Indian Salaries - BCG, Goldman, JP Morgan !!

Jobs & Careers
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Hi Guys, This is Shefali, an MBA student - NY Stern School of Business. Well, I am specializing in Finance and want to work in India. So, wanted to get the idea on Indian Salary levels in few companies of my choice. Please share your views so…

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Hi Guys,

This is Shefali, an MBA student - NY Stern School of Business. Well, I am specializing in Finance and want to work in India. So, wanted to get the idea on Indian Salary levels in few companies of my choice. Please share your views so that I can get clear idea and can decide well !!

I am looking to work for BCG, JP Morgan or Goldman in India (Consulting or I-Banking division). Can someone share the idea on this?

I did Bachelors from Clemson University, here in USA and have worked for 2 years in General Mills as an Engineer.

I appreciate your help.

Regards,
- Shefali Mehta.

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I am not sure about the Consultancy divisions but in the I-Banking division the salaries for entry level associates from top B-Schools can range from 25-35 lakhs per annum. I will suggest u stay in US for a while b4 comin to India. That will let you beg a better deal.

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McKinsey offers 14lpa. That sort of sets the standards for consulting in India. This is ofcourse at entry level. Expect BCG or Bain to pay in the same level.

I have no clue about IB.

Arun

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I changed my signature but my earlier signature said:

Heaven is when you have american salary, chinese food, british house and Indian wife 😃

Hell is when you have american wife, Chinese house, british food and indian salary !??:

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It was a good signature. Did not understand the bit abt Chinese food and British house though, What is so special abt them.
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Hi Guys,

Thanks for the reply.

Well, 14 Lac. pa in India still sounds a good amount. (Hope all Bonus and other deductions doesnt lower it to about 8-9 Lac. pa !!). And I am sure, they must be having 2 year career progression !!

Well, however, those I-Banking salaries looks tooo lucrative to believe. 25-30 Lac. pa. in India ???? for Entry Level Associate ??? Are they correct ??? :)

In US, person at her/his 26-27 years, can get into entry level Associate at heafty salary too. So, I presume, Indian I-Banking associate also get into it at 26-27 years !! And, at 26-27, earning 25-30 Lac. pa. in India is a great one !!

Hmmm, sounds great !! Well, good to look into it and compare I-Banking v/s Consulting career in India. Consulting, however, should give more career options later.

Anyways, guys, please, you have any updates or new information, please post here !!

Thanks !!

- Shefali Mehta, NYU (Stern), Class of 2007

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25-30 lakhs p.a for entry level position?? No :wow:

I am working in Kotak Investment banking as second year analyst. Entry level salaries for Analyst positions will 4-6 lakh p.a (Freshers). With some experience, 6-8 lakhs.

For associate positions- 8-12 lakhs

For Assistant Vice president (AVP)- 12-25 lakhs

For VP- 25- no Limit !

This exclude bonus but bonus in most of the cases is 20-35% of annual package. It can be more provided you know how to work 28 hours out of 24 hours !

Shefali, i will strongly advise you to work in some wall street firm before thinking to work in India. At entry level, you are not bringing much skills to table and hence you cant negotitate the package. At higher level, you can do premium negotiation.

Yesterday, i was discussing this same topic with my office friend who is MBA finance from manchester business school. The ROI in this case is absurd as he spended fees in pounds and currently earning in rupees (Entry level position)

Shefali, keep an eye on KPO too. You can get in as Project manager/Transition expert with some relevant experience.

For consulting, 14 lakh package with Mckinsey is right 😃 . My friend , MBA from NUS singapore with 2 years of experience have got into Bain India at 12 lakhs p.a.

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Hi Guys,

This is Shefali, an MBA student - NY Stern School of Business. Well, I am specializing in Finance and want to work in India. So, wanted to get the idea on Indian Salary levels in few companies of my choice. Please share your views so that I can get clear idea and can decide well !!

I am looking to work for BCG, JP Morgan or Goldman in India (Consulting or I-Banking division). Can someone share the idea on this?

I did Bachelors from Clemson University, here in USA and have worked for 2 years in General Mills as an Engineer.

I appreciate your help.

Regards,
- Shefali Mehta.


shefali my advice is don't come to india. whatever the salary is the work is shit. they employ indians to clean their shit

rest its upon u
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shefali my advice is don't come to india. whatever the salary is the work is shit. they employ indians to clean their shit

rest its upon u


Kya huya brother? Work every where is same. What ever we earn in India is good considering our standard of living.

The real problem is that our cities are not world class. Hence, we dont enjoy our life in our cities mainly due to infrastructure issues.
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most of the companies set-up offices here more for back office work and work definitely can't be equated with the work done outside in international markets...

I am saying all this based on the accounts of my frnds who are employed in various companies....

and as far as starting salaries go... I think 25-26 lakh is too much at entry level.... no matter which coll u belong to, you shudn't expect this salary at entry level and that too for most back office work... !!

correct me if I am wrong...

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25-30 lakhs p.a for entry level position?? No :wow:

I am working in Kotak Investment banking as second year analyst. Entry level salaries for Analyst positions will 4-6 lakh p.a (Freshers). With some experience, 6-8 lakhs.

For associate positions- 8-12 lakhs

For Assistant Vice president (AVP)- 12-25 lakhs

For VP- 25- no Limit !



Hope you have heard about IIMB student getting 30 lpa offer from Barclays for entry level associate position. Normally associate position is only handed to IIM students if they have sufficient prior corporate experience. Well an NYU student can get that much if he/she is able to convince the Bankers that (s)he is worth that much A more realistic target can be 15-20 lakhs.
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Well, however, those I-Banking salaries looks tooo lucrative to believe. 25-30 Lac. pa. in India ???? for Entry Level Associate ??? Are they correct ??? :)



Hi Shefali,

The person who got into Barclays last year from IIMB had the following profile

B. Tech. from an IIT
MS from UCB or another top US uni
3 years work-ex. in a core company (Remember no finance comp)
MBA from IIMB

Age -28 years

I presume you have an age of 25-26 years and you have US exp as well as a US degree. I guess if you are able to convince the recruiters on your reason behind returning to India (and probably explain how will you be able to translate your US exposure into success in INDiAN markets?) then it shd not be difficult for u to get a
>20 lpa offer.
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subodh_iit Says
Hope you have heard about IIMB student getting 30 lpa offer from Barclays for entry level associate position. Normally associate position is only handed to IIM students if they have sufficient prior corporate experience. Well an NYU student can get that much if he/she is able to convince the Bankers that (s)he is worth that much A more realistic target can be 15-20 lakhs.



Can you please name the person?

2 things,

First,
Venkatesh Shankararaman- From IIM-B last year got a package of rs 30L pa or Rs 3 million, which was the second highest. Would love to know, to whom did Barclays offer the same pay packet (rs 30 pa) as he would have shared the position for the second highest slot.

Second,
He was offered a position in McKinsey ergo consultancy, where Akhil is correct. If u work at an enrty level position as an analyst offers are within the rs6-10L pa where again period of work ex and type of work ex would define the variables and obviously the co.

Positions for consultancy in terms of pay packets are different as compared to "a research analyst" position per se.

So for a moment lets seperate IB ops and Conltncy and a rs 20 pa is optimistic.

Oops....It's way way off the mark. Unless ur an exception. Like I said rs25-30 l pa is not given to just anyone. And if convincing employers was the way out then I think its a long wait.

So dont compare someone who got into Barclays for rs 30 L pa. (which according to me is incorrect or atleast could not pull up the source) to an entry level position in I-Bank.

That's Unless u confused Gaurav Agrawal with Venkatesh Shankararaman.

For an entry level profile like Psychodementia said McKinsey is sort of the benchmark where salaries are in the 14pa+

On the other hand, yes Pay packets of rs1 cr+ post 2005 are not off unheard of or that comes as a surprise these days.

But then again we are talking about portfolio managers,PMS, fund managers, vp level. But that not a consistent trend. Like I said a lot of it has happended post 2005.

Just being objective!

Cheers
Vineet
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Hi Guys,

Thanks for sharing the views. Its a good discussion !!

Well, 30 Lac. pa. -- was it for Barclays ?? I heard some 40 years gentleman, with really good vertical experience bagged that salaries and it was not Barclays, to my information. Also, I think, no doubt, there was a position at Barclay too, however, I think that was for London posting ! And salary was around $165K (due to Dollar-Pound difference). However, I may be wrong !! If someone has some information, please share it.

Vineet -- your analysis was good ! But, How about -- Rs. 1 Cr.+ for Portfolio Managers, Fund Manager -- Is it so ???

Subodh, I think, you are talking about -- Gaurav Agrawal. I read somewhere about his profile and its similar to what you mentioned. His job-position is in North Asia and London, so the salaries were high in those terms !! It was not in India !! Your comments on convincing company was true for sure !! Most of the global consulting branch in India, also prefers to hire people who can add value and experience related to Indian market !!

McKinsey - 14 Lac.+ is not bad too at entry level. And I am sure, other consulting companies such as BCG, Bain must be offering similar amount. Any idea about these consulting company's work-hours and work?

Thanks !!
- Shefali Mehta, NYU (Stern), Class of 2007

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Hi Guys,

Thanks for sharing the views. Its a good discussion !!

Well, 30 Lac. pa. -- was it for Barclays ?? I heard some 40 years gentleman, with really good vertical experience bagged that salary and it was not Barclays, to my information. Also, I think, no doubt, there was a position at Barclay too, however, I think that was for London posting ! And salary was around $165K (due to Dollar-Pound difference). However, I may be wrong !! If someone has some information, please share it.

Vineet -- your analysis was good ! But, How about -- Rs. 1 Cr.+ for Portfolio Managers, Fund Manager -- Is it so ???

Subodh, I think, you are talking about -- Gaurav Agrawal. I read somewhere about his profile and its similar to what you mentioned. His job-position is in North Asia and London, so the salaries were high in those terms !! It was not in India !! Your comments on convincing company was true for sure !! Most of the global consulting branch in India, also prefers to hire people who can add value and experience related to Indian market !!

McKinsey - 14 Lac.+ is not bad too at entry level. And I am sure, other consulting companies such as BCG, Bain must be offering similar amount. Any idea about these consulting company's work-hours and work?

Thanks !!
- Shefali Mehta, NYU (Stern), Class of 2007

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Sorry, it got posted twice !

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As far as i know, the posting was london posting in barclays bank.

Exception are there but there is no way 30 lakh package are offered in india even for associate position.It is simply too much even in the current booming Indian market where bonuses are highest in Indian IB history.

At best, it can be a restructured package where you spend 6 months in mumbai and 6 months in tokyo/london or any other financial hub.

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most of the companies set-up offices here more for back office work and work definitely can't be equated with the work done outside in international markets...

I am saying all this based on the accounts of my frnds who are employed in various companies....

and as far as starting salaries go... I think 25-26 lakh is too much at entry level.... no matter which coll u belong to, you shudn't expect this salary at entry level and that too for most back office work... !!

correct me if I am wrong...


My viewpoint is different here. All these Back office (IT outsourcing + BPO) was there in 1970's,80's and 90's too. Outsourcing is not a new term. First companies used to shift work from High cost US states to lower cost US states..i.e shifting of a call centre from NY to arizona.

Then came offshore outsourcing in 90's. Shifting of work from US to mexico, canada, ireland and west indies. All these sites are nearer to clients.

Offshore outsourcing is a disruptive business model and in late 90's , India evolved as robust cost effective offshore outsourcing location.

My main point is there is a specialised career in these back office jobs which become front office job for Global BPO/IT services provider. You must have heard stories of people rising from call centre worker to Operation managers/AVP etc. Outsourcing is a niche career oriented job.

Lets, take an example, of KPO involved in equity research domain as one of its horizontal offerings. You are right that the work involved can not be equated to International markets (Like hardcore analyst job) but KPO open wide career choices which are not available in traditional job. Jobs like transition manager/ Training head/ Client executive/ Operations manager /Global business manager or administration tasks like Head facilities/Transport.
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Hi Guys,


Vineet -- your analysis was good ! But, How about -- Rs. 1 Cr.+ for Portfolio Managers, Fund Manager -- Is it so ???

Here you go,

Like I said, its not the unheard of and post 2005 lots of factors like shortage in (quality,experience)manpower and the equity markets have contributed to the growth.

I mean the Sandeep Sabrawal, Nilesh Shahs dont come cheap and could easily command updwards Rs 1cr.

Cheers
Vineet