Goldman, UBS slashes consultant hourly-rates. Now I truely feel the world is coming to an end.
sucks. All the wannabee bankers went to consulting and now that field is seeing cutbacks. uggggh. pin action!!!
IT Consulting rates got slashed. Strategic Consultants are still making big bucks.
damn enjoying swiss chocos eh Dinesh?
The Swiss chocolates rather taste bitter these days 
… What a hole in the pocket
Still must be in 60$ or something per hour,right? I heard same thing from IT consultants working at Credit Suisse and Alliance Bernstein.
cfaboston28 Wrote: ------------------------------------------------------- > Still must be in 60$ or something per hour,right? > > I heard same thing from IT consultants working at > Credit Suisse and Alliance Bernstein. $60 for admin Usually in the $85 - $350 range per hour for non-strategic consultants.
With $60/hr the world would call it a global depression. Luckily it’s not that low, but the slope is steep & oily and the rates can get there by next year, if things are the way they are.
projectplatnyc Wrote: ------------------------------------------------------- > cfaboston28 Wrote: > -------------------------------------------------- > ----- > > Still must be in 60$ or something per > hour,right? > > > > I heard same thing from IT consultants working > at > > Credit Suisse and Alliance Bernstein. > > > $60 for admin > > Usually in the $85 - $350 range per hour for > non-strategic consultants. I think my next career move would be doing consulting (if this rate is true).
It’s always in the range of $85 to $120 for poor people with VISA like us and > $120 for independent consultants.
Dinesh, what type of consultants are you? and are u from one of those bigger IT consulting firm?
IT consulting can be up to 1.2k a day, but that is corner case
Source?
Dinesh, I will send you an email soon. Need to discuss and explore the consulting side of business…
The $85 - $350 I was talking about is for bill rates (non-strategic consulting). This is the rate charged to clients. The acutal salary you get is this rate minus overhead and all of the other good stuff on an annualized basis. $1.2K / day as CSK said above is possible, but the consultants with higher bill rates have a less percentage of hours billed to clients. Usually people in the $85 - $120 range bill 100% to clients, $120 - $250 range bill 70-80% to clients and the other percent is building the business. The $250 - $350 range has a bill rate of 70% or less, and the higher you get in the consulting field, the less you are actually billing to clients. The lower range of consultants’ bonuses is a metric of how many hours you billed to the client, while the higher you move up, the more of your bonus is related to how much ‘signings’ you have won. If you are above the $350 range, usually you are not billing to clients and are focused on building the business, maintaining relationships with top client side executives, focusing on winning key deals, strategic direction, etc.
@dinesh try some belgian ones while you are there, i tried some in brussels and they beat swiss ones hands down. you gotta try the good stuff (corne-port royal and higher), although the real belgian godiva tastes better than what you get the world over. @ancientmk this is not say IT/strategic consulting for bain / mckinsey etc. this is a consolidator firm contracting people out to conglomerates to write code, and thats it.
@ancientmtk – Niraj has the truth right above. IT Consulting, writing software code for investment banks @comp_sci_kid – $1200/day is very well possible after GC. @XSellSide – Our vendors got respective emails, and have been asked to confirm within 3 days, if we are fine with the rate-cut or else willing to move-out. @cfaboston28 – sure bud! @niraj_a - Godiva Rockzz (What’s up with this girly toblerone talks :-)) @projectplatnyc – You are very correct about the layering business in consulting. The more layers you have between yourself and the end-client, the more you will have to shed-off, as everyone needs their haircut margin.
dinesh, who mentioned toblerone? i hate godiva generally btw, the godiva i have tasted in the US (alongwith Hershey’s) has spolied my palate for it. try neuhaus. its the best (and oldest) belgian chocolatier and will run you a pretty penny, but worth every euro cent.
protjectplat, if you dont mind me asking, what kind of consulting do you do?
After the rate cut I downgraded myself to Cadbury’s Five Star.