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.

2022 Consulting Salaries Overview

Welcome to 2022, and our updated management consulting salaries report!

This is a big year: We enter the 3rd year of the pandemic with hope that there is light at the end of the tunnel. The Winter Olympics take place in Beijing, the FIFA World Cup takes place in Qatar, and Queen Elizabeth II will celebrate 70 years on the British throne.

It’s a big year for the consulting industry as well. 2021 saw firms grapple with the tightest global labor market in decades in conjunction with an explosion of demand for management consulting services.

This led to record revenue for many consulting firms and a continued wave of M&A activity, leading to double-digit industry growth. However, this growth is not without potential peril. Future margins are at risk as firms continue to raise salaries without a commensurate rise in project rates. So far, margins have been protected by a decrease in operational costs (i.e., smaller office space, less travel). Still, there is only so much firms can cut. The potential result? Without the traditional increase in pricing power that industry consolidation brings, we may see firms begin to shrink project teams or prioritize the hiring of cheaper pre-MBA talent in the next decade.

The M&A activity revealed two basic patterns. Large firms acquired boutique strategy houses in lieu of (or in addition to) organically building their own (ex: AlixPartners acquiring Galt & Co.). Strategy firms acquired specialist players to continue to move further downstream into supply chain, sustainability, digital, and implementation work (ex: McKinsey acquiring Material Economics).

What do you get when you put it all together?

The Gap Between Top Firms and the Rest is Widening…

Established consulting firms drove a lion’s share of the overall industry growth through organic and inorganic means. This in turn allowed them to increase max compensation through performance bonuses and profit sharing, as well as extend lifestyle perks like unlimited PTO. At the same time, while the rate of growth for boutique firms increased compared to 2020, a fragmented market of boutique players continued to be hurt by the resurgence of in-house strategy groups at large corporations.

…and the Staff are Staying Busy…

As demand for services increases and travel demand remains depressed, consultant utilization has risen to all-time highs.

…but There’s Still a Need for More Talent

Increased utilization and a tight labor market have led to an unprecedented rate of exits from the industry in the last 12 months. Combine that with the fact that consulting firms were already understaffed for the increased demand they are experiencing, and 2022 promises to be a banner year for consulting hiring.

Still, with more eager candidates than ever before chasing the prestige and rising pay of a consulting job, the consulting job market remains incredibly competitive.

After a 1-year blip, consulting salaries restarted the upward trajectory we have become accustomed to. In the 14 years we have been covering salaries, this is the 13th year that starting salaries increased.

While most historical consulting salary increases were in the 2-4% growth range, this year’s increase was closer to 10%, signaling the effects of a tightening labor market and increased demand. However, this increase was still lower than the increase we saw in 2019.

Following a trend from the last 3 years, 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, just 19% 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 2022. 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.

All of the data and our expanded insights are included in the full downloadable report – get a copy for free below.

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

Summary

Overall, salaries for incoming undergraduate & master’s students have risen significantly after staying stagnant 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. If compensation is the most important factor in your firm preferences, look at firms like Alvarez & Marsal, Galt & Co., Deloitte, McKinsey, Strategy&, BCG, Bain, Accenture Strategy, and Altman Solon. However, we recommend considering other factors in your search as well, including exit opportunities, firm culture, travel, and more.

consultant salary, consulting firms salaries, consulting salaries, undergrad consulting salary

Bain, BCG, and McKinsey Consulting Salaries

Bain & Company Undergraduate & Master’s Consultant Salary

Base:
$100,000 (UK: £46,400) (Dubai: $85,000)
Performance Bonus:
up to $22,500 (UK: up to £11,000)
Total Cash:
up to $122,500
Housing Allowance:
up to $5,000
PTO Vacation:
20 days
Relocation:
$5,000
Retirement:
4.5% of base + bonus into 401k, no contribution required (UK: 9% of base salary)
Signing Bonus:
$5,000 (UK: £3,000) (Dubai: $3,000)

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

Base:
$100,000 (Canada: C$90,000) (Aus: A$67,000) (Germany: €68,500) (India: INR 2,150,000)
Performance Bonus:
up to $25,000
Total Cash:
up to $125,000
Profit Sharing:
up to $4,400
PTO Vacation:
15 days
Relocation:
up to $8,000 (Germany: up to €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:
$100,000 (Canada: C$90,000) (Sweden: SEK 55,000) (Turkey: $37,500) (KSA: $25,600)
Performance Bonus:
up to $30,000
Total Cash:
up to $130,000
PTO Vacation:
19 days
Relocation:
up to $10,000
Signing Bonus:
$5,000

Big 4 Consulting Salaries

Deloitte Consulting Undergraduate & Master’s Consultant Salary

Base:
up to $90,000 (Master's: up to $105,000) (UK: £32,500) (Luxembourg: €53,000)
Performance Bonus:
Master's: up to $26,250 (Luxembourg: up to €2,000)
Total Cash:
up to $90,000 (Master's: up to $131,250)
PTO Vacation:
23 days
Retirement:
25% match of first 6%
Signing Bonus:
up to $12,500 (Master's: $15,000)

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

Base:
$75,000 (GPS Tech: $85,000)
Total Cash:
up to $75,000
Retirement:
25% match of first 6%
Signing Bonus:
$7,000 (GPS Tech: $12,000)

Deloitte S&O Undergraduate & Master’s Consultant Salary

Base:
$90,000
Performance Bonus:
Only after 3rd year (15% of base)
Total Cash:
up to $90,000
Retirement:
25% match for first 6% of individual contributions in 401k
Signing Bonus:
$12,500

Deloitte Tech Undergraduate & Master’s Consultant Salary

Base:
$70,000 (UK: £32,500)
Total Cash:
up to $70,000
Signing Bonus:
$7,500

Ernst & Young (EY) Undergraduate & Master’s Consultant Salary

Base:
up to $80,000 (Canada: C$65,000) (UK: £55,000) (Dublin: €32,000)
Performance Bonus:
UK: up to £1,200
Total Cash:
up to $80,000
PTO Vacation:
Unlimited
Relocation:
up to $2,000
Retirement:
25% match up to 6% (total of 1.5%)
Signing Bonus:
up to $5,000 (Canada: C$3,000)

EY-Parthenon Undergraduate & Master’s Consultant Salary

Base:
$90,000 (SSG: $90,000) (Singapore: S$60,000)
Performance Bonus:
up to $15,300
Total Cash:
up to $105,300
PTO Vacation:
Unlimited
Raises:
$60,000 retention bonus for SSG after 3 years
Relocation:
up to $2,000 (local)
Signing Bonus:
$10,000

KPMG Undergraduate & Master’s Consultant Salary

Base:
$77,000 (Canada: C$68,000) (UK: £29,150) (Dublin: €32,000)
Performance Bonus:
up to C$15,000 (Canada)
Total Cash:
up to $77,000
PTO Vacation:
20 days
Relocation:
up to $2,000 (Canada: up to C$2,000)
Retirement:
Match 50% (2.5%) if deposit 5%
Signing Bonus:
up to $7,500

Monitor Deloitte Undergraduate & Master’s Consultant Salary

Base:
$72,000 (Dubai)
Performance Bonus:
up to $15,000
Total Cash:
up to $87,000
PTO Vacation:
22 days
Relocation:
up to $4,000

PricewaterhouseCoopers (PwC) Undergraduate & Master’s Consultant Salary

Base:
$83,000 (Canada: C$65,000)
Performance Bonus:
Canada: up to C$6,500
Total Cash:
up to $83,000
Signing Bonus:
$5,000 (Canada: C$5,000)

Strategy& Undergraduate & Master’s Consultant Salary

Base:
$100,000 (Canada: C$70,000) (UK: £52,000) (Aus: A$81,000)
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
Retirement:
25% of the first 4% (5 year vest)
Signing Bonus:
$5,000 (Canada: C$5,000) (UK: £6,000) (Aus: A$11,000)

Notable Boutique Consulting Salaries

Accenture Undergraduate & Master’s Consultant Salary

Base:
$79,500 (Canada: C$70,000) (UK: £33,500) (Melbourne: A$67,000)
Total Cash:
up to $79,500
PTO Vacation:
20 days
Retirement:
6% match (Melbourne: A$6,700)
Signing Bonus:
$10,000 (UK: £5,000)
Stock:
15% discount on Accenture stock

Accenture Federal Undergraduate & Master’s Consultant Salary

Base:
$82,000
Total Cash:
up to $82,000
Relocation:
up to $2,500
Signing Bonus:
$10,000

Accenture Strategy Undergraduate & Master’s Consultant Salary

Base:
$87,000 (Canada: C$90,000)
Performance Bonus:
up to $26,100 (30% of base)
Total Cash:
up to $113,100
PTO Vacation:
21 days
Relocation:
up to $2,500
Retirement:
6% match for 401k after 1st year
Signing Bonus:
$12,500 (Canada: C$10,000)
Stock:
15% discount on Accenture stock

Advancy Undergraduate & Master’s Consultant Salary

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

Altman Solon Undergraduate & Master’s Consultant Salary

Base:
$95,000
Performance Bonus:
up to $14,250
Total Cash:
up to $109,250
PTO Vacation:
20 days
Retirement:
401k match up to 5% of total comp
Signing Bonus:
$10,000

Alvarez & Marsal Undergraduate & Master’s Consultant Salary

Base:
$105,000 (Dallas/Houston: $70,000)
Performance Bonus:
up to $40,000
Total Cash:
up to $155,000
Retirement:
6% match
Signing Bonus:
$10,000 (Dallas/Houston: $5,000)

Analysis Group Undergraduate & Master’s Consultant Salary

Base:
$80,000
Performance Bonus:
up to $12,000
Total Cash:
up to $92,000
Signing Bonus:
$10,000

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)

Capgemini Undergraduate & Master’s Consultant Salary

Base:
$68,000
Total Cash:
up to $68,000
Signing Bonus:
$5,000

ClearView Healthcare Partners Undergraduate & Master’s Consultant Salary

Base:
$85,000
Performance Bonus:
up to $10,000
Total Cash:
up to $95,000
PTO Vacation:
15 days
Relocation:
up to $2,500
Signing Bonus:
$7,500

Cornerstone Research Undergraduate & Master’s Consultant Salary

Base:
$85,000
Performance Bonus:
$8,500
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

FTI Consulting Undergraduate & Master’s Consultant Salary

Base:
up to $80,000
Total Cash:
up to $80,000
Profit Sharing:
Overtime bonus: $45/hour > 36.5 hrs
PTO Vacation:
20 days
Signing Bonus:
up to $7,000

Galt & Company (AlixPartners) Undergraduate & Master’s Consultant Salary

Base:
$85,000
Performance Bonus:
up to $60,000
Total Cash:
up to $145,000
Signing Bonus:
$8,500

Guidehouse (formerly Navigant Consulting) Undergraduate & Master’s Consultant Salary

Base:
$75,000
Performance Bonus:
up to $5,000
Total Cash:
up to $80,000
Signing Bonus:
$5,000

IBM Global Business Services/IBM Consulting Undergraduate & Master’s Consultant Salary

Base:
$75,000
Total Cash:
up to $75,000
Retirement:
5% match
Signing Bonus:
$5,000

Kearney Undergraduate & Master’s Consultant Salary

Base:
$85,000
Performance Bonus:
up to $12,750
Total Cash:
up to $97,750
Profit Sharing:
up to $8,500
Relocation:
up to $10,000
Retirement:
up to 6% base
Signing Bonus:
$5,000

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

Base:
$90,000 (UK: £47,500) (Munich: €36,000)
Performance Bonus:
up to $3,000
Total Cash:
up to $93,000
Profit Sharing:
up to $18,600
PTO Vacation:
15 days
Relocation:
up to $2,500
Retirement:
5% of profit share
Signing Bonus:
$10,000 (UK: £5,000)

Mars & Co Undergraduate & Master’s Consultant Salary

Base:
$87,500
Total Cash:
up to $87,500
PTO Vacation:
20 days
Relocation:
up to $5,000
Retirement:
.50 match of each $1 up to 4%
Signing Bonus:
$5,000

OC&C Strategy Consultants Undergraduate & Master’s Consultant Salary

Base:
$89,000 (UK: £54,000)
Performance Bonus:
up to $26,700 (UK: up to £10,800)
Total Cash:
up to $115,700
PTO Vacation:
20 days
Relocation:
up to $5,000
Retirement:
50% match for first 6% (max 3% match)
Signing Bonus:
$7,500 (UK: £7,000)

Oliver Wyman Undergraduate & Master’s Consultant Salary

Base:
$100,000 (Canada: $85,000) (UK: £43,000) (Amsterdam: €58,000) (Singapore: S$90,000)
Performance Bonus:
up to $10,000 (Amsterdam: up to €27,000)
Total Cash:
up to $110,000
PTO Vacation:
17 days
Relocation:
up to $2,000 (Singapore: S$10,000)
Retirement:
3% match
Signing Bonus:
$10,000 (Canada: C$10,000) (UK: £7,000) (Singapore: S$15,000)

Simon-Kucher & Partners Undergraduate & Master’s Consultant Salary

Base:
$80,000
Performance Bonus:
up to $7,200
PTO Vacation:
15 days
Relocation:
up to $2,000
Retirement:
3% match
Signing Bonus:
$5,000

Wavestone Undergraduate & Master’s Consultant Salary

Base:
$75,000
Performance Bonus:
up to $3,750
Total Cash:
up to $78,750
PTO Vacation:
25 days
Relocation:
up to $5,000
Signing Bonus:
$5,000

West Monroe Undergraduate & Master’s Consultant Salary

Base:
$75,000-$86,000 (geo contingent)
Total Cash:
up to $91,000 (geo contingent)
PTO Vacation:
Unlimited
Retirement:
6% of salary 401(k) match and ESOP
Signing Bonus:
up to $7,500

ZS Associates Undergraduate & Master’s Consultant Salary

Base:
$90,000 (Canada: C$85,000) (Tokyo: ¥5,500,000)
Performance Bonus:
up to $9,000
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) (Tokyo: up to ¥300,000)
Retirement:
3% salary match for 401k
Signing Bonus:
up to $8,000
Tuition:
up to $5,000

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

Base:
$85,000
Total Cash:
up to $85,000

Artisan Healthcare Consulting Undergraduate & Master’s Consultant Salary

Base:
$81,000
Performance Bonus:
up to $20,250
Total Cash:
up to $101,250
PTO Vacation:
15 days
Signing Bonus:
$3,000

Avencore Undergraduate & Master’s Consultant Salary

Base:
$100,000
Performance Bonus:
up to $25,000
Total Cash:
up to $125,000
PTO Vacation:
21 days
Relocation:
up to $10,000
Signing Bonus:
$15,000

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

Base:
$77,000
Performance Bonus:
up to $15,400
Total Cash:
up to $92,400
Signing Bonus:
$5,000

Brattle Group Undergraduate & Master’s Consultant Salary

Base:
$78,000
Performance Bonus:
up to $15,000
Total Cash:
up to $93,000
Signing Bonus:
$15,000

Cambridge Associates Undergraduate & Master’s Consultant Salary

Total Cash:
$68,000

CapCo Undergraduate & Master’s Consultant Salary

Base:
$75,000
Total Cash:
up to $75,000
PTO Vacation:
17 days
Signing Bonus:
$10,000

CBPartners Undergraduate & Master’s Consultant Salary

Base:
$70,000
Performance Bonus:
up to $10,500
Total Cash:
up to $80,500
Signing Bonus:
$2,000

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

Base:
$87,000
Total Cash:
up to $87,000
PTO Vacation:
25 days
Relocation:
up to $2,000
Signing Bonus:
$15,000

Crowe LLP Undergraduate & Master’s Consultant Salary

Base:
$83,000
Total Cash:
up to $83,000
PTO Vacation:
Unlimited
Signing Bonus:
$7,500

Gartner Undergraduate & Master’s Consultant Salary

Base:
$76,000
Performance Bonus:
up to $1,900
Total Cash:
up to $77,900
PTO Vacation:
22 days
Raises:
performance bonus up to 12% of base after 2 years
Relocation:
up to $5,000
Retirement:
4% match

GEP Worldwide Undergraduate & Master’s Consultant Salary

Base:
$75,000
Total Cash:
up to $75,000
PTO Vacation:
18 days
Relocation:
$2,000

Grant Thornton Undergraduate & Master’s Consultant Salary

Base:
$75,000
Performance Bonus:
up to $4,200
Total Cash:
up to $79,200 (Dublin: up to €30,000)
PTO Vacation:
Flexible Time Off
Retirement:
4% match

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

Insight Sourcing Group Undergraduate & Master’s Consultant Salary

Total Cash:
up to $75,000
PTO Vacation:
15 days
Retirement:
3% match

IRI Growth Consulting Undergraduate & Master’s Consultant Salary

Base:
$72,000
Performance Bonus:
up to $7,200
Total Cash:
up to $79,200
PTO Vacation:
Unlimited
Signing Bonus:
$5,000

Kaiser Associates Undergraduate & Master’s Consultant Salary

Base:
$87,000 (DC)
Total Cash:
up to $87,000 (DC)
PTO Vacation:
15 days
Relocation:
up to $8,700
Retirement:
25% match up to 8%
Signing Bonus:
$3,000

Kalypso Undergraduate & Master’s Consultant Salary

Base:
up to $70,050
Fixed Allowance:
+ $45/billable hour
Performance Bonus:
up to $3,500
Total Cash:
up to $73,050
Retirement:
3% of total comp
Signing Bonus:
up to $2,500

Kepler Cannon Undergraduate & Master’s Consultant Salary

Base:
$85,000
Performance Bonus:
$5,000
Total Cash:
up to $90,000
PTO Vacation:
15 days
Relocation:
up to $3,000
Retirement:
8% of base salary

Kroll (formerly Duff and Phelps) Undergraduate & Master’s Consultant Salary

Base:
$75,000
Performance Bonus:
up to $3,000
Total Cash:
up to $78,000
Relocation:
up to $6,000
Signing Bonus:
$5,000

Kx Advisors Undergraduate & Master’s Consultant Salary

Base:
$76,500
Performance Bonus:
$7,650
Total Cash:
up to $84,150
PTO Vacation:
15 days

MasterCard Advisors Undergraduate & Master’s Consultant Salary

Base:
C$75,000
Performance Bonus:
up to C$3,750
Total Cash:
up to C$78,750
Signing Bonus:
C$7,500

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

Total Cash:
$68,000 + overtime

Peloton Consulting Group Undergraduate & Master’s Consultant Salary

Base:
$64,000
Performance Bonus:
up to $3,200
Total Cash:
up to $67,200
Signing Bonus:
$1,000

Protiviti Undergraduate & Master’s Consultant Salary

Total Cash:
up to $66,000

Putnam Associates Undergraduate & Master’s Consultant Salary

Base:
$75,000
Performance Bonus:
up to $7,500
Total Cash:
up to $82,500
Signing Bonus:
$5,000

Rios Partners Undergraduate & Master’s Consultant Salary

Base:
$60,000
Total Cash:
up to $60,000

RSM (formerly McGladrey) Undergraduate & Master’s Consultant Salary

Total Cash:
up to C$45,000

Sendero Consulting Undergraduate & Master’s Consultant Salary

Total Cash:
$65,000

Slalom Consulting Undergraduate & Master’s Consultant Salary

Total Cash:
up to $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

Triage Consulting Group (now Cloudmed) Undergraduate & Master’s Consultant Salary

Base:
$55,000
Performance Bonus:
up to $2,500
Total Cash:
up to $57,500
PTO Vacation:
20 days
Retirement:
2% match
Signing Bonus:
$600

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Salaries for Incoming MBA & PhD Full-Time Hires

Summary

Starting salaries for incoming MBA & PhD hires are rising again after staying stagnant last year for the first time in a decade. Still, 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 AlixPartners, Strategy&, EY-Parthenon, McKinsey, Accenture Strategy, BCG, Altman Solon, OC&C Strategy, Bain, and Oliver Wyman.

consultant salary, consulting firms salaries, consulting salaries, MBA consulting salary

Bain, BCG, and McKinsey Consulting Salaries

Bain & Company MBA & PhD Full-Time Hires

Base:
$175,000 (UK: £90,000) (Switzerland: CHF 286,000)
Performance Bonus:
up to $41,250 (UK: up to £20,000)
Total Cash:
up to $216,250
PTO Vacation:
25 days
Relocation:
$8,000 for under 400 miles; $16,000 for over 400 miles
Retirement:
401k contribution up to $8,000 (UK: up to £10,000)
Signing Bonus:
$30,000 (UK: £15,000) (Switzerland: CHF 35,000)

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

Base:
$175,000 (Canada: C$199,500) (UK: £93,000) (Australia: A$160,000) (Spain: €82,200)
Performance Bonus:
up to $43,750 (Canada: up to C$69,800) (UK: up to £17,300) (Australia: up to A$61,600)
Total Cash:
up to $218,750
PTO Vacation:
15 days
Relocation:
$2-8,000 (Australia: up to A$7,500)
Retirement:
$10,930 into 401k (UK: up to 9% match) (Australia: A$16,000)
Signing Bonus:
up to $30,000 (Canada: C$26,000) (UK: up to £15,000) (Australia: up to A$40,000) (Spain: €20,000)

McKinsey & Company MBA & PhD Full-Time Hires

Base:
$175,000 (Canada: C$200,000) (UK: £90,000) (Hong Kong: $114,000)
Performance Bonus:
up to $45,000 (Canada: up to C$70,000) (Hong Kong: up to $26,000)
Total Cash:
up to $220,000
PTO Vacation:
19 days
Relocation:
up to $10,100
Retirement:
7.5% into 401k (Canada: C$14,000) (Hong Kong: $19,000)
Signing Bonus:
$30,000 (Canada: C$30,000) (Hong Kong: up to $16,800)
Tuition:
50% 2nd year tuition reimbursement for returning interns

Big 4 Consulting Salaries

Deloitte Consulting MBA & PhD Full-Time Hires

Base:
up to $135,000 (Canada: C$83,000) (UK: £91,000)
Performance Bonus:
up to $25,650 (UK: up to £4,050)
Total Cash:
up to $160,650
PTO Vacation:
25 days
Relocation:
up to $5,000
Retirement:
25% match of first 6% into 401k (a total of 1.5%)
Signing Bonus:
$15,000 (Canada: C$7,500)

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 Government & Public Services MBA & PhD Full-Time Hires

Base:
$117,000
Performance Bonus:
up to $22,230
Total Cash:
up to $139,230
Relocation:
up to $5,000
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:
$165,000 (Toronto: C$105,000) (Calgary: C$100,000) (Mexico City: MXN700,000)
Performance Bonus:
up to $41,250 (Mexico City: up to MXN35,000)
Total Cash:
$206,250
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

Deloitte Tech MBA & PhD Full-Time Hires

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

Ernst & Young (EY) MBA & PhD Full-Time Hires

Base:
$165,000
Performance Bonus:
up to $15,500
Total Cash:
up to $180,500
PTO Vacation:
Unlimited
Relocation:
up to $5,000
Retirement:
Match up to 6%
Signing Bonus:
up to $30,000

EY-Parthenon MBA & PhD Full-Time Hires

Base:
$175,000 (Dubai: $65,000)
Performance Bonus:
$26,250 to $43,750
Total Cash:
up to $218,750
PTO Vacation:
Unlimited
Retirement:
25% match up to 6% (1.5% total)
Signing Bonus:
$35,000

KPMG MBA & PhD Full-Time Hires

Base:
$145,000
Performance Bonus:
up to $17,400
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

Monitor Deloitte MBA & PhD Full-Time Hires

Base:
S$145,000 (Singapore)
Performance Bonus:
up to S$17,000
Total Cash:
up to S$162,000
PTO Vacation:
20 days
Retirement:
S$25,000
Signing Bonus:
S$12,000

PricewaterhouseCoopers (PwC) MBA & PhD Full-Time Hires

Base:
$165,000 (UK: £85,000) (Amsterdam: €60,000)
Performance Bonus:
up to $40,000 (UK: up to £10,000) (Amsterdam: up to €8,000)
Total Cash:
up to $205,000
Retirement:
25% match up to 6%; 1% immediate separate contribution
Signing Bonus:
$30,000 paid at start of work (UK: £5,000)

Strategy& MBA & PhD Full-Time Hires

Base:
$175,000
Performance Bonus:
up to $52,500
Total Cash:
up to $227,500
PTO Vacation:
20 days
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:
$135,000
Performance Bonus:
up to $9,450
Total Cash:
up to $144,450
Retirement:
6% match for 401k
Signing Bonus:
$10,000

Accenture Strategy MBA & PhD Full-Time Hires

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:
21 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)

AlixPartners MBA & PhD Full-Time Hires

Base:
$170,000
Performance Bonus:
at least $60,000 (uncapped)
Total Cash:
at least $230,000
PTO Vacation:
22 days
Relocation:
up to $5,000
Retirement:
3.75% of total comp after Year 1
Signing Bonus:
$30,000 + $10,000 for returning interns (Canada: C$25,000)

Altman Solon MBA & PhD Full-Time Hires

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

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:
$175,000
Performance Bonus:
up to $43,750
Total Cash:
up to $218,750
PTO Vacation:
15 days
Retirement:
5% match
Signing Bonus:
$45,000

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)

Capgemini MBA & PhD Full-Time Hires

Base:
$145,000 (Capgemini Invent)
Performance Bonus:
up to $10,000 (Capgemini Invent)
Total Cash:
up to $155,000 (Capgemini Invent)
Signing Bonus:
$20,000 (Capgemini Invent)

ClearView Healthcare Partners MBA & PhD Full-Time Hires

Base:
$115,000
Performance Bonus:
up to $17,500
Total Cash:
up to $132,500
PTO Vacation:
15 days
Relocation:
up to $2,500
Retirement:
2.5% match of base salary
Signing Bonus:
$2,500

Cognizant MBA & PhD Full-Time Hires

Base:
$140,000
Performance Bonus:
up to $15,000
Total Cash:
up to $155,000
PTO Vacation:
10 days
Retirement:
50% match up to 6%
Signing Bonus:
up to $35,000

FTI Consulting MBA & PhD Full-Time Hires

Base:
$135,000
Performance Bonus:
up to $40,250
Total Cash:
up to $175,250
PTO Vacation:
20 days
Signing Bonus:
$30,000

Galt & Company (AlixPartners) MBA & PhD Full-Time Hires

Base:
$145,000
Performance Bonus:
up to $55,000
Total Cash:
up to $200,000
PTO Vacation:
20 days
Retirement:
$8,000
Base:
$155,000
Total Cash:
up to $155,000
Signing Bonus:
$25,000

IQVIA Consulting Services MBA & PhD Full-Time Hires

Base:
$120,000
Performance Bonus:
up to $8,400
Total Cash:
up to $128,400 (UK: up to £55,900)
PTO Vacation:
25 days
Signing Bonus:
$10,000 (UK: £3,500)

Kearney MBA & PhD Full-Time Hires

Base:
$168,000 (Canada: C$153,000) (Germany: €85,000) (Dubai: AED570,000)
Performance Bonus:
up to $42,000 (Canada: up to C$45,900) (Germany: up to €16,000) (Dubai: up to AED90,000)
Total Cash:
up to $210,000
PTO Vacation:
18 days
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:
$175,000 (PhD: $132,000)
Performance Bonus:
up to $25,000 (PhD: up to $18,000)
Total Cash:
up to $200,000 (PhD: up to $150,000)
Profit Sharing:
up to $40,000
PTO Vacation:
15 days
Retirement:
5% of profit share
Signing Bonus:
$25,000 + additional $30,000 for returning interns (PhD: $15,000)
Tuition:
up to $25,000 for returning MBA interns

OC&C Strategy Consultants MBA & PhD Full-Time Hires

Base:
$165,000
Performance Bonus:
up to $57,750
Total Cash:
up to $222,750
Relocation:
up to $7,500
Retirement:
50% match for first 6% (max 3% match)
Signing Bonus:
$25,000

Oliver Wyman MBA & PhD Full-Time Hires

Base:
$160,000
Performance Bonus:
up to $32,000
Total Cash:
up to $192,000
PTO Vacation:
17 days
Retirement:
401k – up to 3.5% match at start of 2nd year
Signing Bonus:
up to $45,000

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

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

Base:
$150,000 (PhD: $115,000)
Performance Bonus:
up to $36,000 (PhD: up to $20,700)
Total Cash:
up to $186,000
PTO Vacation:
15 days
Signing Bonus:
$20,000 (PhD: $10,000)

Wavestone MBA & PhD Full-Time Hires

Base:
$135,000
Performance Bonus:
up to $27,000
Total Cash:
up to $163,000
PTO Vacation:
25 days
Relocation:
up to $5,000
Signing Bonus:
$25,000

West Monroe MBA & PhD Full-Time Hires

Base:
up to $149,500 (geo contingent)
Performance Bonus:
average 7% base salary
Total Cash:
up to $165,000 (geo contingent)
PTO Vacation:
Unlimited
Signing Bonus:
$10,000

Wilson Perumal & Company MBA & PhD Full-Time Hires

Base:
$136,000
Performance Bonus:
up to $47,600
Total Cash:
up to $183,600
PTO Vacation:
15 days
Relocation:
up to $10,000
Retirement:
3% guaranteed, up to 6% match

ZS Associates MBA & PhD Full-Time Hires

Base:
$165,000 (PhD: $117,500)
Performance Bonus:
up to $24,750 (PhD: up to $11,750)
Total Cash:
up to $189,750
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

Other Boutique MBA & PhD Full-Time Hires

Alexander Group MBA & PhD Full-Time Hires

Base:
$140,000
Performance Bonus:
up to $30,000
Total Cash:
up to $170,000
Signing Bonus:
up to $15,000

Brattle Group MBA & PhD Full-Time Hires

Base:
$142,000
Performance Bonus:
up to $42,600
Total Cash:
up to $184,600
PTO Vacation:
20 days
Signing Bonus:
$25,000

CapCo MBA & PhD Full-Time Hires

Base:
$128,000
Performance Bonus:
up to $30,000
Total Cash:
up to $158,000
PTO Vacation:
22 days
Retirement:
3% match
Signing Bonus:
$25,000

Carpedia International MBA & PhD Full-Time Hires

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

Clarion Healthcare MBA & PhD Full-Time Hires

Base:
$110,000 (PhD)
Performance Bonus:
up to $16,500 (PhD)
Total Cash:
up to $126,500 (PhD)
Relocation:
up to $2,500
Signing Bonus:
$10,000 (PhD)

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

Everest Group (Wavestone) MBA & PhD Full-Time Hires

Base:
$135,000
Performance Bonus:
up to $13,500
Total Cash:
up to $148,500
PTO Vacation:
15 days
Signing Bonus:
$25,000

Eversana Consulting MBA & PhD Full-Time Hires

Total Cash:
up to $120,000

Gartner MBA & PhD Full-Time Hires

Base:
$116,000
Performance Bonus:
up to $12,000
Total Cash:
up to $128,000
Signing Bonus:
$15,000

GEP Worldwide MBA & PhD Full-Time Hires

Total Cash:
up to $117,000
Relocation:
up to $2,500

Grant Thornton MBA & PhD Full-Time Hires

Base:
$155,000 (India: INR 1,780,000)
Performance Bonus:
India: up to INR 100,000
Total Cash:
up to $155,000 (India: up to INR 1,880,000)
Signing Bonus:
$10,000

Green Hasson & Janks (GHJ) MBA & PhD Full-Time Hires

Base:
$80,000
Total Cash:
up to $80,000

Health Advances LLC MBA & PhD Full-Time Hires

Base:
$120,000
Performance Bonus:
up to $15,600
Total Cash:
up to $135,600
PTO Vacation:
18 days + 3 community service days
Retirement:
4.5% match
Signing Bonus:
$10,000

Huron Consulting MBA & PhD Full-Time Hires

Total Cash:
up to $132,250 (S&O Practice)
PTO Vacation:
Unlimited
Retirement:
6% match
Signing Bonus:
$10,000

Infosys MBA & PhD Full-Time Hires

Base:
$137,500
Performance Bonus:
up to $34,375
Total Cash:
up to $171,875
PTO Vacation:
20 days
Relocation:
$3,000
Signing Bonus:
$10,000

Investor Group Services MBA & PhD Full-Time Hires

Base:
$150,000
Performance Bonus:
up to $37,500
Total Cash:
up to $187,500
PTO Vacation:
15 days
Retirement:
3% match
Signing Bonus:
$25,000

Kalypso MBA & PhD Full-Time Hires

Base:
$140,800
Performance Bonus:
up to $7,040
Total Cash:
up to $147,840
PTO Vacation:
15 days
Retirement:
3% match
Signing Bonus:
$20,000

Larx Advisors MBA & PhD Full-Time Hires

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

MasterCard Advisors MBA & PhD Full-Time Hires

Total Cash:
up to C$121,000
Signing Bonus:
C$20,000

Metyis MBA & PhD Full-Time Hires

Base:
£75,000
Performance Bonus:
up to £15,000
Total Cash:
up to £90,000
PTO Vacation:
25 days

PA Consulting Group MBA & PhD Full-Time Hires

Base:
$90,000
Performance Bonus:
up to $10,800
Total Cash:
up to $100,800

Palm Tree LLC MBA & PhD Full-Time Hires

Base:
$100,000
Performance Bonus:
up to $50,000
Total Cash:
up to $150,000

Partners in Performance MBA & PhD Full-Time Hires

Total Cash:
up to C$180,000

Point B MBA & PhD Full-Time Hires

Base:
$120,000
Total Cash:
up to $120,000
Signing Bonus:
$2,500

ProcureAbility MBA & PhD Full-Time Hires

Base:
$135,000
Performance Bonus:
up to $13,500
Total Cash:
up to $148,500
PTO Vacation:
20 days
Retirement:
up to 4% match

Putnam Associates MBA & PhD Full-Time Hires

Base:
$120,000 (UK: £58,000)
Performance Bonus:
up to $25,000 (UK: up to £5,800)
Total Cash:
up to $145,000
PTO Vacation:
25 days
Signing Bonus:
$10,000 (£8,000)

Slalom Consulting MBA & PhD Full-Time Hires

Base:
up to $175,000 (geo-contingent)
Total Cash:
up to $175,000
PTO Vacation:
17 days

Strive Consulting MBA & PhD Full-Time Hires

Base:
$142,000
Performance Bonus:
up to $15,000
Total Cash:
up to $157,000
PTO Vacation:
Unlimited

Targus Consulting MBA & PhD Full-Time Hires

Total Cash:
up to $88,000

Tata Consultancy Services (TCS) MBA & PhD Full-Time Hires

Base:
$125,000
Performance Bonus:
up to $30,000
Total Cash:
up to $155,000
Signing Bonus:
$25,000

The Chartis Group MBA & PhD Full-Time Hires

Base:
$140,000
Performance Bonus:
up to $28,000
Total Cash:
up to $168,000
Signing Bonus:
$20,000

Vizient, Inc. MBA & PhD Full-Time Hires

Base:
$100,000
Performance Bonus:
up to $10,000
Total Cash:
up to $110,000
PTO Vacation:
25 days

Xynteo MBA & PhD Full-Time Hires

Base:
£105,000
Performance Bonus:
up to £20,000
Total Cash:
up to £125,000
PTO Vacation:
28 days
Retirement:
8% match

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 2022 internship salaries:

Undergraduate & Master’s Program Internship Salaries

  • Accenture: $32/hr + $2,000 signing bonus
  • Accenture Strategy: $32/hr ($48/hr overtime) + $2,500 signing bonus
  • Altman Solon: $18,000
  • Alvarez & Marsal: $25/hour + overtime
  • Arthur D Little: $12,000
  • Bain & Company: $19,038
  • Booz Allen Hamilton: $24/hr
  • Boston Consulting Group (BCG): $17,300
  • Cornerstone Research: $13,730
  • Deloitte Consulting: $37/hour + overtime
  • Deloitte Government & Public Services: $31/hour
  • EY-Parthenon: $32/hour
  • FTI Consulting: $30/hour
  • Guidehouse (formerly Navigant Consulting): $35/hr + $2,000 signing bonus
  • Huron Consulting: $30/hour + $2,000 signing bonus
  • IQVIA Consulting Services: $12,000
  • IRI Growth Consulting: $19/hr + $1,000 signing bonus
  • Kearney: up to $15,000 (Canada: C$5,000) (Germany: up to €5,000)
  • KPMG: $17,000
  • L.E.K. Consulting: $14,000
  • McKinsey & Company: $15,000 (Canada: C$17,692)
  • Mercer Management and HR Consulting: $27/hr with $1,000 housing assistance
  • Oliver Wyman: $14,250 (9 weeks)
  • Otto & Company: €12,500
  • PricewaterhouseCoopers (PwC): up to $39/hour + up to $3,000 signing bonus
  • Strategy&: $48/hour + overtime
  • West Monroe: $36/hour
  • ZS Associates: $11,538

MBA & PhD Program Internship Salaries

  • Accenture: $33,461
  • Accenture Strategy: $33,563 + $5,000 relocation (UK: £13,270)
  • AlixPartners: $80/hour (target $34,000) + 1.5x overtime + $3,000 signing bonus
  • Bain & Company: $32,000 (Canada: C$35,769)
  • Boston Consulting Group (BCG): $31,730 (Canada: C$40,000) (UK: £15,000)
  • Deloitte Consulting: $30,750 + $2,500 signing bonus
  • Deloitte S&O: $30,000
  • EY-Parthenon: $35,000 + $5,000 signing bonus
  • FTI Consulting: $45/hour
  • Gartner: $24,500
  • GEP Worldwide: $15,000 + up to $2,500 performance bonus
  • IQVIA Consulting Services: $11,500/month + $5,000 signing bonus
  • Kearney: $28,100
  • KPMG: $66/hour ($99/hour for overtime)
  • L.E.K. Consulting: $28,125 (9 weeks)
  • McKinsey & Company: $33,750 (UK: £16,400 + up to £5,000 relocation bonus)
  • NERA Economic Consulting: $17,300/month + $1,250 bonus
  • Strategy&: $31,730 (Dubai: $25,000)
  • West Monroe: $65/hour
  • ZS Associates: $31,730 + $5,000 signing bonus + potential COL adjustment/relocation bonus
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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: ~$100k
  • Signing Bonus: ~$5k
  • Performance Bonus: up to ~$30k
First year out of MBA/PhD program:
  • Base: ~$175k
  • Signing Bonus: ~$30k
  • Performance Bonus: up to ~$45k
Manager/Project Leader (2-3 years out of MBA/PhD) program:
  • Base: $220-240k
  • Bonus: $100-140k
Associate Principal/Senior Project Leader (4-5 years out of MBA/PhD) program:
  • Base: $275-350k
  • Bonus: $150-250k
Junior Partner/Principal (6-8 years out of MBA/PhD) program:
  • Base: $375-450k
  • Bonus: $375-575k
Senior Partner/Director (10+ years out of MBA/PhD) program:
  • Base: $500-700k
  • 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.

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 (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.

2022 Consultant Salary Summary

Overall, the state of the industry is strong. Both at the undergraduate/master’s level and post-MBA/PhD, management consultant salaries continue to stay competitive to rival Banking and Big Tech.

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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