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I think will be less than Tier 1. Also, person will be employed as against retainer. To that extent, in hand number may not be similar
Less than M&A but still good if you're in a t1 team. However most funds work takes place in mumbai which is going to eat into your pay vs delhi/bangalore. The mobility is still less as they're are max 5-6 teams who do core funds work.
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