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Salary expectations

 
#1 Salary expectations
21/07/2014 16:22

LicoriceTea

Hello,

I am a banking professional looking at moving into financial consulting. I have an early career background ina tech startup that eventually listed (and subsequently collapsed), before moving into banking front office. I have run product lines and most recently launched a regulatory-driven business from scratch for an American bank. I have nearly 20 years' experience.

My interest is in financial consulting around regulatory change. Is a basic salary of 150k-200k achievable in this sector? If so, what level/grade does that relate to? This is ED/MD level in banking.

Also interested in views from anyone that has moved in this direction previously.

Thanks.

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#2 RE: Salary expectations
22/07/2014 09:16

Mr Cool to LicoriceTea (#1)

My 2p worth...

Reg and compliance consultancy currently carries a slight salary premium as there is so much work and a shortage of good people.

150-180k basic would mean one-below-partner at most firms.

That would mean not only being very high billing, but also getting a team in on the back of your expertise and leadership, PLUS carrying a sales target, either your own or a portion if your partners, depending on the firm.

20 years FS experience does match up to that level; the gamble is that at that level you will be given very, very little time to get used to the consultancy world. You'll be selling and billing within weeks.

If it goes well you could be a partner on 400k+ in just 2-3 years. If it goes badly you could be managed out in a slightly shorter time period.

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#3 RE: Salary expectations
22/07/2014 09:19

Mr Cool to Mr Cool (#2)

Should clarify that I keep turning down approaches at this level because they only make sense if you are keen to "kick on" to partner. One-below-partner is one if the toughest most stressful positions. All the firm knows you've almost got a ticket to the dance and will use that to get you to shovel $hit 20 hours a day.

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#4 RE: Salary expectations
22/07/2014 10:16

LicoriceTea to Mr Cool (#3)

Thanks Mr Cool. I think I will reach out informally and explore some scenarios. This was good feedback.

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