Hi Strategy Jobseeker,I can only speak for retail banks that where I have done a decent amount of work and know the salaries involved. I don’t know much about retail or utility company salaries. UK retail banks have strict pay grades and strategy jobs do not in my experience command a particular premium. Typically the pay grades apply all the way up to three levels off Group Board, so unless your boss’s boss the Group CEO, you will be on a pay grade with a prescribed basic salary range and a defined bonus scheme. These do differ slightly across some functions (e.g. corporate finance pay grades are a few percentage points higher than standard group finance) but Strategy is just part of the mix. Only when you report to someone who reports to the CEO do they rip up the pay book and deal with things on a much more individual basis (although there are still guidelines as to market value).With five years experience, I would expect you to be slotted in at Manager Grade (up from Sr Analyst and down from Sr Manager). There are two/three sub grades for Manager at most retail banks and I would expect a five-year experience person to command a basic salary of £45-55K. Bonuses at Manager will not be impressive (probably OTE of 10% of base – and these may be subject to deferral or claw-back at the government controlled banks – LTSB/HBOS, Northern Rock, RBS). You can count on a London allowance of 3K where relevant and perhaps a car allowance of about 350-400 a month. Most banks run a flex-benefits package of between 3%-5% of base salary and offer single health insurance as standard. There is a fairly good pension culture at retail banks. Final salary schemes are all closed to new employees, but it is not unusual to see an employee contribution of 5% matched by 10% from the bank. Stick with it for 20+ years and you will end up with a fairly good pension pot.A number of banks also offer a subsidised mortgage at base rate, which is of more value in higher interest rate periods, when spreads are greater. Thsi is a taxable benefit, of course.Working culture is good, although progression is more muted than at the up-or-out MBB consultancies. Holiday entitlement is generally 25-30 days plus bank holidays and there is next to no chance that you will find yourself working weekends, unless you are involved in a major takeover (in which case you’d probably be happy to).In specific answer to your Big 4 vs MBB question – MBB does not in itself generate a higher salary, although you may be able to persuade someone that you deserve to be at the higher end of the 45-55K range on the basis of your experience.
