Culture of 1 Crore Inflated Salary in India (in hand vs CTC) | Shatakshi (Ex BCG, ISB MBA)

What huge salaries and long hours do management consultants draw at Mckinsey, BCG, Bain?

In this video, I discuss actual numbers for hours and salaries for the consultants ranging from Mckinsey & Co, BCG, Bain & Co., Kearney to Bog 4 (PWC, EY, Deloitte), etc.

So stay tuned till the end to even know a partners' salary!
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Shatakshi is Co-CEO of 🚩Global Governance Initiative (MBA program recently featured by Poets & Quants), an Ex- 🚩Boston Consulting Group, BCG, management consultant, a 🚩writer, and former public policy advisor in 🚩Tony Blair Institute for the Middle East region.

She has been also felicitated with The Most Promising Women Leader 2021 award by ET and
🚩Linkedin Top Voice 2021.

She will be uploading daily content on 🚩career advancement, 🚩personal finance, and 🚩productivity hacks. Be sure to subscribe to the channel to get notified whenever she uploads the video.

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Video Transcript-

In this career insights article, I will be uncovering a topic that has generated curiosity in the minds of most management consulting enthusiasts- the work and the reward. Before I begin, you must be mindful of the fact that salaries and hours vary in accordance to roles and geographies. And hence, in this article I will be majorly talking of consulting industry in India.

1. Hours

The hours have a high probability of fluctuating. And that's why it is particularly hard to put a single number to it. Each project brings forth its own demands, causing a variation in the hours. Few consultants tend to clock more than 70 hours a week or few as low as 50 hours a week. These consulting hours are typically based upon your team, case partner, case timeline, problem statement and, of course, the client. Hence, simply put, it is a volatile time frame.

For providing you some clarity, I am splitting the companies ecosystem into 2 categories :-

Category A includes premium consulting firms such as BCG, McKinsey, Bain and akin

Category B includes Big 4, namely: Deloitte, Ernst and Young, KPMG and PwC

On an average, 70% consultants in category A clock around 60-70 hours/week.

On the other end of the spectrum, the Big 4 consultants clock 50-60 hours/week.

This is not inclusive of the airport travel and on road time, which in itself is substantive and can be tiresome.

These ball park hours are representative of working 5 day work week. Thus, it comes as a surprise that the intensity of the work load tends to get over-shadowed by the rather picturesque lifestyle. Therefore, it is advised that the extent of world load is definitely something that each aspirant, such as you, must consider and prepare for as you take the next steps.

2. Salaries

With great work comes great rewards. Moving onto the more exciting and anticipated section- the salaries.

It is no secret that the management consulting gets its ostentatious name from these exuberant perks and salaries. Here, we discuss the roles and their subsequent recompense.

To begin with you must know the hierarchy of positions in the firm:

1. Analyst,

2. Consultant,

3. Managers and

4. Partner.

A typical undergraduate gets the role of an analyst in MBB. As referenced before, from a Category A consulting firm, these analysts earn about 13-15 Lakhs per annum, inclusive of the bonus. I do know that this is a promising number for one to kick start your career and utilize the launch pad that management consulting brings.

Moving up the hierarchy, onto the consultants. They are typically post graduates, bagging about 28-33 lakhs per annum. It can be noted that IIMs tend to get a lower package than ISB since an average IIM graduate has lesser work experience. Though, in the grander scheme of things, the difference between the net evaluations is minute and insignificant.

Higher up the pyramid, the manager (mid layer professional) can draw around 70-80 lakhs per annum. The point to note for you is that though the bonus could be as high as 100%. The rewards get better as you come closer to the apex.

Jumping to the very top, the partner ( senior layer professional) checks in an average base salary of 1.2-1.8 Crores per annum...

[subhmaypatra]

Money is a seen as a symbol of authority in India and authority is always respected. Compared to India, US is a richer nation and hence probably the monetary gap among the population is less. US was also a manufacturing country which shaped their society in many aspects. Our colonial past also has a contribution towards this nature of people in India.

[lubdub]

Because Ladki wale sabse phele yehi puchtey hain

[rupindersodhi]

I live in Canada 🇨🇦 same here. However? In India it is considered to be a symbol of social & economic status to disclose your high salary package.

[DezynumSoftware]

Kyunki aaj tak iss sawal ke jawab mein kisi ne bola nahi ki ye mera private matter hai I don't share

[Yours_agrwl_]

Due to marriage purpose 😅
Everyone ask for work and salary first in india and people with thr highly salary also feel proud while discussing their salary between family 😂

[subhmaypatra]

Ma'am, are gap years after 12th an issue to get into MBB consulting? Especially when you couldn't qualify the exam for which you took the gap

[CareerNavigator]

Hello Ma'am, I'm a student of Management currently pursuing BBA from a Average College. In that case if I score a Good CGPA then am I eligible or the Company like BCG will give me any chance to Work in the role of Business Analyst ?

[adityav]

Maybe because in India the majority worked in the Unorganised sector and there is a shift from the government job supremacy hence inflated CTC has become how some could boost their CTC.
Elaborating:
1. Unorganised sector didn't have the culture to hide the salary.
2. Govt. jobs are considered secure; hence, the bigger the CTC, the more secure you seem.

[IronShogun]

I mean India as a whole is a status driven society but no one discloses their salary as such. I think people in India show off their house, car etc but that's the matter everywhere i guess.

[shawtyyy]

I think the probable reason behind this phenomenon is deep rooted to that of our history as subjects to our colonial rulers. From the colonial era, it was subconsciously sowed in minds that success is equated to a job. Hence, back in the days, our ancestors updated themselves and hoped into the rat race to be "successful". Hence, with that "success" came wealth and status in the society. Caste identity was somewhat replaced by "class" identity.
Fast forward to today, we still carry that mentality. We are still taught that success means getting a job and having a hefty CTC to boost in front of relatives.
The consequence of this mentality is the culture of rot learning, the employee mentality and lesser number of entrepreneurs in our country. We were always subconsciously taught to "follow" rules.
With all that success followed other aspects of life including a successful marriage.
Also, due to the population of India compared to that of the west, resources are limited and only those who are of the creme de la creme layer, can have a "solvent" life. Otherwise most people in India have a hand to mouth situation.

However in case of west a lot of factors are there for the absence of this mindset.
1. LESS POPULATION= BETTER LIVING STANDARDS (Although homelessness is an issue still)

2. Not having close knit relationships with kins

3. Having degrees in college which actually will be relevant in real life job market.

4. Taught creative thinking and asking questions rather than rot learning and doing as directed.

[omkardivate]

opinion of indian society is chaprasi government job >>>> People with 40 LPA package

[subhmaypatra]

Probably because there's no arrange marriage there

[devvratbhatele]

As a nation India is still struggling to find it's seat on table. So is the people in India, they are still struggling to showcase and prove their worth.

But in America they have matured as a nation more than 200 year of freedom.

So they don't want to showcase, instead they want to practice their power so they get in into other problems/oils.

[asphaltgaming]

Mam, i am just about to become company secretary and i also want to do CA , so if I calculate around at the age of 25-26, i will be CA + CS ( if everything goes in my favour😅)
So my question is, is the qualification mentioned above is sufficient for management consultant at BCG, Accenture, Bain, McKinsey
Also give some tips to get above job
Also I want to know how your English so good ??

[JERRY-sziw]

First tell your ctc then we will answer 😂😂

[jaygaliyel]

Because of PANCHAYATI nature of Indian family & other, and in Western countries, they are like- apne kaam see mtlb rakho