| Topic Name: |
Masters in Economics/ CFA level 1 |
| Message Name: |
EC vs MC (briefly) |
| Date Posted: |
08/26/2003 |
| In Reply To: |
Thank you Blue Chicago. Having what I have already-the MBA etc...can one actually move from economic consulting to general management consulting after a few years (after 7-10 years). I am very interested in economic consulting, but I know that I'd liek to move into general management consulting after a while.
Also, what's the difference in payscales between mgmt consulting and economic consulting?
Thanks again! |
| Message: |
There are exceptions to every rule of thumb, so take these thoughts with a grain of salt...
Can you move from EC to MC? Anything's possible, but playing the odds, I would not count on it unless you stay in EC for many years and develop a serious functional (e.g. M&A) or industry (e.g. energy) expertise and potential client list, and then sell yourself at the partner level in an MC firm. Otherwise, I suggest that the types of skills you develop and problems you encounter in EC are typically quite different from those in MC. For instance, EC firms like CRA, LECG, etc. are doing tons of litigation support these days; their clients are lawyers who need economic analysis done.
Pay scales: my understanding is that the starting salary for an EC (post MBA or MA) associate is generally pretty good (like $100K, even today) but the rate of increase is way lower than in MC firms--my data points suggest an increase of salary at inflation more or less, and I am pretty sure that MC firms, even in today's economy, are on average doing better than that.
Hope that helps...final thought, I would suggest that if you do land a job in an EC firm, try to see if they known for doing MC-type problems that you can speak to versus primarily litigation work (which is really specialized) so you can credibly give your resume an MC spin down the road.
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