2026 Management Consulting Salaries Overview
Welcome to 2026, and our updated management consulting salaries report!
This is a big year: The Winter Olympics take place in northern Italy, the FIFA World Cup comes to North America, NASA plans to launch its Artemis II moon mission, and the U.S. celebrates its 250th birthday.
It’s a big year for the consulting industry as well, as firms look to capitalize on last year's momentum, which was marked by increasing demand and margin expansion.
What does this mean for you? If you can make it through the gauntlet that is consulting recruiting, it's a great time to break into the industry. Comp should be marginally on the rise in 2027, and the lifestyle is actually better than it was 5-10 years ago. How? Travel is down, utilization is normalizing, and salaries are significantly higher than almost all other peer industries. Put it all together, on top of the professional development and exit opportunities, and that's a pretty great value proposition for consulting.
Nervous about the consulting recruiting process, yet convinced the career path is right for you? We've helped over 15,000 candidates land job offers. Work with us through Black Belt, our personalized prep program.
Now, let's get into some of the consulting salary trends we identified this year.
At both the pre-MBA and post-MBA entry levels, 2026 consulting salaries stayed flat compared to 2025. There are exceptions to the rule, as you’ll see in the report, but this is only the fourth time in the last 16 years we have seen overall starting salaries not increase at all from year-to-year.
Why did starting salaries remain flat, and what does this mean for the future of the industry?
The primary driver of flat compensation in 2026 is not demand weakness, but structural efficiency.
First, firms continue to do more with less. Productivity gains – increasingly powered by AI, automation, and standardized delivery models – allow firms to generate higher output per consultant. Project teams are leaner, timelines are shorter, and fewer junior consultants are required to deliver the same client impact.
Second, attrition remains below historical averages. While exits have picked up modestly from 2024 lows, they remain well below pre-pandemic norms. As long as consultants stay put, firms feel little pressure to increase entry-level pay to attract incremental talent.
Third, firms are far more disciplined about fixed compensation than they were during the 2021-2022 hiring surge. Rather than raising base salaries, many firms have opted to increase performance bonus caps while leaving attainment rates unchanged.
Where will this industry growth be concentrated? In AI-enabled transformation, cloud modernization, supply chain, healthcare operations, and growth strategy.
What does this mean for candidates? First, an increase in hiring activity is expected this year as demand and attrition increase. Second, as salaries stay flat industry-wide, there is an increased allure to “brand-name” firms who can offer candidates intrinsic career value beyond total compensation.
As we predicted, U.S. consulting compensation continues to significantly outpace global peers. While some international markets experienced salary growth in prior years, that momentum stalled again in 2026 as Europe and parts of the Middle East faced slower growth.
The strength of the U.S. dollar, combined with uneven global recovery, has reinforced these gaps. Although firms continue to talk about purchasing-power parity, true parity remains elusive – and U.S. consultants retain stronger real earning power than their international counterparts.
While starting salaries remained flat, hiring activity has begun to rebound modestly. Firms are selectively increasing recruitment, particularly for candidates with:
- AI and data fluency
- Industry specialization
- Experience in transformation execution rather than strategy alone
What do you get when you put it all together?
There is a Gap Between Top Firms and the Rest, But It Is Narrowing…
Established consulting firms drive a lion’s share of the overall industry growth through organic and inorganic means. This in turn allows them to dramatically outpace the competition in terms of the max compensation they offer (e.g., through performance bonuses and profit sharing), as well as extend lifestyle perks like unlimited PTO and limited travel. However, consulting is a fragmented market, and boutique firms do hold meaningful share. Some of these firms match big firm compensation while offering earlier opportunities for advancement. As the larger firms hire less due to increased efficiencies, we are seeing more top talent choose alternative options. There is, however, potential danger around the corner, as the proliferation of in-house strategy groups at large corporations could limit the growth of a fragmented market of boutique players.
…and the Staff are Getting Busier…
Overall consultant utilization increased in 2025 as demand for consulting services accelerated.
Due to continued demand and greater consultant attrition, we expect utilization to marginally increase in 2026. This should lead to decreased retention and a slight increase in hiring for the 2027 cycle.
…so Competition for Open Roles will be Fierce in 2026
As consultant utilization and services demand increase, and competition for talent heats back up between consulting and Wall Street, we should see more open roles and higher salary growth this year.
However, the competition for these open roles will be fierce. Demand for open consulting roles will far outpace the supply of open roles, as hiring is not going back to the frothy environment of 2021 and 2022. Combine this with the fact that consulting is still a "safer" option than banking and tech; with more eager candidates than ever before chasing the prestige, pay, and relative stability of a consulting job, the consulting job market will be even more competitive this year.
However, if you can make it through the gauntlet that is consulting recruiting, there are rewards on the other side. Rising demand, increase competition for talent, and increasing consultant utilization should put marginal upward pressure on salary raises headed into the 2027 cycle.
How has this impacted consulting salary trends?
In the 18 years we have been covering salaries, this is the only the 4th year that starting salaries did not increase.
While most historical consulting salary increases are in the 2-4% growth range, three of the past five years have brought us increases of ~10% YoY, signaling the effects of a tightening labor market and increased demand.
Accelerating a trend we first noticed seven years ago, consulting firms have continued to increase hiring of specialists (bonus points if you have technical expertise), experienced hires, and candidates from non-target schools.
In fact, less than 20% of McKinsey’s most recent intake was made up of direct MBA hires, and the firm hired analysts from over 370 universities. Still, targets drove most hiring, so if you’re from a non-target school, network now and apply early.
Below are salary figures for those joining management consulting positions in 2026. The data comes from our interview prep clients who received written job offers and firm representatives. The salary data is for those recruited straight from an undergraduate, master’s, MBA, or PhD program or those that were hired at the same level. All salary figures are in U.S. dollars unless otherwise stated.
This is the only originally sourced data available in the industry. Everyone else uses ours or uses outdated or arbitrarily averaged Glassdoor salary data, PayScale salary information, or Indeed salaries. Use or republication of this data is prohibited without the express written consent of Management Consulted.
Salaries for Incoming Undergraduate & Master's Full-Time Hires
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Overall, salaries for incoming undergraduate & master's students have remained flat compared to last year. When comparing consulting roles to those in industry at the same level, there are few better options when it comes to total comp.
However, we recommend considering other factors in your search as well, including exit opportunities, firm culture, travel, and more.
BAIN, BCG, AND MCKINSEY CONSULTING SALARIES
- Base:
- $112,000 (Canada: C$100,000) (UK: £52,200) (Chile: $33,898)
- Performance Bonus:
- up to $22,500 (target: $15,000) (UK: up to £11,000)
- Total Cash:
- up to $134,500
- Housing Allowance:
- up to $5,000
- Profit Sharing:
- Eligible after Consultant promotion
- PTO Vacation:
- 20 days
- Raises:
- UK: Access to regional performance bonus
- Relocation:
- up to $5,000 (up to $10,000 for NYC)
- Retirement:
- up to $6,050 (4.5% of base + bonus, no contribution required) (UK: 9% of base salary)
- Signing Bonus:
- $5,000 (UK: £3,000)
- Base:
- $110,000 (Canada: C$100,000) (Aus: A$67,000) (UK: £49,500) (Germany: €68,500) (India: INR 2,150,000)
- Performance Bonus:
- up to $22,000
- Total Cash:
- up to $132,000
- Profit Sharing:
- up to $4,400
- PTO Vacation:
- 15 days
- Relocation:
- up to $6,000 (500+ miles)
- Retirement:
- Profit sharing deposited into 401k account
- Signing Bonus:
- $5,000 (Canada: C$5,000) (Aus: A$15,000)
- Base:
- $112,000 (Canada: C$100,000) (Hong Kong: $50,900)
- Performance Bonus:
- up to $18,000 (Canada: up to C$30,000)
- Total Cash:
- up to $130,000
- Housing Allowance:
- up to $5,000 (geo contingent)
- PTO Vacation:
- 19 days
- Relocation:
- up to $10,000 (Canada: up to C$8,000)
- Retirement:
- 7.5% qualified comp into 401k (Canada: 7% of qualified comp)
- Signing Bonus:
- $5,000 (Canada: C$5,250)
BIG 4 CONSULTING SALARIES
- Base:
- $84,000-$95,000 (Master's: up to $105,000) (Canada: C$70,000) (UK: £32,500-£49,000) (Luxembourg: €53,000) (Australia: A$57,000)
- Performance Bonus:
- Master's: up to $26,250 (UK: up to £4,900) (Luxembourg: up to €2,000)
- Total Cash:
- up to $95,000 (Master's: up to $131,250)
- PTO Vacation:
- 23 days
- Relocation:
- up to $2,500
- Retirement:
- 25% match of first 6% into 401k (a total of 1.5%)
- Signing Bonus:
- up to $12,500 (Master's: $15,000) (Canada: C$5,000)
- Base:
- $100,000
- Performance Bonus:
- Only after 3rd year (15% of base)
- Total Cash:
- up to $100,000
- Retirement:
- 25% match of first 6% into 401k (a total of 1.5%)
- Signing Bonus:
- $12,500
- Base:
- up to $90,000 (Canada: C$70,000) (UK: £55,000) (Dublin: €32,000) (India: Rs 2,250,000) (South Africa: R 654,480)
- Performance Bonus:
- Real-time bonuses (UK: up to £1,200)
- Total Cash:
- up to $90,000
- PTO Vacation:
- Unlimited
- Relocation:
- up to $2,000
- Retirement:
- 25% of 6% base salary match after 1 year (50% of 6% base salary match plus one time automatic contribution of $4,000 after 4 years)
- Signing Bonus:
- up to $7,500 (Canada: C$3,000)
- Base:
- $100,000 (Canada: C$75,000) (Singapore: S$72,000) (UK: £50,000)
- Performance Bonus:
- up to $22,000
- Total Cash:
- up to $122,000
- PTO Vacation:
- Unlimited
- Raises:
- $110,000 Year 2 base, $50,000 retention bonus in SSG after 3 years
- Relocation:
- up to $2,000
- Signing Bonus:
- $8,000 (Canada: C$3,000)
- Base:
- $78,000-$94,000 (Strategy: $93,000-$100,000) (Canada: up to C$70,000) (UK: £29,150) (Dublin: €32,000)
- Performance Bonus:
- Canada: up to C$15,000
- Total Cash:
- up to $94,000
- PTO Vacation:
- 30 days
- Relocation:
- up to $2,000 (Canada: up to C$2,000)
- Retirement:
- Match 50% (2.5%) if deposit 5%
- Signing Bonus:
- up to $8,000 (Strategy: up to $10,000)
- Base:
- up to $90,000 (Canada: starting at C$72,000; target range C$75,000-85,000)
- Total Cash:
- up to $90,000
- Retirement:
- 3%-8% “Wealth Builder” contribution; 401k match up to $5,000
- Signing Bonus:
- up to $7,500 (Canada: C$5,000)
- Base:
- $100,000 (Canada: C$70,000) (UK: £52,000) (Aus: A$81,000) (Dubai: $70,000)
- Performance Bonus:
- up to $27,000 (Canada: up to C$14,000) (UK: up to £5,200)
- Total Cash:
- up to $127,000
- PTO Vacation:
- 15 days
- Relocation:
- up to $2,000 (Dubai: up to $5,000)
- Retirement:
- 25% of the first 4% (5 year vest)
- Signing Bonus:
- $5,000 (Canada: C$5,000) (UK: £6,000) (Aus: A$11,000) (Dubai: $10,000)
NOTABLE BOUTIQUE CONSULTING SALARIES
- Base:
- $105,000 (Canada: C$95,000) (India: Rs 2,808,000)
- Performance Bonus:
- up to $30,000
- Total Cash:
- up to $135,000
- PTO Vacation:
- 20 days
- Relocation:
- up to $2,500
- Retirement:
- 6% match for 401k after first year
- Signing Bonus:
- $12,500 (Canada: C$10,000)
- Stock:
- 15% discount on Accenture stock
- Base:
- $100,000 (NYC)
- Performance Bonus:
- up to $15,000
- Total Cash:
- up to $115,000
- PTO Vacation:
- 20 days
- Relocation:
- up to $3,000
- Retirement:
- 5% match
- Signing Bonus:
- $4,000
- Base:
- $110,000
- Performance Bonus:
- up to $10,000
- Total Cash:
- up to $120,000
- PTO Vacation:
- 17 days
- Signing Bonus:
- $5,000
- Base:
- $100,000
- Performance Bonus:
- up to $15,000
- Total Cash:
- up to $115,000
- PTO Vacation:
- 20 days
- Retirement:
- 401k match up to 5% of total comp
- Signing Bonus:
- $10,000 (plus up to $3,500 extra for early start)
- Base:
- $112,000 (ACE: $85,000) (Canada: C$100,000) (Spain: €50,000)
- Performance Bonus:
- up to $51,000
- Total Cash:
- up to $163,000
- Raises:
- ACE: Performance bonus up to $40,000 for second-year analysts
- Retirement:
- 6% match
- Signing Bonus:
- up to $10,000
- Base:
- $96,200 (Master's: $97,500)
- Performance Bonus:
- up to $24,050
- Total Cash:
- up to $120,250
- PTO Vacation:
- 10 days
- Retirement:
- 5% match
- Signing Bonus:
- up to $17,500
- Base:
- $75,000 (Dubai, Abu Dhabi, Doha, Beirut, Riyadh: $60-80,000)
- Performance Bonus:
- up to $4,000 (Dubai, Abu Dhabi, Doha, Beirut, Riyadh: $9-12,000)
- Total Cash:
- up to $79,000
- Allowances:
- 40% of base paid in Dubai/Abu Dhabi/Doha; 30% in Riyadh
- Relocation:
- up to $5,000 (Dubai, Abu Dhabi: up to $15,000)
- Retirement:
- 6% match for 401k (Dubai, Abu Dhabi, Doha, Beirut, Riyadh: 1 month of latest salary per year of service)
- Base:
- $109,000-$110,000 (geo-dependent)
- Performance Bonus:
- up to $7,200 (target: $3,600)
- Total Cash:
- up to $117,200
- PTO Vacation:
- 15 days
- Relocation:
- up to $3,000 (after tax)
- Retirement:
- 4.5% match
- Signing Bonus:
- up to $20,000 (after tax)
- Base:
- $93,000 (UK: £50,000)
- Performance Bonus:
- up to $12,500
- Total Cash:
- up to $105,500
- PTO Vacation:
- 20 days
- Relocation:
- up to $2,500
- Retirement:
- 2.5% match of base salary
- Signing Bonus:
- up to $10,000
- Base:
- $97,000
- Performance Bonus:
- up to $10,000
- Total Cash:
- up to $107,000
- Relocation:
- 100% of moving expenses; 4 nights in hotel while house hunting; all broker fees
- Retirement:
- 50% match for first 6% of individual contributions in 401k
- Signing Bonus:
- up to $15,000
- Base:
- up to $95,000
- Performance Bonus:
- up to $12,000
- Total Cash:
- up to $107,000
- Profit Sharing:
- Overtime bonus: $45/hour > 36.5 hrs
- PTO Vacation:
- 20 days
- Relocation:
- up to $2,000
- Retirement:
- $0.83 on $1 up to 6%
- Signing Bonus:
- up to $8,000
- Base:
- $85,000-$90,000
- Performance Bonus:
- $10,000-$15,000
- Total Cash:
- up to $105,000
- PTO Vacation:
- Unlimited (billable hours must be met)
- Relocation:
- U.S./U.K. rotations for high performers
- Retirement:
- 4% of base 401K contribution
- Signing Bonus:
- $2,500
- Base:
- $100,000
- Performance Bonus:
- up to $25,000
- Total Cash:
- up to $125,000
- PTO Vacation:
- Unlimited
- Raises:
- $15,000 base salary raise in Year 2
- Relocation:
- up to $2,500
- Retirement:
- 3% match
- Signing Bonus:
- $7,500 ($10,000 if returning intern)
- Base:
- $100,000 (Canada: C$100,000) (Dubai: AED 600,000) (Romania: €46,200)
- Performance Bonus:
- up to $15,000 (Canada: up to C$15,000)
- Total Cash:
- up to $115,000
- Profit Sharing:
- up to $8,500
- PTO Vacation:
- 18 days
- Relocation:
- up to $10,000
- Retirement:
- 3% matching on 6% contribution
- Signing Bonus:
- $10,000 (Canada: C$10,000)
- Base:
- $95,000 (UK: £50,000) (Europe: €36,000)
- Performance Bonus:
- up to $3,000 (UK: up to £2,750) (Europe: up to €3,000)
- Total Cash:
- up to $98,000
- Profit Sharing:
- up to $19,000
- PTO Vacation:
- 15 days
- Retirement:
- 5% of profit share
- Signing Bonus:
- $10,000 (UK: £5,500)
- Tuition:
- up to $3,000 for returning interns
- Base:
- $88,000
- Performance Bonus:
- Uncapped
- Total Cash:
- at least $88,000
- Retirement:
- 4% base and 50% match up to 6%
- Signing Bonus:
- $20,000
- Base:
- $110,000 (UK: £51,000) (Australia: A$112,500) (Mexico: MXN$720,000)
- Performance Bonus:
- up to $25,000 (UK: up to £5,100)
- Total Cash:
- up to $147,000 with incentives
- Allowances:
- $40 dinner allowance after 8PM, $800 annual wellness reimbursement
- PTO Vacation:
- 20 days (12 weeks paid parental leave)
- Relocation:
- up to $5,000
- Retirement:
- match up to 3.5% of salary
- Signing Bonus:
- $7,500 (UK: £7,000) (Australia: A$5,000)
- Base:
- $110,000 (FSQA: $85,000) (Canada: $100,000) (Italy: €43,000)
- Performance Bonus:
- up to $18,700
- Total Cash:
- up to $128,700
- PTO Vacation:
- 17 days
- Relocation:
- up to $2,000
- Retirement:
- 50% of 6% match, 4% contribution after first year
- Signing Bonus:
- $10,000 (FSQA: $7,500) (Canada: C$10,000)
- Base:
- $75,000
- Performance Bonus:
- up to $30,000
- Total Cash:
- up to $105,000
- Base:
- $100,000
- Performance Bonus:
- up to $20,000
- Total Cash:
- up to $120,000
- Relocation:
- up to $4,000
- Signing Bonus:
- $20,000
- Base:
- $90,000 (Canada: C$105,000) (UK: £52,000)
- Performance Bonus:
- $5,400 - $8,100
- Total Cash:
- up to $98,100
- PTO Vacation:
- 15 days
- Retirement:
- 3% match
- Signing Bonus:
- $3,000
- Base:
- $81,000
- Performance Bonus:
- up to $3,240
- Total Cash:
- up to $84,240
- PTO Vacation:
- 25 days
- Relocation:
- up to $5,000
- Retirement:
- 5% 401k match
- Signing Bonus:
- $7,500
- Base:
- $90,000 (Canada: C$85,000) (UK: £47,000) (Tokyo: ¥5,500,000)
- Performance Bonus:
- up to $9,000 (UK: up to £3,500)
- Total Cash:
- up to $99,000
- Cost Of Living Adjustment:
- up to $18,000
- PTO Vacation:
- 15 days
- Relocation:
- up to $3,000 (Canada: up to C$3,000) (UK: up to £2,000) (Tokyo: up to ¥300,000)
- Retirement:
- 3% match
- Signing Bonus:
- up to $8,000 (UK: £3,000)
- Tuition:
- up to $5,000
Salaries for Incoming MBA & PhD Full-Time Hires
Starting salaries for incoming MBA & PhD hires also remained flat. Outside of finance, post-MBA compensation packages are the highest in consulting out of any industry. Not only is hiring in finance and tech only slowly picking up, but consulting continues to offer faster promotion cycles, broader industry exposure, and a better path to business leadership.
BAIN, BCG, AND MCKINSEY CONSULTING SALARIES
- Base:
- $192,000 (Canada: C$195,000) (UK: £97,000) (Paris: €112,000) (Singapore: S$184,000) (Riyadh: $182,000) (MEX: $124,000)
- Performance Bonus:
- up to $63,000 (UK: up to £20,000) (Singapore: up to S$73,800) (Riyadh: up to $70,000)
- Total Cash:
- up to $255,000
- Profit Sharing:
- Up to 20% of base and bonus vesting after 3 years
- PTO Vacation:
- 25 days
- Relocation:
- $8,000 for under 400 miles; $15,000 for over 400 miles
- Retirement:
- up to $11,475 (4.5% of base + bonus, no contribution required) (UK: up to £10,000)
- Signing Bonus:
- $30,000 (Canada: C$30,000) (UK: £15,000) (Singapore: S$40,300) (Riyadh: $30,000)
- Base:
- $190,000 (Canada: C$199,500) (UK: £100,000) (Australia: A$160,000) (Dubai: $135,000) (Spain: €82,200) (Brazil: R$399,000) (India: INR 2,800,000) (Saudi Arabia: SAR768,000)
- Performance Bonus:
- up to $47,500 (Canada: up to C$69,800) (UK: up to £17,300) (Australia: up to A$61,600) (Dubai: up to $60,750) (India: up to INR 6,000,000) (Saudi Arabia: up to SAR278,000)
- Total Cash:
- up to $237,500
- PTO Vacation:
- 15 days
- Relocation:
- up to $6,000 (500+ miles)
- Retirement:
- $11,875 into 401k (UK: up to 9% match) (Australia: A$16,000)
- Signing Bonus:
- up to $30,000 (Canada: C$26,000) (UK: up to £25,000) (Australia: up to A$40,000) (Spain: €20,000) (India: INR 2,000,000) (Saudi Arabia: SAR120,000 after 1st month of work)
- Base:
- $192,000 (Canada: C$200,000) (UK: £90,000) (Australia: A$165,000) (Hong Kong: $110,000) (Riyadh: $160,000)
- Performance Bonus:
- up to $40,000 (Canada: up to C$70,000)
- Total Cash:
- up to $232,000
- Housing Allowance:
- up to $5,000 (geo contingent)
- PTO Vacation:
- 19 days
- Relocation:
- up to $10,100 (Canada: up to C$12,000)
- Retirement:
- 7.5% qualified comp into 401k (Canada: C$14,000)
- Signing Bonus:
- $30,000 (Canada: up to C$45,000) (Australia: A$30,000)
- Tuition:
- 50% 2nd year tuition reimbursement for returning interns
BIG 4 CONSULTING SALARIES
- Base:
- $175,000 (Toronto: C$105,000) (Calgary: C$100,000) (Mexico City: MXN$700,000) (Italy: €105,000)
- Performance Bonus:
- up to $43,750 (Mexico City: up to MXN$35,000)
- Total Cash:
- up to $218,750
- Relocation:
- up to $10,000
- Retirement:
- 25% match of first 6% into 401k (a total of 1.5%)
- Signing Bonus:
- $30,000 ($20,000 contingent on signing early) (Canada: C$15,000)
- Tuition:
- Full 2nd year tuition for returning interns
- Base:
- $175,000 (Canada: C$110,000)
- Performance Bonus:
- Real-time bonuses
- Total Cash:
- up to $175,000
- PTO Vacation:
- Unlimited
- Relocation:
- up to $5,300
- Retirement:
- 25% of 6% base salary match after 1 year (50% of 6% base salary match plus one time automatic contribution of $4,000 after 4 years)
- Signing Bonus:
- $30,000 (half paid at signing, half at start date)
- Base:
- $175,000 (UK: £95,000) (Malta: €65,000)
- Performance Bonus:
- $26,250 to $52,500
- Total Cash:
- up to $227,500
- PTO Vacation:
- Unlimited
- Relocation:
- up to $5,100
- Retirement:
- 25% match up to 6% (1.5% total) after 1 year
- Signing Bonus:
- $30,000 (half paid at signing, half at start
- Base:
- $145,000 (Federal: $128,000) (Canada: C$120,000)
- Performance Bonus:
- up to $17,400 (Federal: up to $3,000)
- Total Cash:
- up to $162,400
- PTO Vacation:
- 30 days
- Relocation:
- up to $10,000
- Retirement:
- Match 50% (2.5%) if deposit 5%
- Signing Bonus:
- up to $35,000
- Base:
- $175,000 (Italy: €50,000)
- Performance Bonus:
- up to $40,000
- Total Cash:
- up to $215,000
- Retirement:
- 25% match up to 6%; 1% immediate separate contribution
- Signing Bonus:
- $30,000 paid at start of work
- Base:
- $190,000 (Amsterdam: €95,000)
- Performance Bonus:
- up to $60,000 (Amsterdam: up to €20,000)
- Total Cash:
- up to $250,000
- PTO Vacation:
- 20 days
- Relocation:
- Amsterdam: up to €5,000
- Retirement:
- 4% automatic (no match required); 25% match up to 6% in a separate account
- Signing Bonus:
- $30,000 (Amsterdam: €20,000)
NOTABLE BOUTIQUE CONSULTING SALARIES
- Base:
- $175,000 (Canada: C$160,000) (UK: £83,000)
- Performance Bonus:
- $40,000 (all 1st years out of MBA) + $15,000 for top performers (UK: £10,000)
- Total Cash:
- up to $230,000
- PTO Vacation:
- 20 days
- Relocation:
- up to $10,000
- Retirement:
- 6% match for 401k
- Signing Bonus:
- $35,000 + $17,500 early sign on for returning interns (Canada: C$25,000) (UK: £31,500)
- Tuition:
- Up to $80,000 tuition reimbursement for returning interns ($50,000 after taxes)
- Base:
- $180,000
- Performance Bonus:
- at least $60,000 (uncapped)
- Total Cash:
- at least $240,000
- PTO Vacation:
- 22 days
- Relocation:
- up to $5,000
- Retirement:
- 3.75% of total comp after Year 1
- Signing Bonus:
- $35,000
- Base:
- $170,000
- Performance Bonus:
- up to $42,500
- Total Cash:
- up to $212,500
- PTO Vacation:
- 25 days
- Retirement:
- 401k match up to 5% of total comp
- Signing Bonus:
- $30,000
- Tuition:
- up to $80,000 (paid over 2 years)
- Base:
- $175,000
- Performance Bonus:
- $52,500-$87,500
- Total Cash:
- up to $262,500
- Profit Sharing:
- Active after 1st year
- Retirement:
- 6% match
- Signing Bonus:
- $25,000
- Base:
- $190,000
- Performance Bonus:
- up to $47,500
- Total Cash:
- up to $237,500
- PTO Vacation:
- 15 days
- Retirement:
- 5% match
- Signing Bonus:
- $45,000 (PhD: up to $75,000)
- Base:
- $130,000 (Middle East)
- Fixed Allowance:
- 40% of base ($52,000; Middle East)
- Performance Bonus:
- up to $32,500 (25% of base; Middle East)
- Total Cash:
- up to $214,500
- Raises:
- $10K base salary bump after Year 1; another $10K base salary bump after Year 2 (Middle East)
- Relocation:
- up to $25,000 (Middle East)
- Base:
- $125,000
- Performance Bonus:
- up to $25,000
- Total Cash:
- up to $150,000
- PTO Vacation:
- 20 days
- Relocation:
- up to $2,500
- Retirement:
- 2.5% match of base salary
- Signing Bonus:
- $20,000
- Base:
- $180,000
- Performance Bonus:
- up to $40,250
- Total Cash:
- up to $220,250
- PTO Vacation:
- 20 days
- Retirement:
- $0.83 on $1 up to 6%
- Signing Bonus:
- $30,000
- Base:
- $150,000
- Performance Bonus:
- up to $37,500
- Total Cash:
- up to $187,500
- PTO Vacation:
- Unlimited (billable hours must be met)
- Raises:
- Equity award after Manager promotion
- Retirement:
- 4% match
- Signing Bonus:
- $10,000
- Base:
- $185,000
- Performance Bonus:
- Up to $46,250
- Total Cash:
- up to $231,250
- PTO Vacation:
- Unlimited
- Retirement:
- 3% match
- Signing Bonus:
- at least $35,000
- Base:
- $188,000 (Singapore: S$180,000)
- Performance Bonus:
- up to $65,800 (Singapore: up to S$100,000)
- Total Cash:
- up to $253,800
- PTO Vacation:
- 18 days
- Relocation:
- up to $16,000
- Retirement:
- 3% matching on 6% contribution
- Signing Bonus:
- $25,000 (plus $10,000 for summer interns)
- Base:
- $185,000 (PhD: $152,500) (UK: £85,800)
- Performance Bonus:
- up to $25,000 (PhD: up to $18,000)
- Total Cash:
- up to $210,000 (PhD: up to $170,500)
- Profit Sharing:
- up to $42,000 (PhD: up to $34,100)
- PTO Vacation:
- 15 days
- Retirement:
- 5% of profit share
- Signing Bonus:
- $30,000 (PhD: $15,000) (UK: £5,000)
- Tuition:
- up to $25,000 for returning interns
- Base:
- $180,000
- Performance Bonus:
- up to $60,000
- Total Cash:
- up to $270,000 with incentives
- Allowances:
- $40 dinner allowance after 8PM, $800 annual wellness reimbursement
- PTO Vacation:
- 20 days (12 weeks paid parental leave)
- Relocation:
- up to $7,500
- Retirement:
- match up to 3.5% of salary
- Signing Bonus:
- $25,000
- Base:
- $190,000 (PhD: $125,000)
- Performance Bonus:
- up to $36,100 (PhD: $30,000 after first year)
- Total Cash:
- up to $226,100
- PTO Vacation:
- 17 days
- Retirement:
- 50% of 6% match, 4% contribution after first year
- Signing Bonus:
- $30,000 + up to $15,000 early signing (PhD: $15,000)
- Base:
- $125,000
- Performance Bonus:
- up to $50,000
- Total Cash:
- up to $175,000
- Base:
- $160,000 (UK: £78,000)
- Performance Bonus:
- up to $32,000 (UK: up to £23,400)
- Total Cash:
- up to $192,000 (UK: up to £101,400)
- Signing Bonus:
- $35,000
- Base:
- $170,000 (PhD: $125,000)
- Performance Bonus:
- up to $40,800 (PhD: up to $22,500)
- Total Cash:
- up to $210,800
- PTO Vacation:
- 15 days
- Signing Bonus:
- up to $25,000 (PhD: up to $10,000)
- Base:
- $150,000
- Performance Bonus:
- up to $12,000
- Total Cash:
- up to $162,000
- PTO Vacation:
- 25 days
- Relocation:
- up to $5,000
- Retirement:
- 5% 401k match
- Signing Bonus:
- $30,000
- Base:
- $175,000 (PhD: $120,000)
- Performance Bonus:
- up to $30,000 (PhD: up to $12,000)
- Total Cash:
- up to $205,000
- Cost Of Living Adjustment:
- up to $17,400
- PTO Vacation:
- 15 days
- Relocation:
- up to $5,000
- Signing Bonus:
- $30,000 (PhD: $10,000)
- Tuition:
- 2nd year tuition reimbursement for returning MBA interns
Internship Salaries
Internships are a standard 10 weeks in the United States (early June through first or second full week of August) but the range is 8-12 weeks in Canada and the EMEA. Monthly internship salaries are typically prorated based on starting salaries for new hires. Here are 2026 internship salaries:
UNDERGRADUATE & MASTER'S PROGRAM INTERNSHIP SALARIES
- Accenture: $32/hr + $2,000 signing bonus
- Accenture Strategy: $35/hr ($48/hr overtime) + $2,500 signing bonus
- Advisory Board: $25/hr + 1.5x overtime
- Altman Solon: $19,000 (Singapore: S$7,500)
- Alvarez & Marsal: $40/hour + 1.5x overtime
- Analysis Group: $18,500 + $1,500 signing bonus
- Bain & Company: $22,500 + up to $1,000 relocation
- Bank of America (Global Strategic Planning): $41/hour + $2,000 relocation
- Berkeley Research Group: $40/hour
- Booz Allen Hamilton: $24/hr
- Boston Consulting Group (BCG): $21,150 + $10,000 signing bonus for returning GFL participants
- Capital One Strategy Group: $20,384 + $3,000 signing bonus + $5,000 housing allowance
- Cornerstone Research: $16,000
- Deloitte Consulting: $32/hr + $5,000 signing bonus (sophomore internship)
- Deloitte Consulting Services (formerly S&A): $43/hour (Discovery Intern: $31.25/hour)
- Deloitte Government & Public Services: $36/hour
- Ernst & Young (EY): $39/hr + $2,000 signing bonus
- EY-Parthenon: $45/hour + up to $3,000 signing bonus (Sophomore: $45/hour + $2,000 signing bonus)
- FTI Consulting: $39/hour
- Guidehouse: $35/hr + $2,000 signing bonus (Defense & Security: $30/hr; $45/hr overtime)
- Huron Consulting: $30/hour + $2,000 signing bonus
- IBM Consulting: $25/hr (Federal Consulting)
- Insight Sourcing (Acquired by Accenture): $16,100
- Investor Group Services (IGS): $18,750
- Kearney: $19,230
- Kepler Cannon: $16,000 + $2,000 signing bonus
- KPMG: $17,000
- L.E.K. Consulting: $18,500
- Lumanity: $35/hour
- McKinsey & Company: $21,250 (Sophomore: $8,500) (Shanghai: ¥55,384)
- Mercer Management and HR Consulting: $29/hour plus $1,000 housing assistance
- Oliver Wyman: $18,900 + $2,500 signing bonus (9 weeks)
- Palm Tree LLC: $25/hr
- Pointe Advisory: $17,500 + $2,500 signing bonus
- PricewaterhouseCoopers (PwC): up to $48/hour + up to $3,000 signing bonus (Sophomore: $34/hr)
- Protiviti: $38/hour + $1,000 signing bonus
- RSM: $37.50/hr (1.5x overtime) + $1,500 signing bonus
- Simon-Kucher & Partners: $41/hr
- Strategy& (PwC): $49/hour + overtime
- Tuscany Strategy Consulting: $28/hour
- West Monroe: $39/hour + $3,000 signing bonus
- ZS Associates: $14,769 + up to $2,000 relocation bonus
MBA & PhD PROGRAM INTERNSHIP SALARIES
- Accenture Strategy: $33,563 + $5,000 relocation (UK: £13,270)
- Alexander Group: $28,846
- AlixPartners: $35,000 + $3,000 signing bonus
- Alvarez & Marsal: $33,461
- Analysis Group: $36,000 + $1,500 signing bonus
- Bain & Company: $40,000
- Boston Consulting Group (BCG): $36,538
- Deloitte Consulting: $33,700 + $2,500 signing bonus
- Deloitte Consulting Services (formerly S&A): $30,000
- Ernst & Young (EY): $35,000
- EY-Parthenon: $28,000 + $5,000 signing bonus (8 weeks)
- FTI Consulting: $75/hour
- Gartner: $27,000 + $3,000 signing bonus
- GEP Worldwide: $15,000 + $2,500 signing bonus + up to $2,500 performance bonus
- Investor Group Services (IGS): $34,000
- Kearney: $36,153
- KPMG: $66/hour ($99/hour for overtime)
- L.E.K. Consulting: $31,950 for 9 weeks (UK: £16,500)
- McKinsey & Company: $36,923 (Canada: C$38,076) (UK: £16,400 + up to £5,000 relocation bonus)
- Mercer Management and HR Consulting: $75/hour (1.5x overtime)
- NERA Economic Consulting: $43,250 + $1,250 bonus
- Oliver Wyman: $32,850 + $3,000 signing bonus (9 weeks)
- PricewaterhouseCoopers (PwC): $33,650
- Simon-Kucher & Partners: $29,421 + up to $5,000 signing bonus (9 weeks)
- Strategy& (PwC): $31,730 (Dubai: $27,500)
- The Chartis Group: $32,000 + $5,000 signing bonus + $425 cell phone reimbursement
- West Monroe: $65/hour
- ZS Associates: $31,730 + $5,000 signing bonus + potential COL adjustment/relocation bonus
Management Consulting Salary Insights
Management Consulting Bonuses
Full-time consulting offers are nice, but bonuses have the potential to take your comp from good to great. Generally, consulting full-time hires receive signing bonuses, relocation bonuses, end-of-year performance bonuses, and more. Consulting interns are less likely to receive bonuses, although some firms do offer relocation or signing bonuses.
More firms are starting to offer returning interns a larger signing bonus than full-time counterparts who interned somewhere else. The most extravagant of these include MBA second-year tuition coverage plus signing bonuses (here’s looking at you, Deloitte).
When analyzing these bonuses, there are 5 things you should keep in mind:
- Value base salary more than signing and relocation bonuses. Your salary during your 2nd (and sometimes 3rd) year at the firm is often a function of your initial base salary. All else held equal, we would recommend choosing a base salary of $92,000 with a $5,000 signing bonus over base salary of $90,000 with a $7,500 signing bonus.
- On your offer letter, the listed maximum amount of the performance bonus typically goes to the top 5-10% of performers. Average performers often receive bonuses closer to half of the maximum amount, while poor performers typically only receive a small bonus if any. Also, firms that pay overtime may choose not to offer a performance bonus.
- The size of the relocation bonus is primarily driven by the distance from your university to the office location. If you live in the same city as the office, you are sometimes offered no bonus or a smaller bonus (~$2,000 in the U.S.). However, if you live in a distant state or country, you are typically offered the firm’s maximum relocation bonus amount.
- Relocation and signing bonuses are commonly distributed soon after signing your contract. However, they may be distributed on your start date (e.g., at IBM GBS) or given in increments over several years (e.g., L.E.K.).
- Bonuses are usually taxed. Uncle Sam loves your bonuses and will make sure to get his share. So don’t forget to account for taxes when planning your bonus spending (or saving). Taxes may be deducted when receiving bonus payments or they may be withdrawn from future paychecks, putting a small temporary dent in your future monthly income.
Salary Growth Along the Management Consulting Career Path
The salaries above are for full-time hires and interns coming straight from an educational program. Before deciding on a final offer, consider how your salary will grow across time. Often, our interview prep clients will receive slightly higher job offers in tech than in consulting. However, the salary growth in management consulting outpaces many industry positions. Because of that, the net income after a few years in consulting can exceed those in other industries, despite an initially lower base pay.
In top consulting firms, you can typically expect a 10-20% increase in your base pay and/or performance bonuses each year. Additionally, when promoted to the next level (usually every 2-3 years), the increase in your income is substantially larger. For instance, when promoted from Associate to Consultant at BCG, your base salary almost doubles. Here’s the potential salary growth trajectory of someone working at a top consulting firm (McKinsey, Bain, or BCG) in the U.S.:
Consultant Salary Growth Trajectory
First-year out of Undergrad/Master’s program:
- Base: ~$110k
- Signing Bonus: ~$5k
- Performance Bonus: up to ~$30k
First year out of MBA/PhD program:
- Base: ~$190k
- Signing Bonus: ~$35k
- Performance Bonus: up to ~$60k
Manager/Project Leader (2-3 years out of MBA/PhD) program:
- Base: $220k-$240k
- Bonus: $100k-$140k
Associate Principal/Senior Project Leader (4-5 years out of MBA/PhD) program:
- Base: $275k-$350k
- Bonus: $150k-$250k
Junior Partner/Principal (6-8 years out of MBA/PhD) program:
- Base: $375k-$450k
- Bonus: $375k-$575k
Senior Partner/Director (10+ years out of MBA/PhD) program:
- Base: $500k-$700k
- Bonus: $500k+
Keep in mind that most full-time hires will not make it to Partner. Many consulting firms have an “up-or-out” promotion structure – and many consultants choose to leave. Those who perform exceptionally are given the chance to be promoted, while poor performers are encouraged to seek employment elsewhere. Because of the up-or-out structure and the attractive exit opportunities, only a small percentage of consulting recruits make it all the way to Senior Partner. Regardless, salary growth is substantial for each promotion you receive at a consulting firm.
Salaries When Exiting Management Consulting
Although your salary increases relatively rapidly within a top consulting firm, you typically receive a pay increase when leaving, as well as a bump in lifestyle. In the U.S., the average consultant who accepts an industry position receives a 12-20% increase in pay and a better work-life balance. Those entering the financial services industry receive a 30%+ increase in compensation—but work/life balance often takes a hit.
Large Consultant Salary Variation Across International Offices
There is a large variation in management consulting salaries within firms across different countries. Management consulting salaries are highest in the U.S. due to the aforementioned war for talent with Silicon Valley and Wall Street, heightened U.S. demand for consulting services, and a generally tighter domestic labor market. Compared to the rest of the world, the United Arab Emirates, Singapore, Switzerland, and Canada also boast relatively high consultant salaries. Most surprisingly, consultant salaries in London are relatively lower given its high cost of living.
Overall, consulting salaries are competitive within their country, often offering salaries 20%+ above the average for other professional service firms. If you accept a consulting offer in any country, you will likely be paid more than the average local employee with a similar tenure in professional service industries.
Small Consultant Salary Variation Across Domestic Offices
At McKinsey, Bain, and BCG, management consulting salaries are relatively flat across all offices within a country. This has two important implications. First, there is often little room for salary negotiation unless you are an experienced hire. Second, you can increase your take-home income by choosing an office location where the cost of living is lower (e.g., choosing Atlanta over San Francisco).
In other firms, salaries are sometimes adjusted to account for living costs. For example, a Big 4 consultant working in New York often receives a slightly higher salary than a Big 4 consultant in Dallas.
Consultant Salaries for Master’s and PhD Students
Many consulting firms offer master’s students the same positions as undergraduate students. Because of that, master’s students often receive the same compensation as undergraduates (Deloitte is a notable exception to this). However, when a master’s student applies for a relevant technical position (e.g. data scientist), they can receive more compensation than an undergraduate counterpart. Likewise, PhDs often (though not always) receive the same compensation as MBAs. This is important to note, as you should be applying for the position the firm wants to hire you for.
2026 Consultant Salary Summary
Staff compensation stayed flat across consulting firms while project rates did the same. Due to this, we draw 5 main conclusions about 2025 compensation.
- Firms retained pricing power in a normalized labor market. With an ample supply of qualified candidates and continued weakness in traditional exit opportunities across Big Tech, Finance, and corporate strategy roles, firms faced little pressure to raise starting salaries for a third consecutive year
- Growth moderated, but margins did not. Flat project pricing and flat salaries, combined with ongoing productivity gains from AI and leaner staffing models, allowed firms to protect margins even as overall growth was uneven.
- The compensation gap between top firms and the rest of the market persists. While base pay remained flat across the industry, top-tier firms maintained a wide total compensation gap through higher variable pay, stronger benefits, and more attractive lifestyle tradeoffs, further concentrating top talent at the upper end of the market.
- Utilization rebounded - but selectively. While there are limits to short-term productivity gains from AI, firms entered 2026 with leaner headcounts and improving demand, driving utilization higher in many practices. This has begun to put upward pressure on retention in high-demand areas, though not yet at levels sufficient to force broad-based salary increases. We expect this dynamic to translate into a modest increase in hiring activity as we move into the 2027 cycle.
Looking ahead to 2027, macro conditions remain stable but unsupportive of strong compensation growth. Elevated interest rates, uneven capital markets activity, and a normalized labor market give firms little incentive to raise starting salaries. As a result, we expect muted compensation growth at best in the next recruiting cycle.
Overall, consulting salaries are highly competitive compared to other industries. One notable exception is finance, where salaries are higher but work-life balance is often worse. Technology firms also compete with consulting firms for talent. They often offer higher base salaries but the roles are more siloed and the promotion trajectory is slower.
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