CFPB v. Big 4 Consulting - Full Time

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CFPB v. Big 4 Consulting - Full Time

Postby Anonymous User » Wed Aug 28, 2013 9:05 pm

Hi everyone, I am fortunate enough to be deciding between two offers post-grad and was wondering if I could get some pros and cons of each. The options are as follows:

(1) Big 4 Consulting - doing regulatory consulting for financial institutions
- Pay = Six Figure Base + Bonuses

(2) CFPB - non-attorney role, with ability to transfer to enforcement or other attorney role after 1 year
- Pay = about $60K to start, but Public Service Loan Forgiveness and other benefits and cushy lifestyle.


I am leaning towards the Big 4 Consulting Gig, but I would love to get feedback from anyone as to exit options, anyone that has gone to the CFPB or the Big 4 full-time, etc. Any help will be greatly appreciated.

Thanks in advance

anonymous2012
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Re: CFPB v. Big 4 Consulting - Full Time

Postby anonymous2012 » Wed Aug 28, 2013 9:22 pm

I'd run to the CFPB if you have an indication they will actually transfer you to an attorney role.

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Re: CFPB v. Big 4 Consulting - Full Time

Postby Anonymous User » Wed Aug 28, 2013 9:25 pm

anonymous2012 wrote:I'd run to the CFPB if you have an indication they will actually transfer you to an attorney role.



Any reasons why?

Also, wanted to note that my long term goals do not necessarily need to include being an attorney.

Pokemon
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Re: CFPB v. Big 4 Consulting - Full Time

Postby Pokemon » Wed Aug 28, 2013 9:36 pm

Big4 seems to me like the better choice unless you want to work for gov. agencies. Higher pay, and you will probably (guessing here a bit) have better exit opportunities.

anonymous2012
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Re: CFPB v. Big 4 Consulting - Full Time

Postby anonymous2012 » Wed Aug 28, 2013 9:52 pm

Anonymous User wrote:
anonymous2012 wrote:I'd run to the CFPB if you have an indication they will actually transfer you to an attorney role.



Any reasons why?

Also, wanted to note that my long term goals do not necessarily need to include being an attorney.


Great payscale with sharp raises the first few years, plus the benefit of federal retirement (more valuable the longer you stay with it). Best feature is great exit options from the CFPB. Maybe that will change down the road, and it probably matters way more if you want to be an attorney.

But I will say that if this is difficult for you, you're probably not the type of person who is really cut out for public service.

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Re: CFPB v. Big 4 Consulting - Full Time

Postby Anonymous User » Wed Aug 28, 2013 10:00 pm

anonymous2012 wrote:
Anonymous User wrote:
anonymous2012 wrote:I'd run to the CFPB if you have an indication they will actually transfer you to an attorney role.



Any reasons why?

Also, wanted to note that my long term goals do not necessarily need to include being an attorney.


Great payscale with sharp raises the first few years, plus the benefit of federal retirement (more valuable the longer you stay with it). Best feature is great exit options from the CFPB. Maybe that will change down the road, and it probably matters way more if you want to be an attorney.

But I will say that if this is difficult for you, you're probably not the type of person who is really cut out for public service.



OP Here - do you know what the pay scale is there and the benefits of Federal Retirement? I am not aware of the true perks of federal employment. What are the great exit options for the CFPB? I would guess moving to in house or compliance at commercial banks, or moving to other regulatory agencies. Outside of those, what else is there in terms of exit ops?

Thanks for the feedback so far, any other feedback would be great.

BostonLove
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Re: CFPB v. Big 4 Consulting - Full Time

Postby BostonLove » Wed Aug 28, 2013 10:10 pm

Pokemon wrote:Big4 seems to me like the better choice unless you want to work for gov. agencies. Higher pay, and you will probably (guessing here a bit) have better exit opportunities.


I'd go with Big4, but I think it depends on what you specifically want. Both have decent hours, work, life (depending on time of year), and exit options.

The government benefits are very good and something to definitely consider. (Obviously, get a full list/research specifics to really consider.)

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Re: CFPB v. Big 4 Consulting - Full Time

Postby Anonymous User » Wed Aug 28, 2013 10:13 pm

FWIW, I've heard from CFPB attorneys that they have fairly long hours. No idea about the non-attorney side.

anonymous2012
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Re: CFPB v. Big 4 Consulting - Full Time

Postby anonymous2012 » Wed Aug 28, 2013 10:18 pm

Anonymous User wrote:
anonymous2012 wrote:
Anonymous User wrote:
anonymous2012 wrote:I'd run to the CFPB if you have an indication they will actually transfer you to an attorney role.



Any reasons why?

Also, wanted to note that my long term goals do not necessarily need to include being an attorney.


Great payscale with sharp raises the first few years, plus the benefit of federal retirement (more valuable the longer you stay with it). Best feature is great exit options from the CFPB. Maybe that will change down the road, and it probably matters way more if you want to be an attorney.

But I will say that if this is difficult for you, you're probably not the type of person who is really cut out for public service.



OP Here - do you know what the pay scale is there and the benefits of Federal Retirement? I am not aware of the true perks of federal employment. What are the great exit options for the CFPB? I would guess moving to in house or compliance at commercial banks, or moving to other regulatory agencies. Outside of those, what else is there in terms of exit ops?

Thanks for the feedback so far, any other feedback would be great.


1% of your high three salary in an annuity from age 65 to death. You pay something for it but its not much given the cost of that benefit. That being said, it's way more valuable if you stay with the fed govt and have a really high high 3 salary.

CFPB is on a separate payscale but the general timeline for attorneys is to be in the top grade after 5 years or so with step raises after. So look up the gs scale and add an extra 20 or so and that's what you can expect to make at CFPB.

Exit opps for attorneys are back into law practice as a partner or to other agencies in a senior role. The exit opportunities will decrease as there are more CFPB alumni in the private sector and the newness of CFPB regulation wears off. But it will still be very good, a la DOJ antitrust.

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Re: CFPB v. Big 4 Consulting - Full Time

Postby Anonymous User » Thu Aug 29, 2013 7:45 am

anonymous2012 wrote:1% of your high three salary in an annuity from age 65 to death. You pay something for it but its not much given the cost of that benefit. That being said, it's way more valuable if you stay with the fed govt and have a really high high 3 salary.

CFPB is on a separate payscale but the general timeline for attorneys is to be in the top grade after 5 years or so with step raises after. So look up the gs scale and add an extra 20 or so and that's what you can expect to make at CFPB.

Exit opps for attorneys are back into law practice as a partner or to other agencies in a senior role. The exit opportunities will decrease as there are more CFPB alumni in the private sector and the newness of CFPB regulation wears off. But it will still be very good, a la DOJ antitrust.


Thanks this is really helpful. CFPB seems like a pretty awesome place. Does anyone have any experience at the Big 4? Right now I am leaning Big 4, but definitely still going to take some time to decide.

JJ123
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Re: CFPB v. Big 4 Consulting - Full Time

Postby JJ123 » Thu Aug 29, 2013 9:57 am

Obviously, the initial salary at the Big 4 is higher, but look at working hours. 70 hour workweek for $100k is not better than 40 hour workweek for $60k, if you ask me (I don't know what the actual working hours are for each position, so do your own analysis).

Find out what the progression is at the Big 4: can you make manager from this position? Director? Partner? In many cases, attorneys are brought into a dead-end role in Big 4, or you may be required to become a CPA and do tax/audit practice to advance. Also, making partner at Big 4 is fucking impossible at most offices, harder than BigLaw.

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Re: CFPB v. Big 4 Consulting - Full Time

Postby Anonymous User » Thu Aug 29, 2013 10:13 pm

JJ123 wrote:Obviously, the initial salary at the Big 4 is higher, but look at working hours. 70 hour workweek for $100k is not better than 40 hour workweek for $60k, if you ask me (I don't know what the actual working hours are for each position, so do your own analysis).

Find out what the progression is at the Big 4: can you make manager from this position? Director? Partner? In many cases, attorneys are brought into a dead-end role in Big 4, or you may be required to become a CPA and do tax/audit practice to advance. Also, making partner at Big 4 is fucking impossible at most offices, harder than BigLaw.


OP Here - I choose to go Big 4. The role I am in is expanding rapidly and everyone I met had really impressive backgrounds. Plus, I am looking to transition to a different field a few years down the road I think this is the best opportunity to do so given the clients I'll be working with. Transitioning to Manager is definitely possible, if not probable. Not sure about what it takes after that, but my goals include switching to buy-side finance after a few years. Thanks for all the help everyone, definitely a hard choice.

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guano
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Re: CFPB v. Big 4 Consulting - Full Time

Postby guano » Thu Aug 29, 2013 10:41 pm

Anonymous User wrote:
JJ123 wrote:Obviously, the initial salary at the Big 4 is higher, but look at working hours. 70 hour workweek for $100k is not better than 40 hour workweek for $60k, if you ask me (I don't know what the actual working hours are for each position, so do your own analysis).

Find out what the progression is at the Big 4: can you make manager from this position? Director? Partner? In many cases, attorneys are brought into a dead-end role in Big 4, or you may be required to become a CPA and do tax/audit practice to advance. Also, making partner at Big 4 is fucking impossible at most offices, harder than BigLaw.


OP Here - I choose to go Big 4. The role I am in is expanding rapidly and everyone I met had really impressive backgrounds. Plus, I am looking to transition to a different field a few years down the road I think this is the best opportunity to do so given the clients I'll be working with. Transitioning to Manager is definitely possible, if not probable. Not sure about what it takes after that, but my goals include switching to buy-side finance after a few years. Thanks for all the help everyone, definitely a hard choice.

Once you hit director at a big 4 your job is sales

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Re: CFPB v. Big 4 Consulting - Full Time

Postby Anonymous User » Thu Aug 29, 2013 11:04 pm

guano wrote:
Anonymous User wrote:
JJ123 wrote:Obviously, the initial salary at the Big 4 is higher, but look at working hours. 70 hour workweek for $100k is not better than 40 hour workweek for $60k, if you ask me (I don't know what the actual working hours are for each position, so do your own analysis).

Find out what the progression is at the Big 4: can you make manager from this position? Director? Partner? In many cases, attorneys are brought into a dead-end role in Big 4, or you may be required to become a CPA and do tax/audit practice to advance. Also, making partner at Big 4 is fucking impossible at most offices, harder than BigLaw.


OP Here - I choose to go Big 4. The role I am in is expanding rapidly and everyone I met had really impressive backgrounds. Plus, I am looking to transition to a different field a few years down the road I think this is the best opportunity to do so given the clients I'll be working with. Transitioning to Manager is definitely possible, if not probable. Not sure about what it takes after that, but my goals include switching to buy-side finance after a few years. Thanks for all the help everyone, definitely a hard choice.

Once you hit director at a big 4 your job is sales


I don't really care what it is if they are paying me 200K and I don't have to be correcting spelling errors on documents or looking up cases until 2 am.

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Re: CFPB v. Big 4 Consulting - Full Time

Postby Anonymous User » Mon Sep 02, 2013 5:01 pm

Do you mind sharing how you got big 4 consulting. There seems to be little information about them. I imagine their recruiting deadlines are fast approaching...

Anonymous User
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Re: CFPB v. Big 4 Consulting - Full Time

Postby Anonymous User » Wed Sep 04, 2013 2:04 pm

Anonymous User wrote:Do you mind sharing how you got big 4 consulting. There seems to be little information about them. I imagine their recruiting deadlines are fast approaching...


I'm interested in this as well.

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.

Postby Myself » Wed Sep 04, 2013 2:07 pm

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Last edited by Myself on Wed Nov 27, 2013 2:38 pm, edited 2 times in total.

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Re: CFPB v. Big 4 Consulting - Full Time

Postby Anonymous User » Wed Sep 04, 2013 5:25 pm

Anonymous User wrote:
Anonymous User wrote:Do you mind sharing how you got big 4 consulting. There seems to be little information about them. I imagine their recruiting deadlines are fast approaching...


I'm interested in this as well.


Sure, to give a little bit of my background:

I have always been interested in consulting and struck out my 2L year with McKinsey after a 2nd round. After taking the bar and being jobless and being rejected from unpaid legal positions, I decided I was done with trying to get a law job. I was someone that had median grades at a T-14, crushed corporate law and securities classes, worked at federal regulators and investment firms, and still couldn't get a screener for law firms. I didn't even like law, and decided it was time to pursue something more interesting Consulting is much more people oriented and look for people that have personalities, confidence and presentation ability, so if you have these qualities, then you are probably a good fit.

I reached out to a friend that worked in the practice that I wanted to join. They then put me in touch with more senior people just to talk with them about the program and how they recruit JD's. You are correct about there being nothing about this stuff on the internet, and I randomly was looking at linkedin and saw some kid that went JD --> Big 4, so I reached out. After that conversation I waited a few weeks and then hit the person I spoke with up about my interest in applying and they put me into the hiring pipeline. I am not sure about deadlines since my getting hired happened pretty rapidly, but there seemed to be a lot of people interviewing when I went in for my callback.

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Re: CFPB v. Big 4 Consulting - Full Time

Postby Anonymous User » Wed Sep 04, 2013 7:18 pm

How did you get the CFPB offer? I'm thinking of working there myself someday in the future.

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fish tacos
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Re: CFPB v. Big 4 Consulting - Full Time

Postby fish tacos » Fri Nov 29, 2013 2:20 am

This is a longshot I know, but would the OP (or anyone else with similar experience) be willing to pm me? I'm curious about how to leverage the JD into a regulatory consulting role or into a non-attorney role with a govt agency. Choosing between Big 4 consulting and the CFPB, even if not as an attorney, would be a problem I'd kill to have right now.

SHANbangs
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Re: CFPB v. Big 4 Consulting - Full Time

Postby SHANbangs » Mon Dec 02, 2013 5:51 pm

Hey OP,

I would also really appreciate some advice from you. Specifically, are these big 4 consulting positions still open for some point further down your career path to lateral into? I am inferring from the description you gave above that you didn't summer at a big 4, and perhaps didn't even get the gig during 3L.

I am asking because I may be able to get some work on a contract basis with i-bank compliance. I have been interning part-time with one particular bank, and some of the work they are having me do deals with Dodd-Frank Title VII. So indeed some reg consulting. However, I am not sanguine about the pay-scale - your big 4 gig sounds a bit more lucrative.

I actually had a first round interview with PwC reg consulting but did not get the invite back. The recruiter seemed friendly enough though - do you think it's worth a shot to reach out to him to get some feedback on future opportunities?

sparty99
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Re: CFPB v. Big 4 Consulting - Full Time

Postby sparty99 » Wed Dec 04, 2013 9:50 am

Anonymous User wrote:How did you get the CFPB offer? I'm thinking of working there myself someday in the future.



Can you comment how you applied to the CFPB? Did you apply post-bar results, how long did it take for the to respond, did you upload a word resume, or did you use the government resume builder? Any other advice would be greatly appreciated.

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Re: CFPB v. Big 4 Consulting - Full Time

Postby FloridaCoastalorbust » Wed Dec 04, 2013 10:27 am

CFPB because Cosi across the street. Dem paninis tho




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