The BCG Consultant Salary is one of the primary reasons to consider applying for a position at the Boston Consulting Group. Sure, you’ll learn a lot at BCG and have a prestigious name attached to your resume. But you will also make a lot of money. Of course, the BCG salary range isn’t just dictated by the company’s innate sense of generosity. Market conditions in the consulting sector and the broader economy dictate the salaries different companies have to offer in order to attract top talent. Luckily for you, the consulting industry has never been stronger.
There has been a wide proliferation of boutique consulting companies in recent years, but this has not hindered the growth of the top three firms: McKinsey, BCG, and Bain. Each of these has seen annual revenue growth in excess of 10% for much of that time period. Further, the explosive growth of the technology and finance sectors has led to an economy-wide competition for top talent. In short, there has never been a more lucrative time to become a consultant. BCG consultant salaries, like the salaries of virtually all competitive consulting firms, will handsomely reward you for your work. In this article, we’ll take you through the compensation you can expect from a variety of different positions at BCG.
Consultant salaries at BCG and elsewhere have been on an upward trend. This is especially true for employees with MBAs and PhDs. These degrees are roughly equivalent when it comes to consultant salary, as the technology sector drives competition for top talent. The pay for employees with MBAs and PhDs at the top three tech firms climbed to a base salary of $165,000 in 2019. In addition to that salary, the BCG consultant salary for MBAs and PhDs includes performance bonuses up to $41,250, retirement contributions of up to $20,312 into 401(k) accounts, a signing bonus of $30,000, and up to $2,000-8,000 in relocation bonus.
For employees with an undergraduate degree or a non-management Master’s degree, the BCG salary rose to $90,000 a year. BCG salary also includes performance bonuses of up to $18,000, profit sharing contributed to employees’ 401(k)s, signing bonuses of up to $5,000, and a relocation bonus of $500-8,000.
Like with most other firms, you can expect a BCG salary to increase by 10-20% every year. Overall earnings are contingent on many factors. This includes performance, with variable performance bonuses, as well as possible promotions. Employees are typically promoted (or asked to seek employment elsewhere) every 2-3 years, with a salary increase each time. Let’s take a look at a breakdown of BCG salaries by role. Note, these figures pertain to BCG salary in US locations. BCG salary varies from country to country, though most locations within the same country pay the same rate to employees.
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BCG Consultant Salary By Role
BCG Associate Salary
The role of BCG Associate is typically filled by new hires who lack an MBA or PhD. Employees with this title earn an average BCG salary of $90,000 per year as a base rate, with performance bonuses of up to $18,000.
BCG Project Leader Salary
The escalation to the project leader/manager role is typically the first promotion BCG employees earn after their first two to three years with the company (post MBA). This base BCG project leader salary is $200,000-220,000 with a sharp rise in potential bonuses to $90,000-130,000.
BCG Associate Principal Salary
The role of associate principal and senior project leader is typically the second promotion for BCG employees post-MBA, occurring after four to five years. BCG salary at this stage includes a base rate of $250,000-320,000, with performance bonuses from $120,000-220,000.
BCG Principal Salary
There are two levels of partner at BCG. The first level of junior partner/principal is usually a BCG employee’s third promotion and occurs after six to eight years with the company. This role includes a base salary of $350,000-430,000 with performance bonuses of $350,000-550,000.
BCG Partner Salary
After ten or more years with the company, an employee may rise to the senior partner/director position. The BCG senior partner salary has a base rate of $450,000-650,000 with performance bonuses in excess of $500,000 per year.
BCG Gamma Salary
BCG Gamma is a division of BCG focusing on data science and advanced analytics. Consultants here specialize in AI and machine learning. BCG data scientists earn an average salary of $108,000, with top earners paid over $140,000 a year.
BCG Digital Ventures Salary
BCG Digital Ventures is a division of BCG focused on startup incubation and corporate investment. Specific salary information for this division is unavailable, but it’s safe to assume it breaks down according to employee roles consistent with BCG’s normal consulting operations.
BCG Internship Salary
The BCG salary earned by interns is broken down according to the degree held by the intern. Interns with an undergraduate degree or non-MBA master’s degree earn a salary of $18,000. Interns with an MBA or a PhD earn a salary of $32,000. BCG’s summer internship program runs for 10 weeks.
BCG Career Path
Like many other top firms, BCG’s career development path tends to obey an “up-or-out” strategy. This means that, within a regular time frame, employees are typically either offered a promotion or asked to seek employment elsewhere. This amount of time has some variability, but most BCG employees fill a role for two to three years before being promoted or moving on.
BCG Glassdoor Reviews
BCG gets extremely positive reviews overall from past employees, with an average score of 4.3 stars out of 5. Many employees, of course, focus on the material benefits of BCG employment: the high salary, travel opportunities, luxurious office conditions, etc. Many employees are particularly enthusiastic about BCG’s health coverage, which is said to be the best available. One common refrain is the cliché that you can have a baby for only $20 in copays. Beyond those benefits, positive reviews also focus on the culture of innovation and the stimulating challenges associated with working at BCG.
The negative reviews focus on elements of the job that are likely endemic to the consulting industry at large. The most frequently cited con to BCG employment is the difficulty of work-life balance, with especially long hours and extreme demands on employee energy. Some said the work could be stressful, though most negative reviews noted the stress tends to come from problematic clients, as opposed to problems internal to BCG. Finally, some employees lamented an inability to align available promotions and career development opportunities with their personal interests.
BCG UK Salary vs. BCG Salary US
The salary information posted above refers specifically to BCG employees in the US, where the company’s headquarters are located. BCG salary details differ between countries. The base rate for UK employees always tends to lag behind the BCG salary for US employees. The average BCG UK consultant earns a base salary of £93,000, which at the time this article was written translates to roughly $115,000. That’s significantly lower than the average US BCG consultant salary of $165,000. Likewise, performance bonuses for BCG UK employees are typically lower.
Some things that might account for this difference include a more comprehensive array of public services, such as healthcare, available in the UK. In addition, the US market is experiencing a war for talent between Silicon Valley, Wall Street, and consulting. This dynamic isn’t as strong in the UK and other markets.
Many of BCG’s US locations boast a significantly cheaper cost of living than London. This includes Atlanta, Houston, Philadelphia, and other metropolitan areas. However, other BCG US locations, such as New York City and San Francisco, are significantly more expensive to live in than even London.
The takeaway? It pays to be in the US – both from a salary and cost-of-living perspective.
Overall, the consulting market has been undergoing a number of changes. On the one hand, increased competition within the consulting sector from boutique consulting firms has led to an increase in consultant salaries, at BCG and elsewhere. The rise in competition for top talent has accelerated this development. However, more large companies are setting up their own in-house consulting and analytics operations. This has had the occasional effect of forcing layoffs. Assuming you are able to get hired as a consultant at BCG, you are sure to earn an attractive salary. However, you will need to perform well in order to keep earning that salary, let alone to increase your earning power with time.