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.

2021 Consulting Salaries Overview

Welcome to 2021, and our updated management consulting salaries report!

This is a big year: COVID-19 still upends normal life across the globe and a new administration takes office in the U.S. The Summer Olympics and Euro 2020 soccer (football) tournament have been rescheduled for this summer. In addition, NASA, the ESA, the Canadian Space Agency, and the Space Telescope Science Institute will launch the James Webb Space Telescope to replace the Hubble.

The consulting industry is shifting dramatically too. While 2020 brought an explosion in demand for some consulting services, established firms saw an outsized benefit. Frenetic M&A activity continued, and some consultancies consolidated core business offerings.

Where has M&A activity focused? For one, Digital Solutions continues to be a growth driver across the industry, as even traditional strategy consulting powers like McKinsey, BCG, and Bain move further downstream into digital and implementation work.

In addition, Supply Chain was a key focus area for consulting firms looking to support clients as the COVID-19 pandemic closed borders and disrupted supply chains.

These factors created a dichotomy inside the industry:

The Rich are Getting Richer…

Notable consulting firms continued rapid growth, driving overall growth. As a prime example, Bain reported its best quarter ever in Q3 2020. However, the rate of growth for boutique firms slowed in 2020 across a fragmented market with thousands of boutique players displaced in part by the continued expansion of in-house strategy groups at large corporations.

…and the Staff are Staying Busy…

Due to market uncertainty, most consultancies stalled or cut hiring. Consulting firms of all sizes amped utilization of current consultants, replacing suitcases with double doses of spreadsheets. Even today, some firms continue to freeze hiring and many are operating at reduced capacity. This was more pronounced in niche practice areas (human capital consulting and digital consulting specifically).

…but There’s Nowhere Else to Go

Unprecedented labor shortages in 2020 were replaced by labor glut in 2021. Consulting firms’ greatest competitors for talent – banking and corporate strategy – had more hiring drop-offs. Sure, tech still grabbed as many humans as it could, but the declines outpaced that growth.

With utilization up, hiring down, and fewer alternatives, the consulting job market is flush with eager talent and therefore more competitive than we’ve seen it in 12 years – which left salaries flat or down at over 80% of firms.

The impact of COVID-19 abruptly stopped the upward momentum of consulting salaries. In the 13 years we have been covering salaries, this is notably the only year that starting salaries did not increase.

Sure – most historical consulting salary increases were in the 2-4% growth range, indicating that even in tightening labor markets, the value proposition of consulting goes beyond financial compensation.

Then, as an exception, in the middle of 2019, MBB increased MBA & PhD base salaries to $165,000, and other firms increased MBA & PhD salaries to follow suit. For example, top boutique L.E.K. quickly matched MBB and offers a $165,000 base salary for its incoming MBA hires & PhD hires in the U.S. Other boutiques have since followed suit.

However, this year undergrad salaries and MBA salaries largely stood still.

Following a trend from the last 2 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, most firms hold 20% of their slots for those from non-target backgrounds. The increase in tech democratization (no more half-day schmoozing sessions – just jump on Zoom!) helped. But targets still 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 2021. 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. Please reach out if you want to use our data.

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

Bain, BCG, and McKinsey Consulting Salaries

Bain & Company Undergraduate & Master’s Consultant Salary

Base:
$90,000 (UK: £46,400) (Dubai: $85,000)
Performance Bonus:
up to $22,500 (UK: up to £11,000)
Total Cash:
up to $112,500
Housing Allowance:
up to $5,000
PTO Vacation:
20 days/year
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:
$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
PTO Vacation:
15 days/year
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:
$90,000 (Canada: C$90,000)
Performance Bonus:
up to $30,000
Total Cash:
up to $120,000
PTO Vacation:
19 days/year
Relocation:
up to $10,000
Signing Bonus:
$5,000

Big 4 Consulting Salaries

Deloitte Consulting Undergraduate & Master’s Consultant Salary

Base:
up to $80,000 (Master's: up to $105,000) (Luxembourg: €53,000)
Performance Bonus:
Master's: up to $26,250 (Luxembourg: up to €2,000)
Total Cash:
up to $80,000 (Master's: up to $131,250)
Retirement:
150% match for individual contributions
Signing Bonus:
$12,500 (Master's: $15,000)

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

Base:
$71,000 (GPS Tech: $80,000)
Total Cash:
up to $71,000
Signing Bonus:
$7,000 (GPS Tech: $10,000)

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

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:
$72,500 (Canada: C$65,000) (UK: £55,000) (Dublin: €32,000)
Performance Bonus:
UK: up to £1,200
Total Cash:
up to $72,500
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
Performance Bonus:
up to $9,000
Total Cash:
up to $99,000
PTO Vacation:
Unlimited
Relocation:
up to $2,000 (local)
Signing Bonus:
$10,000

KPMG Undergraduate & Master’s Consultant Salary

Base:
$77,000 (Canada: C$63,000) (Dublin: €32,000)
Total Cash:
up to $77,000
Relocation:
up to $2,000
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/year
Relocation:
up to $4,000

PricewaterhouseCoopers (PwC) Undergraduate & Master’s Consultant Salary

Base:
Canada: C$65,000
Performance Bonus:
up to C$6,500
Total Cash:
up to C$70,500
Signing Bonus:
C$5,000

Strategy& Undergraduate & Master’s Consultant Salary

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

Notable Boutique Consulting Salaries

Accenture Undergraduate & Master’s Consultant Salary

Base:
$79,500 (Canada: C$70,000) (Melbourne: A$67,000)
Total Cash:
up to $79,500
PTO Vacation:
20 days/year
Retirement:
6% match (Melbourne: A$6,700)
Signing Bonus:
$10,000
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$77,000)
Performance Bonus:
up to $26,100 (30% of base)
Total Cash:
up to $113,100
PTO Vacation:
28 days/year
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

Altman Solon Undergraduate & Master’s Consultant Salary

Base:
$87,500
Performance Bonus:
up to $13,125
Total Cash:
up to $100,625
Profit Sharing:
2-4% of total comp
PTO Vacation:
20 days/year
Relocation:
up to $5,000
Signing Bonus:
$15,000

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:
$77,500
Performance Bonus:
up to $10,000
Total Cash:
up to $87,500
PTO Vacation:
15 days/year
Relocation:
up to $2,500

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

Galt & Company 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:
$80,000
Performance Bonus:
up to $20,000
Total Cash:
up to $100,000
Profit Sharing:
up to $8,000
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 (Munich: €36,000)
Performance Bonus:
up to $3,000
Total Cash:
up to $83,000
Profit Sharing:
up to $16,000 (some deposited into 401k)
PTO Vacation:
15 days/year
Relocation:
up to $2,500
Signing Bonus:
$10,000

Mars & Co Undergraduate & Master’s Consultant Salary

Base:
$87,500
Total Cash:
up to $87,500
PTO Vacation:
20 days/year
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
Performance Bonus:
up to $26,700
Total Cash:
up to $115,700
Relocation:
up to $5,000
Retirement:
50% match for first 6% (max 3% match)
Signing Bonus:
$7,500

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 $10,000 (Amsterdam: up to €27,000)
Total Cash:
up to $97,000
PTO Vacation:
17 days/year
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)

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/year
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

Total Cash:
up to £120,000

Artisan Healthcare Consulting Undergraduate & Master’s Consultant Salary

Base:
$73,000
Performance Bonus:
up to $18,250
Total Cash:
up to $91,250
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/year
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/year
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:
$73,000
Total Cash:
up to $73,000
PTO Vacation:
25 days/year
Relocation:
up to $2,000
Signing Bonus:
$8,000

Crowe LLP Undergraduate & Master’s Consultant Salary

Total Cash:
up to $69,000
Signing Bonus:
$5,000

GEP Worldwide Undergraduate & Master’s Consultant Salary

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

Grant Thornton Undergraduate & Master’s Consultant Salary

Total Cash:
up to $79,200 (Dublin: up to €30,000)

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/year
Retirement:
3% match

Kaiser Associates Undergraduate & Master’s Consultant Salary

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

Kepler Cannon Undergraduate & Master’s Consultant Salary

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

Kx Advisors Undergraduate & Master’s Consultant Salary

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

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/year
Retirement:
2% match
Signing Bonus:
$600

Wavestone Undergraduate & Master’s Consultant Salary

Base:
$72,000
Performance Bonus:
up to $2,880
Total Cash:
up to $74,880
PTO Vacation:
25 days/year
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:
$5,000

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

Overall, salaries for incoming undergraduate & master’s students have stayed stagnant over the last year. Still, 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, Accenture Strategy, OC&C Strategy, Galt & Co, McKinsey, Bain, and BCG. However, we recommend considering other factors as well, including exit opportunities, firm culture, travel, and more.

Salaries for Incoming MBA & PhD Full-Time Hires

Bain, BCG, and McKinsey Consulting Salaries

Bain & Company MBA & PhD Full-Time Hires

Base:
$165,000 (UK: £90,000) (Switzerland: CHF 286,000)
Performance Bonus:
up to $41,250 (UK: up to £20,000)
Total Cash:
up to $206,250
PTO Vacation:
25 days/year
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:
$165,000 (UK: £93,000) (Australia: A$160,000) (Spain: €82,200)
Performance Bonus:
up to $41,250 (UK: up to £17,300) (Australia: up to A$61,600)
Total Cash:
up to $206,250
PTO Vacation:
15 days
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:
up to $30,000 (UK: up to £15,000) (Australia: up to A$40,000) (Spain: €20,000)

McKinsey & Company MBA & PhD Full-Time Hires

Base:
$165,000 (UK: £90,000) (Hong Kong: $114,000)
Performance Bonus:
up to $35,000 (Hong Kong: up to $26,000)
Total Cash:
up to $200,000
PTO Vacation:
19 days/year
Relocation:
up to $10,000
Retirement:
7.5% into 401k (Hong Kong: $19,000)
Signing Bonus:
$30,000 (Hong Kong: up to $16,800)
Tuition:
50% of MBA tuition for returning interns

Big 4 Consulting Salaries

Deloitte Consulting MBA & PhD Full-Time Hires

Base:
up to $135,000 (UK: £91,000)
Performance Bonus:
up to $20,700 (UK: up to £4,050)
Total Cash:
up to $155,700
PTO Vacation:
25 days/year
Relocation:
up to $5,000
Retirement:
25% match of first 6% into 401k (a total of 1.5%)
Signing Bonus:
$15,000

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 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:
$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)
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:
$155,000
Performance Bonus:
up to $15,500
Total Cash:
up to $170,500
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:
$170,000 (Dubai: $65,000)
Performance Bonus:
up to $34,000
Total Cash:
up to $204,000
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:
20 days/year
Relocation:
up to $5,000
Retirement:
Match 50% (2.5%) if deposit 5% + pension contribution
Signing Bonus:
up to $35,000

Monitor Deloitte MBA & PhD Full-Time Hires

Base:
S$125,000 (Singapore)
Performance Bonus:
up to S$12,000
Total Cash:
up to S$137,000
PTO Vacation:
15 days/year
Retirement:
S$21,000
Signing Bonus:
S$10,000

PricewaterhouseCoopers (PwC) MBA & PhD Full-Time Hires

Base:
$150,000 (UK: £85,000) (Amsterdam: €60,000)
Performance Bonus:
up to $35,000 (UK: up to £10,000) (Amsterdam: up to €8,000)
Total Cash:
up to $185,000
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:
$168,000
Performance Bonus:
up to $55,400
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
PTO Vacation:
21 days/year
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:
$150,000-165,000
Performance Bonus:
up to $60,000
Total Cash:
up to $225,000
PTO Vacation:
22 days/year
Retirement:
3.75% of total comp after Year 1
Signing Bonus:
$25,000 (Canada: C$25,000)

Altman Solon MBA & PhD Full-Time Hires

Base:
$160,000
Performance Bonus:
$40,000 (up to 25% of base)
Total Cash:
up to $200,000
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
Retirement:
5% match
Signing Bonus:
$40,000

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)

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/year
Relocation:
up to $2,500
Retirement:
2.5% match of base salary
Signing Bonus:
$2,500

Cognizant MBA & PhD Full-Time Hires

Base:
$125,000
Performance Bonus:
up to $15,000
Total Cash:
up to $140,000
Signing Bonus:
up to $20,000

Galt & Company MBA & PhD Full-Time Hires

Base:
$145,000
Performance Bonus:
up to $55,000
Total Cash:
up to $200,000
PTO Vacation:
20 days/year
Retirement:
$8,000
Base:
up to $149,800
Total Cash:
up to $149,800

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
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 $38,000
Retirement:
up to 5% match
Signing Bonus:
$25,000 (additional $30,000 for returning interns)
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/year
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:
$140,000
Performance Bonus:
up to $33,600
Total Cash:
up to $173,600
PTO Vacation:
15 days/year
Signing Bonus:
$20,000

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
Tuition:
2nd Year Tuition Reimbursement for returning 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

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/year
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

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 MBA & PhD Full-Time Hires

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

Eversana Consulting MBA & PhD Full-Time Hires

Total Cash:
up to $120,000

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 (S&O Practice)
PTO Vacation:
Unlimited
Retirement:
6% match
Signing Bonus:
$10,000

Infosys MBA & PhD Full-Time Hires

Total Cash:
up to $156,250
PTO Vacation:
20 days/year
Relocation:
$3,000
Signing Bonus:
$10,000

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

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

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/year
Retirement:
up to 4% match

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

Slalom Consulting MBA & PhD Full-Time Hires

Base:
$120,000
Performance Bonus:
up to $12,000
Total Cash:
up to $132,000
PTO Vacation:
17 days/year

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

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/year

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

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

Starting salaries for incoming MBA & PhD hires have stayed stagnant for the first time in almost 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 L.E.K., AlixPartners, OC&C Strategy, Kearney, Strategy&, Parthenon-EY, McKinsey, Bain, and BCG.

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 2021 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: $1,500/week
  • Bain & Company: $16,730
  • Booz Allen Hamilton: $24/hr
  • Boston Consulting Group (BCG): $17,300
  • Cornerstone Research: $5,950/month
  • Deloitte Consulting: $35/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: $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: $14,250 (9 weeks)
  • Otto & Company: €1250/week
  • PricewaterhouseCoopers (PwC): up to $39/hour + up to $3,000 signing bonus
  • Strategy&: $41/hour + overtime
  • West Monroe: $36/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 (Canada: C$15,500 per month)
  • Boston Consulting Group (BCG): $31,730 (Canada: C$40,000)
  • Deloitte Consulting: up to $30,750 + $2,500 signing bonus
  • Deloitte S&O: $30,000 + full 2nd year MBA tuition for returning interns
  • EY-Parthenon: $28,000 + $5,000 signing 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: $7,500/month + $1,250 bonus
  • Strategy&: $13,750/month
  • West Monroe: $65/hour
  • ZS Associates: $13,750/month + $5,000 signing bonus
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.

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.

2021 Consultant Salary Summary

This last year has seen some upheaval in the management consulting industry. However, the industry continues to grow. 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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