Similar hours but much more profitable: Early on in their career, base salaries are comparable for Bankers and Strategy Consultants. However from Associate/Senior Consultant level bankers are rewarded with 3.5x higher bonuses.
Consultants' pay lags at all levels: Strategic consultants earn 1/3 less than banking VPs; total compensation gaps wider as seniority increases: Sr Managers salaries are half those of banking Directors, and Managing partners only 58% of an MD base salary in advisory.
Bonuses as an indication of risk-taking? MDs earn bonuses 5x those of consultancy partners, which is partly a reflection of the bankers' risk taking, as the bank will offer clients its balance-sheet and take risk on its own books beyond the advisory function
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