Determining the management consultant salary you can expect to receive, or more narrowly, a strategy consultant salary, is probably one of the defining factors in deciding which firms you will apply to. That’s why we put in hundreds of hours of research each year to bring you the most up-to-date consultant salary information – anywhere.

This – to the best of our knowledge – is the only firsthand report in the industry containing current numbers obtained directly from offer letters for an entry level McKinsey salary, Boston Consulting Group salary, and stats from over 60 additional consulting firms. So whether you’re looking for a Bain consultant salary, Deloitte consultant salary, or information about niche boutique consulting firms, you’ve come to the home of the most up-to-date management consulting starting salary numbers available.

Alright, let’s get to the consulting salary numbers.

2020 Consulting Salaries Overview

Welcome to 2020, and our updated management consulting salaries report!

This is a big year: COVID-19 and civil unrest have upended the Summer Olympics and first private-public mission to the ISS. Still, there’s something to look forward to, as Jupiter and Saturn will end the year in special alignment. There’s a realignment of sorts happening in the consulting industry as well. This last year brought us lots of mergers and acquisitions, as some consulting players consolidated their core business offerings while others looked to expand into other verticals.

The overall theme? Everyone wants a piece of the digital solutions pie, as even traditional strategy consulting powers like McKinsey, BCG, and Bain made large investments in digital and implementation practices.

Couple this with the explosion of boutique firms and continued expansion of in-house strategy groups at large corporations, and you’ve got a more competitive consulting marketplace than we’ve ever seen – with salaries that match that level of competition. Overall, notable consulting firms continued their rapid growth, with many seeing revenue growth of over 10%.

However, because of the increase in competition at the beginning of 2020 versus just one year ago, and in niche practice areas (human capital/digital specifically), revenues have been slow to materialize and we’ve started to see the first layoffs and hiring freezes of the decade – potential warning signs of an economic downturn to come.

In niche practice areas (human capital/digital specifically), revenues have been slow to materialize and we've started to see the first layoffs and hiring freezes of the decade - potential warning signs of an economic downturn to come.

Overall, the impact of this activity has put upward pressure on U.S. MBA & PhD salaries this year, specifically at the Big 4 and Boutique levels. In the middle of 2019, MBB increased MBA & PhD base salaries to $165,000, and other firms have now increased MBA & PhD salaries to follow suit. For example, top boutique L.E.K. matched MBB and offers a $165,000 base salary for its incoming MBA & PhD hires in the U.S. This not only reflects increased intensity in the war for talent within management consulting, but the war for talent the industry is waging more broadly versus tech.

In addition, undergraduate and master’s salaries for incoming analysts have risen slightly, but not at the same pace as their MBA & PhD counterparts.

Not everything is changing, however. Continuing a trend from last year, consulting firms have continued to increase their hiring of specialists (bonus points if you have technical expertise), experienced hires, and candidates from non-target schools. In fact, most firms hold 20% of their slots for those from non-target backgrounds. If that’s you, network now and apply early.

Below are salary figures for those joining management consulting positions in 2020. The data comes from our interview prep clients who received job offers, our website readers (like you!), and firm representatives. The salary data is for those recruited straight from an undergraduate, master’s, MBA, or PhD program. All salary figures are in U.S. dollars unless otherwise stated.

As far as we know, this is the only originally sourced data available in the industry – everyone else copies from us, or uses potentially outdated data from Glassdoor, PayScale, or Indeed.

Submit Your Offer

If you have any management consulting salary data you would like to share, we would love to hear from you. You can fill out this anonymous form or send us an email. As always, your anonymity is guaranteed.

Salaries for Incoming Undergraduate & Master’s Full-Time Hires

2020 Top Consulting Firm Base Salaries Undergrad, consultant salary, consulting salaries, management consultant salary, management consulting salaries, mbb salary, mckinsey salary, bain salary, bcg consultant salary, mckinsey associate salary, mckinsey consultant salary, mckinsey and company salary, strategy consultant salary, entry level consultant salary, mckinsey engagement manager salary, mckinsey partner salary

Bain, BCG, and McKinsey Consulting Salaries

Bain & Company Undergraduate & Master’s Consultant Salary

Base:
$90,000 (UK: £45,500)
Performance Bonus:
up to $22,500 (25% of base)
Total Cash:
up to $112,500
Housing Allowance:
up to $5,000
Relocation:
$5,000
Retirement:
4.5% of base + bonus into 401k, no contribution required
Signing Bonus:
$5,000 (UK: £3,000)

Boston Consulting Group (BCG) Undergraduate & Master’s Consultant Salary

Base:
$90,000 (Canada: C$82,000) (Aus: A$67,000) (Germany: €68,500)
Performance Bonus:
up to $18,000
Total Cash:
up to $108,000
Profit Sharing:
up to $4,400
Relocation:
$500-8,000 (Germany: €3-10,000)
Retirement:
Profit sharing deposited into 401k account
Signing Bonus:
$5,000 (Canada: C$8,000) (Aus: A$15,000)

McKinsey & Company Undergraduate & Master’s Consultant Salary

Base:
$87,000 (Mexico: $34,200)
Performance Bonus:
up to $15,000 (Mexico: up to $4,000)
Total Cash:
up to $102,000
Relocation:
$2-10,000
Retirement:
$7,500 (Mexico: $5,000)
Signing Bonus:
$5,000 (Mexico: $2,000)

Big 4 Consulting Salaries

Deloitte Consulting Undergraduate & Master’s Consultant Salary

Base:
$82,000 (Canada: C$65,000)
Total Cash:
$82,000
Retirement:
150% match for individual contributions
Signing Bonus:
$14,500 (Canada: C$2,000)

Deloitte Government & Public Services Undergraduate & Master’s Consultant Salary

Base:
$71,000
Total Cash:
up to $71,000
Signing Bonus:
$7,000

Deloitte S&O Undergraduate & Master’s Consultant Salary

Base:
$85,000
Performance Bonus:
Only after 3rd year (15% of base)
Total Cash:
up to $85,000
Retirement:
25% match for first 6% of individual contributions in 401k
Signing Bonus:
$12,500

Ernst & Young Undergraduate & Master’s Consultant Salary

Base:
$75,000 (Risk Advisory: $68,000) (Canada: C$65-70,000)
Performance Bonus:
None (1.5x overtime pay instead)
Total Cash:
$75,000 + overtime
Relocation:
up to $2,000
Retirement:
6% match of base into 401k
Signing Bonus:
up to $7,500 (Risk Advisory: $5,000)

KPMG Undergraduate & Master’s Consultant Salary

Base:
$75,000 (Canada: C$62,000)
Performance Bonus:
up to $8,160
Total Cash:
up to $83,160
Relocation:
up to $2,000
Signing Bonus:
up to $7,500

Parthenon Group (EY) Undergraduate & Master’s Consultant Salary

Base:
$92,000 (UK: £46,000)
Performance Bonus:
up to $9,200 (10% of base)
Total Cash:
$101,200
Relocation:
up to $2,000 (local)
Signing Bonus:
$10,000

Strategy& Undergraduate & Master’s Consultant Salary

Base:
$90,000 (UK: £42,000) (Australia: A$81,000)
Performance Bonus:
up to $18,000 (20% of base) (UK: £2,000)
Total Cash:
up to $108,000
Relocation:
up to $2,000
Signing Bonus:
$5,000 (UK: £5,000) (Australia: A$11,000)

Notable Boutique Consulting Salaries

Accenture Undergraduate & Master’s Consultant Salary

Base:
EUR17,280 (Athens)
Performance Bonus:
up to EUR3,000 (Athens)
Total Cash:
up to EUR20,280 (Athens)
Stock:
15% discount on Accenture stock

Accenture Federal Undergraduate & Master’s Consultant Salary

Base:
$78,300
Performance Bonus:
up to $500
Total Cash:
up to $78,800
Relocation:
up to $2,500

Accenture Strategy Undergraduate & Master’s Consultant Salary

Base:
$87,000 (Canada: C$75,000)
Performance Bonus:
up to $26,100 (30% of base)
Total Cash:
up to $113,100
PTO Vacation:
28 days/year
Relocation:
up to $5,000
Retirement:
6% match for 401k after 1st year
Signing Bonus:
$12,500 (Canada: C$10,000)
Stock:
15% discount on Accenture stock

Alvarez & Marsal Undergraduate & Master’s Consultant Salary

Base:
up to $91,400
Total Cash:
up to $91,400

Analysis Group Undergraduate & Master’s Consultant Salary

Base:
$82,000
Performance Bonus:
up to $12,000
Total Cash:
up to $94,000

Booz Allen Hamilton Undergraduate & Master’s Consultant Salary

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)

Cornerstone Research Undergraduate & Master’s Consultant Salary

Base:
$85,000
Performance Bonus:
$8,500 (target 10% of base)
Total Cash:
up to $93,500
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:
$15,000

Kearney Undergraduate & Master’s Consultant Salary

Base:
$80,000
Performance Bonus:
up to $20,000 (25% of base)
Total Cash:
up to $100,000
Profit Sharing:
up to $8,000 (10% of base depending on firm performance)
Relocation:
up to $10,000
Retirement:
up to 6% base
Signing Bonus:
$5,000

L.E.K. Consulting Undergraduate & Master’s Consultant Salary

Base:
$80,000
Performance Bonus:
up to $3,000
Total Cash:
up to $83,000
Profit Sharing:
up to $16,000 (some deposited into 401k)
Relocation:
up to $2,500
Signing Bonus:
$10,000

Oliver Wyman Undergraduate & Master’s Consultant Salary

Base:
$87,000 (Canada: $85,000) (UK: £43,000) (Amsterdam: €58,000) (Singapore: S$90,000)
Performance Bonus:
up to $16,000 (Amsterdam: up to €27,000)
Total Cash:
up to $103,000
Relocation:
up to $2,000 (Singapore: $10,000)
Retirement:
3% match
Signing Bonus:
$10,000 (Canada: C$10,000) (UK: £7,000) (Singapore: S$15,000)

Putnam Associates Undergraduate & Master’s Consultant Salary

Base:
$70,000
Total Cash:
$70,000

ZS Associates Undergraduate & Master’s Consultant Salary

Base:
$80,000 (Canada: C$85,000) (Tokyo: ¥5,500,000)
Performance Bonus:
up to $8,000 (10% of base)
Total Cash:
up to $88,000
Cost Of Living Adjustment:
up to $4,200
Relocation:
up to $3,000 (Canada: up to C$3,000) (Tokyo: up to ¥300,000)
Retirement:
3% match for 401k
Signing Bonus:
$6,500 (Canada: C$5,000) (Tokyo: ¥280,000)

Other Boutique Undergraduate & Master’s Consultant Salary

AArete Undergraduate & Master’s Consultant Salary

Total Cash:
up to $73,500

Arthur D Little Undergraduate & Master’s Consultant Salary

Total Cash:
up to £120,000

Bates White Economic Consulting Undergraduate & Master’s Consultant Salary

Total Cash:
up to $74,500

Beghou Consulting Undergraduate & Master’s Consultant Salary

Total Cash:
$70,000

Berkeley Research Group Undergraduate & Master’s Consultant Salary

Total Cash:
up to $78,000

Brattle Group Undergraduate & Master’s Consultant Salary

Total Cash:
up to $91,000

Cambridge Associates Undergraduate & Master’s Consultant Salary

Total Cash:
$68,000

Capgemini Undergraduate & Master’s Consultant Salary

Total Cash:
$71,000

CCG Catalyst Undergraduate & Master’s Consultant Salary

Total Cash:
up to $75,000

cg42 Undergraduate & Master’s Consultant Salary

Total Cash:
up to $86,250

Charles River Associates International (CRAI) Undergraduate & Master’s Consultant Salary

Total Cash:
up to $77,000

ClearView Healthcare Partners Undergraduate & Master’s Consultant Salary

Total Cash:
up to $87,500

FTI Consulting Undergraduate & Master’s Consultant Salary

Total Cash:
up to $80,000

GEP Worldwide Undergraduate & Master’s Consultant Salary

Total Cash:
$80,000

Grant Thornton Undergraduate & Master’s Consultant Salary

Total Cash:
up to $79,200

Huron Consulting Undergraduate & Master’s Consultant Salary

Total Cash:
up to $79,700

Infosys Undergraduate & Master’s Consultant Salary

Total Cash:
up to $61,000

IQVIA Consulting Services Undergraduate & Master’s Consultant Salary

Total Cash:
up to $88,000

Kaiser Associates Undergraduate & Master’s Consultant Salary

Total Cash:
up to $84,150

Mercer Management and HR Consulting Undergraduate & Master’s Consultant Salary

Total Cash:
$68,000 + overtime

NERA Economic Consulting Undergraduate & Master’s Consultant Salary

Total Cash:
up to $90,000

Protiviti Undergraduate & Master’s Consultant Salary

Total Cash:
up to $66,000

Sendero Consulting Undergraduate & Master’s Consultant Salary

Total Cash:
$60,000

Slalom Consulting Undergraduate & Master’s Consultant Salary

Total Cash:
$72,000

SSA & Company Undergraduate & Master’s Consultant Salary

Total Cash:
up to $103,500

Third Horizon Consulting Undergraduate & Master’s Consultant Salary

Total Cash:
up to A$56,500

West Monroe Partners Undergraduate & Master’s Consultant Salary

Total Cash:
up to $70,000

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Summary of Salaries for Incoming Undergraduate & Master’s Full-Time Hires

Overall, salaries for incoming undergraduate & master’s students have gone up, but at nowhere near the same level as incoming MBA & PhD full-time hires. If compensation is the most important factor in your firm preferences, look at firms like Parthenon-EY, McKinsey, Bain, BCG, Deloitte S&O, and Strategy&. However, we recommend considering other factors as well, including exit opportunities, firm culture, travel, and more.

Salaries for Incoming MBA & PhD Full-Time Hires

2020 Top Consulting Firm Base Salaries Undergrad, consultant salary, consulting salaries, management consultant salary, management consulting salaries, mbb salary, mckinsey salary, bain salary, bcg consultant salary, mckinsey associate salary, mckinsey consultant salary, mckinsey and company salary, strategy consultant salary, entry level consultant salary, mckinsey engagement manager salary, mckinsey partner salary, mba deloitte salary

Bain, BCG, and McKinsey Consulting Salaries

Bain & Company MBA & PhD Full-Time Hires

Base:
$165,000 (UK: £90,000)
Performance Bonus:
up to $41,250 (UK: up to £20,000)
Total Cash:
up to $206,250
Relocation:
$8,000 for under 400 miles; $16,000 for over 400 miles
Retirement:
401k contribution up to $8,000 (UK: £10,000)
Signing Bonus:
$30,000 (UK: £15,000)

Boston Consulting Group (BCG) MBA & PhD Full-Time Hires

Base:
$165,000 (UK: £90,000) (Australia: A$160,000)
Performance Bonus:
up to $41,250 (UK: up to £25,000) (Australia: up to A$61,600)
Total Cash:
up to $206,250
Relocation:
$2-8,000 (Australia: up to A$7,500)
Retirement:
$10,312 into 401k (UK: up to 9% match) (Australia: A$16,000)
Signing Bonus:
$30,000 (UK: £15,000) (Australia: up to A$40,000)

McKinsey & Company MBA & PhD Full-Time Hires

Base:
$165,000 (UK: £84,000; £90,000 for Year 2 Associate) (Beijing: $116,000)
Performance Bonus:
up to $35,000
Total Cash:
up to $200,000
Relocation:
$2-9,000
Retirement:
7.5% into 401k
Signing Bonus:
$30,000
Stock:
50% of MBA tuition for returning interns

Big 4 Consulting Salaries

Deloitte Consulting MBA & PhD Full-Time Hires

Base:
$125,000 (UK: £79,900)
Performance Bonus:
up to $28,000
Total Cash:
up to $153,000
Relocation:
up to $5,000
Retirement:
25% match of first 6% into 401k (a total of 1.5%)
Signing Bonus:
$20,000

Deloitte Federal MBA & PhD Full-Time Hires

Base:
$128,000
Performance Bonus:
up to $7,600
Total Cash:
up to $135,600
Signing Bonus:
$15,000

Deloitte Human Capital MBA & PhD Full-Time Hires

Base:
$160,000
Performance Bonus:
up to $32,200
Total Cash:
$192,200
Retirement:
1.5% match of first 6% into 401k

Deloitte S&O MBA & PhD Full-Time Hires

Base:
$160,000 (Toronto: C$105,000) (Calgary: C$100,000) (Mexico City: MXN700,000)
Performance Bonus:
up to $40,000 (Mexico City: up to MXN35,000)
Total Cash:
$200,000
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)
Stock:
Full 2nd year tuition for returning interns

Deloitte Tech MBA & PhD Full-Time Hires

Base:
$160,000
Total Cash:
$160,000

Ernst & Young MBA & PhD Full-Time Hires

Base:
$155,000 (UK: £85,000) (Switzerland: CHF140,000)
Performance Bonus:
up to $10,000 (UK: up to £17,000) (Switzerland: up to CHF20,000)
Total Cash:
up to $165,000
Relocation:
up to $5,000
Retirement:
Match up to 6%
Signing Bonus:
up to $25,000 (UK: £15,000)

KPMG MBA & PhD Full-Time Hires

Base:
$160,000
Performance Bonus:
up to $25,000
Total Cash:
up to $185,000
Relocation:
up to $5,000
Retirement:
Match 50% (2.5%) if deposit 5% + pension contribution
Signing Bonus:
up to $45,000

Parthenon Group (EY) MBA & PhD Full-Time Hires

Base:
$170,000
Performance Bonus:
up to $10,000
Total Cash:
up to $180,000
Relocation:
up to $2,000
Signing Bonus:
$35,000

PricewaterhouseCoopers (PwC) MBA & PhD Full-Time Hires

Base:
$150,000
Performance Bonus:
up to $35,000
Total Cash:
up to $185,000
Relocation:
up to $2,000
Retirement:
25% match up to 6%; 1% immediate separate contribution
Signing Bonus:
$30,000 (paid at start of work)

Strategy& MBA & PhD Full-Time Hires

Base:
$168,000
Performance Bonus:
up to $55,400 (33% of base)
Total Cash:
up to $223,400
Relocation:
up to $3,000
Retirement:
4% automatic (no match required); 25% match up to 6% in a separate account
Signing Bonus:
$30,000

Notable Boutique Consulting Salaries

Accenture MBA & PhD Full-Time Hires

Base:
$105,000
Total Cash:
up to $105,000
Retirement:
6% match for 401k
Signing Bonus:
$5,000

Accenture Strategy MBA & PhD Full-Time Hires

Base:
$155,000 (Canada: C$135,000) (UK: £83,000)
Performance Bonus:
$30,000 (all 1st years out of MBA) + $15,000 for top performers (UK: £10,000)
Total Cash:
up to $200,000
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)

AlixPartners MBA & PhD Full-Time Hires

Base:
$160-165,000
Performance Bonus:
up to $60,000
Total Cash:
up to $225,000
Signing Bonus:
$25,000 (Canada: C$25,000)

Altman Vilandrie & Company MBA & PhD Full-Time Hires

Base:
$160,000
Performance Bonus:
$40,000 (up to 25% of base)
Signing Bonus:
$25,000

Alvarez & Marsal MBA & PhD Full-Time Hires

Base:
$125,000
Performance Bonus:
up to $50,000 (40% of base)
Total Cash:
up to $175,000
Signing Bonus:
$10,000

Analysis Group MBA & PhD Full-Time Hires

Base:
$160,000
Performance Bonus:
up to $30,000
Total Cash:
up to $190,000

Booz Allen Hamilton MBA & PhD Full-Time Hires

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)

Kearney MBA & PhD Full-Time Hires

Base:
$158,000 (Canada: C$153,000) (Germany: €85,000) (Dubai: AED570,000)
Performance Bonus:
up to $44,100 (Canada: up to C$45,900) (Germany: up to €16,000) (Dubai: up to AED90,000)
Total Cash:
$202,100
Relocation:
up to $10,000 (Canada: C$5,000) (Germany: up to €5,000)
Retirement:
401k contribution up to $8,000
Signing Bonus:
$25,000 (plus $10,000 for summer interns). Canada: C$20,000. Dubai: AED90,000

L.E.K. Consulting MBA & PhD Full-Time Hires

Base:
$165,000
Performance Bonus:
up to $25,000
Total Cash:
up to $190,000
Profit Sharing:
up to $27,000
Relocation:
up to $5,000
Signing Bonus:
$25,000 (additional $25,000 for returning interns)

Oliver Wyman MBA & PhD Full-Time Hires

Base:
$145,000 (Doha: $144,000)
Performance Bonus:
up to $36,250
Total Cash:
up to $181,250
Retirement:
401k – up to 3.5% match at start of 2nd year
Signing Bonus:
up to $45,000 (Doha: $1,500)

Putnam Associates MBA & PhD Full-Time Hires

Base:
$120,000
Performance Bonus:
up to $25,000
Total Cash:
up to $145,000
Signing Bonus:
$10,000

Roland Berger Strategy Consultants MBA & PhD Full-Time Hires

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 £111,400)
Signing Bonus:
$35,000

ZS Associates MBA & PhD Full-Time Hires

Base:
$150,000
Performance Bonus:
up to $18,000 (12% of base)
Total Cash:
up to $168,000
Relocation:
up to $5,000
Signing Bonus:
$30,000
Stock:
2nd Year Tuition Reimbursement for returning interns

Other Boutique MBA & PhD Full-Time Hires

Carpedia International MBA & PhD Full-Time Hires

Base:
up to C$99,000
Total Cash:
up to C$99,000

ClearView Healthcare Partners MBA & PhD Full-Time Hires

Total Cash:
up to $147,500

Compass Lexecon MBA & PhD Full-Time Hires

Base:
up to $160,000
Total Cash:
up to $160,000

DGCpartners MBA & PhD Full-Time Hires

Base:
up to $180,000
Total Cash:
up to $180,000

FTI Consulting MBA & PhD Full-Time Hires

Total Cash:
up to $167,500

Gartner MBA & PhD Full-Time Hires

Base:
up to $141,900
Total Cash:
up to $141,900

GEP Worldwide MBA & PhD Full-Time Hires

Total Cash:
up to $117,000

Grant Thornton MBA & PhD Full-Time Hires

Total Cash:
up to $111,300

Huron Consulting MBA & PhD Full-Time Hires

Total Cash:
up to $132,250
Base:
up to $149,800
Total Cash:
up to $149,800

Infosys MBA & PhD Full-Time Hires

Total Cash:
up to $156,250

IQVIA Consulting Services MBA & PhD Full-Time Hires

Total Cash:
up to £74,750

Larx Advisors MBA & PhD Full-Time Hires

Base:
up to $123,625
Total Cash:
up to $123,625

Mars & Co MBA & PhD Full-Time Hires

Base:
up to $195,000
Total Cash:
up to $195,000

Partners in Performance MBA & PhD Full-Time Hires

Base:
up to C$180,000
Total Cash:
up to C$180,000

Simon-Kucher & Partners MBA & PhD Full-Time Hires

Base:
up to $173,600
Total Cash:
up to $173,600

Targus Consulting MBA & PhD Full-Time Hires

Base:
up to $93,400
Total Cash:
up to $93,400

Tata Consultancy Services MBA & PhD Full-Time Hires

Base:
up to $155,000
Total Cash:
up to $155,000

West Monroe Partners MBA & PhD Full-Time Hires

Total Cash:
up to $133,750

Summary of Salaries for Incoming MBA & PhD Full-Time Hires

Salaries for incoming MBA & PhD hires continue to skyrocket. Outside of finance, post-MBA compensation packages are the highest in consulting out of any industry. While Big Tech continues to compete with consulting for top talent, consulting continues to offer faster promotion cycles, broader industry exposure, and a better path to business leadership. The highest paying firms at the post-MBA/PhD level are Parthenon-EY, McKinsey, Bain, BCG, LEK, and Strategy&.

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 the 2020 internship salaries:

Undergraduate & Master’s Program Internship Salaries

  • Accenture Strategy: $32/hr ($48/hr overtime) + $2,500 signing bonus
  • Bain & Company: $15,000
  • Booz Allen Hamilton: $24/hr
  • Boston Consulting Group (BCG): $18,000
  • Cornerstone Research: $5,950/month
  • Deloitte Consulting: $35/hour + overtime. $30.77/hr + overtime (Atlanta). C$16,000 (Toronto)
  • Huron Consulting: $21/hour + $2,000 signing bonus
  • IQVIA Consulting Services: $12,000
  • Kearney: up to $10,000 (Canada: C$5,000) (Germany: up to €5,000)
  • KPMG: $17,000
  • L.E.K. Consulting: $12,000
  • McKinsey & Company: $15,000
  • Mercer Management and HR Consulting: $27/hr with $1,000 housing assistance
  • Oliver Wyman: $11,750 + $2500 signing bonus (9 weeks)
  • Parthenon Group (EY): $13,750 + $47.60/hr overtime
  • Strategy&: $41/hour + overtime
  • West Monroe Partners: $28/hour
  • ZS Associates: $5,000/month

MBA & PhD Program Internship Salaries

  • Accenture Strategy: $30,000 + $5,000 relocation. Up to $80,000 tuition reimbursement for returning interns ($50,000 after taxes)
  • Bain & Company: $32,000
  • Boston Consulting Group (BCG): $32,000 (Canada: C$4000/week)
  • Deloitte S&O: $30,000 + full 2nd year MBA tuition for returning interns
  • IQVIA Consulting Services: $11,500/month + $5,000 signing bonus
  • Kearney: $12,300/month
  • KPMG: $66/hour ($99/hour for overtime)
  • L.E.K. Consulting: $28,125 (9 weeks) + up to $25,000 tuition reimbursement for returning MBA interns
  • McKinsey & Company: $32,000. UK: £8,400 + up to £8,000 performance bonus + up to £5,000 relocation bonus
  • NERA Economic Consulting: $7,500/month + $1,250 bonus
  • Parthenon Group (EY): $28,000 ($2,800/week) + $5,000 signing bonus
  • Strategy&: $13,750/month
  • ZS Associates: $11,500/month + $5,000 signing 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:

  1. 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 $82,000 with a $5,000 signing bonus over base salary of $80,000 with a $7,500 signing bonus.
  2. 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.
  3. 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.
  4. 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.).
  5. 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: ~$90k
  • Signing Bonus: ~$5k
  • Performance Bonus: up to ~$13.5k
First year out of MBA/PhD program:
  • Base: ~$165k
  • Signing Bonus: ~$30k
  • Performance Bonus: up to ~$45k
Manager/Project Leader (2-3 years out of MBA/PhD) program:
  • Base: $200-220k
  • Bonus: $90-130k
Associate Principal/Senior Project Leader (4-5 years out of MBA/PhD) program:
  • Base: $250-320k
  • Bonus: $120-220k
Junior Partner/Principal (6-8 years out of MBA/PhD) program:
  • Base: $350-420k
  • Bonus: $350-550k
Senior Partner/Director (10+ years out of MBA/PhD) program:
  • Base: $450-650k
  • 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.

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.

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 competition with Silicon Valley and Wall Street. 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. 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 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.

Conclusion

This year has seen some upheaval in the management consulting industry. However, we see no sign that management consulting salary growth is slowing. Both at the undergraduate/master’s level and post-MBA/PhD, management consultant salaries continue to rise to compete with Banking and Big Tech, as well as keep up with industry demand.

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.

Do you have any consulting salary data or comments that you would like to share? You can fill out this anonymous form, add a comment below, or send us an email. As we attempt to provide quality compensation data to our readers, we appreciate any data that you share. As always, your anonymity is guaranteed.

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