't expect anyone else to do otherwise. This industry's tough enough as it is without 16 hour workaholics upping the ante for the rest of us.

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#6 RE: Not as much as it seems...
29/06/2007 08:52

Not a consultant to The Senior Vice President (#5)

Yeah, but you’ve got your own company now (I think). I’m sure when you were working your way up you had to regularly grind your way through some long nights. From what I’ve read on this forum, it seems that it’ll take twice as long to get promoted as a consultant if you stick to sensible hours. I’m happily stress free in industry, and I’m not even in London, so it really is stress free!

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#7 RE: Not as much as it seems...
29/06/2007 13:42

dgdgdg to Not a consultant (#6)

You take home more than 50% more than your brother - what's your point?

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#8 RE: Not as much as it seems...
29/06/2007 15:26

Anastasia to Greg (#1)

Greg, firstly at graduate level differences in salary between any jobs are small. However, even at start you already earn 50% more than ur brother. I understand that this 50% isn;t satisfying at all and u feel that it doesn't worth the studies/qualifications/abilities/effort/nature of work, etc so far. But u ve just started!!I couldn't agree more with VI and anon:it's all about prospects!Which are the possibilities of a consultant to get a 20% raise within a year and which of someone in industry or in a not so demanding job?Where do u see urself in 5 years and where ur bro? Now, indeed the work/life balance is an issue in consulting. As the time goes by and u ll get used to the game and its rules, u ll have to figure out how to be as effective and efficient as u can, and how to maintain a balanced personal/business life-however this translates to every one

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#9 RE: Not as much as it seems...
01/07/2007 19:16

The Senior Vice President to Anastasia (#8)

Go for what's best for you in the short term, son. The problem with prospects is they're always in the future.

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