Should I take a 50% pay cut to join MBB? (Career change)
TLDR: corporate lawyer with 2yrs work experience considering whether to take a 50% pay cut and accept an entry level role at MBB.
Hi - would really appreciate some advice on whether I should take this job offer to join MBB at entry level aged 25.
As background I’m 25 and based in the UK. I’ve just qualified as a corporate lawyer in our equivalent of US Biglaw and earn £120k (≈$150k - UK salaries are lower in general but as context this is on the higher end of law salaries). I’m a high achiever and well liked by my team but I don’t find the work interesting. I have a total of 2yrs work experience.
I had applied to MBB roles such as McKinsey’ Junior Associate, BCG’s Senior Associate and Bain’s Senior Associate Consultant - so one level above entry level. The only offer I have received is from one MBB for the BA/A/AC role (ie undergraduate entry).
I’m excited about joining MBB but am worried that this role is too junior at this stage in my career. The comp is around £60k (≈$70k) and the average age of my peers will be 22 so I will be three years behind and taking a 50% pay cut.
My long term goal would be to make it to manger-level at MBB (or consultant/associate at least) and then consider next steps. I’m worried also that joining at a more junior level just statistically increases my chances of being CTL’ed before that given the number of promotions it’ll take.
Is it madness to turn down the offer or should I consider an alternative route? Is there anything I can negotiate?
Thank you!
I jotted a few points below, being at Bain London, and knowing people who made that transition:
In any case, best of luck to you! I never had to make that type of choice, so I understand it can be difficult
Thanks! This is a really helpful and thorough answer!
No worries, small caveat that the 120k for SMs I mentioned above is base pay. All in, it's closer to 180-200k (inc. bonus + pension)
You'd hit >120k all in at the Con level with us (~103 base + ~23k bonus + 9% pension), so after a couple of years
If you’re at a magic circle then probably no
On the point of average age of peers, that's not necessarily the case. In my cohort as an BA/A/AC who started this year, the age range for new joiners is 21-28 in London. As you move up the ladder and become an Associate/Senior Associate in 2 years, the average age for an associate at MBB in London is 25-40 so you'll be on the younger side of your cohort in just 2 years so would consider other factors instead.
Seconding the point that McKinsey promotes the fastest: there are partners who only worked here 6 years since undergrad (or 5 years if started as JA) and you're more likely to make it there (fast) given your background in another commercial field.
Really interesting to hear that point on the average age of peers - was a significant factor making me reluctant. Good to know that I would not be especially out of place.
If you stay in consulting beyond the entry level, you will be one of the youngest people in the office at every level you'll reach (Associate/EM/AP/Partner) throughout your career so definitely shouldn't worry about that part
what's that?
CTL = Counseled to leave
Translation: involuntary transition where you likely won't be staffed but will be asked to leave by a certain date. Can be many reasons
got it, thanks
Fundamentally, do you want to be a lawyer or a consultant? Consulting gives more career optionality. Law is a very vocational job and much harder to do non-law things after. Money wise, law pays better at every level. But your hours will also be materially worse. Work/seniority-wise I wouldn’t worry. Age-wise you’re young, and skills-wise you probably have quite a few ‘business skills’ to learn, and it’s better to do that when expectations are lower. If it turns out they judged you too low in the ranks they will promote you quicker, so in the end it’ll all work out and it’s all in the round.
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