2011 Management Consulting Salaries – Undergraduate, MBA, and More


Here are the companies which we have 2011 management consulting compensation data:

-A.T. Kearney -Bain (post-MBA) -BCG (undergraduate and post-MBA) -Booz & Co (U.S. and Dubai) -L.E.K. (post-MBA) -McKinsey (undergraduate and post-MBA) -Mercer (undergraduate and post-MBA; includes all areas – human capital, actuary) -Oliver Wyman (Financial consulting)

This is for fulltime jobs that start in the Fall of 2011.

We just released an update article with data for 2012 management consulting salaries here.

= = = = = First year out of undergraduate = = = = =
For A.T. Kearney…

Signing Bonus: $5,000 Base: $65,000 Performance Bonus: up to $13,000 (20% of base salary) Profit Sharing: up to $6,500 (up to 10% of base depending on firm performance) – – – – – Total compensation: up to $89,500

Retirement & relocation: Firm matches 25% of your 401(k) contributions up to 6% of your pay. Relocation assistance depends on the distance between your office and your school residence. 0-50 miles = $3,000, 51-800 miles = $5,000, and 801+ miles = $10,000.

*Our source also noted that in their contract, A.T. Kearney explicitly states that the base salary will not be increased until January 2013, which is approximately 1.5 years after starting fulltime. Interesting!

Retirement Contribution: 10% of base + 5.7% of bonus

For Booz & Co in New York… (Dubai numbers in parenthesis; key difference is Dubai has no income taxes and a wonky housing market)

Signing Bonus: $10,000 (Dubai: $5,000) Base: $60,000 (Dubai: $62,000) Performance Bonus: up to $12,000/20% of base (Dubai: up to $9,300/15% of base) Relocation/Housing Allowance: $5-15,000 (Dubai: $20,500 for housing + $5,000 for relocation) – – – – – Total compensation: up to $96,800

Retirement: $6,000/10% of base + up to $684/5.7% of bonus

For Boston Consulting Group…

Signing Bonus: $5,000 Base: $72,000 Performance Bonus: up to $16,200 (22.5% of base salary) Profit Sharing Retirement Fund: up to $4,400 (expected to be 5% of sum of base salary and performance bonus) – – – – – Total compensation: up to $97,600

Retirement: BCG also contributes 15% of your base + bonus into your 401(k) retirement account, with $0 required contribution.

For Mercer…

Signing Bonus: DNK Base: $60,000 based on 40 hour work week Performance Bonus: no bonus, instead paid time and a half for all hours over $40 = approximately $45/hour – – – – – Total compensation: Variable

Retirement & relocation: DNK

For McKinsey…

Signing Bonus: $5,000 Base: $75,000 Housing: $5,000 Performance Bonus: none for BAs – – – – – Total compensation: $85,000

Retirement & relocation: 12% of total annual compensation

For Oliver Wyman (Financial Consulting)…

Signing Bonus: $10,000 Base: $75,000 Performance Bonus: up to $15,000 (20% of base salary) for your first year, and 40% of base salary for your second year (guaranteed) – – – – – Total compensation: $100,000

Retirement: Do not know about 401(k) contributions or retirement funds.

*Our source also shared that Bain’s numbers are very similar, a total of approximately $97K take-home in your first year, including the signing bonus

Some more niche roles…

  • Accenture Systems Integration: $66,500 base + $1,500 relocation expenses
  • Deloitte Consulting Human Capital: $70,000 base + $10,000 signing bonus
  • Deloitte Consulting BTA (IT Consulting): $70,000 base + $10,000 signing bonus
  • Milliman Actuarial Consulting: $60,000 + bonus of up to 25% of base

= = = = = First year out of MBA/grad programs = = = = =
For Bain…

Signing Bonus: $20,000 Base: $125,000 Performance Bonus: up to $39,000 for your first year – – – – – Total compensation: $184,000

Retirement: 401(k) contribution up to $7,400

According to my Bain post-MBA source:

Deloitte’s offers were very similar, except they had MUCH higher signing bonuses ($40k + $10k for signing early + pay for 2nd year of b-school). This was for folks who interned there, so the latter two parts of the bonus might not apply otherwise.

That means Deloitte covered your second year of bschool tuition for signing – wow!

For BCG…

Signing Bonus: $20,000 Base: $135,000 Performance Bonus: up to $40,000 for your first year Relocation: $2-5,000 depending on distance – – – – – Total compensation: at least $197,000

Retirement: up to $9,000/5% of bonus+salary is put into retirement fund, no contributions required

Our source also noted that project leaders at BCG (approximately 2-3 years out of bschool) were paid $185,000 base.

For L.E.K….

Signing Bonus: $25,000 Base: $135,000 Performance Bonus: up to $25,000 for your first year Relocation: $5,000 – – – – – Total compensation: at least $190,000

Retirement and profit sharing: up to $30,000 (not sure of split between 2)

For McKinsey…

Signing Bonus: $20,000 Base: $125,000 Performance Bonus: up to $40,000 for your first year Relocation: $2-5,000 depending on distance – – – – – Total compensation: at least $187,000

Retirement: up to $19,000/12% of bonus+salary is put into retirement fund, no contributions required

Please note that BCG and McKinsey post-grad/MBA salaries are almost identical, despite McKinsey having a $10K lower base due to a $10K higher retirement contribution.

For Mercer…

Signing Bonus: DNK Base: $85,000 Performance Bonus: up to $17,000/20% of base – – – – – Total compensation: at least $102,000 (does not include signing bonus)

Retirement & relocation: DNK

Some perspective

Compared to 2008 consulting salary levels, it’s about a 25-30% increase over 3 years…which is actually somewhat muted given the poor economy over the past few years.

We would love to share compensation data if you have it for other firms/seniority levels. We will directly update this post as they come in. Thanks in advance!

What do you guys think – is this fair compared to other careers and industries? It still lags banking pretty significantly…

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  • Michael

    Thanks for the helpful info!

  • Thanks Michael – updated now with Oliver Wyman’s numbers. You’ll notice that for most first years (out of undergraduate, MBA, or even APD), that the total compensation numbers are very inline. It’s only as you progress to case/project leader and then partner where the compensation starts to become significantly more variable

  • Nicholas

    Kevin can you get some boutique numbers up?

    Monitor, LEK, …

    As well as quotes from smaller shops (if you have any sources).

  • N

    Any numbers for Accenture/Deloitte?

  • Ashwin

    The reason for such a high housing allowance (by Booz) in Dubai is because of the weird real estate market there. A friend tells me its mostly mafia run, and involves things like if you’re renting a property, paying 12 months rent straight up. That housing allowance given by Booz is essentially covering a huge chunk of that first 12 month’s rent.

  • Super interesting..the things you learn in this line of work :)

  • Ductus_Media

    BCG data is 100% accurate with some variance in signing bonus (as of 2009 – 2010 hiring).

    This is a very valuable post!

  • Accenture SI Employee

    Accenture SI numbers aren’t correct. Base is 54k. Signing bonus is about 3k-5k. Performance bonus is 15% for top tier analyst.

    Deloitte BTA seems off as well. My friend is working there. Base is 54k. 0 signing bonus. 4% performance bonus.

    These are canadian numbers so maybe that is why we are getting screwed haha.

  • sj

    I know Accenture #’s are variable based on the school you went to. Same thing with IBM. FYI IBM is 62k 5k signing and barely a performance bonus ~2,000 if that

    401k matching if i think 1st 6% but only happens after year 1

  • dj

    accenture’s ranges from 50-75k depending on what school you come from. MIT analyst will get paid more than non-MIT caliber analyst

    I think deloitte BA was 70k this year…

  • Scruff

    Accenture Undergrad- MC Development Program
    Base: 65k
    Signing: 5k
    Relocation: 3.5k
    Bonus: around 5% base

  • A recent McGill graduate just shared the following salary information for consulting firms in Canada. Thought I’d post here to not overly complicate the post itself:

    Oliver Wyman: $70,000 salary, $10k signing
    McKinsey: $70k base, $6k signing, with $10k contribution to RRSP
    BCG: $72.5k base, $5k bonus
    Monitor: $67k from what I’ve heard
    Accenture: $68k base, not sure about signing
    Deloitte: $55k base for TechStrat, signing bonus of $2,000

    These are the 6 firms that recruit from McGill. A friend of mine in another school received an offer from Bain and he said that the salary was $68k, but compensated for by a $10k contribution to RRSP. McKinsey is the only firm that I can confirm provides a $10k RRSP contribution.

  • Anon

    To add to Kevin’s contribution, Accenture’s signing bonus is 10k in Canada.

  • A-shot

    I second that it would be really helpful to have some numbers for some boutiques, especially LEK, Monitor, Parthenon, and ZS Associates. Thanks!

  • Anonymous

    Hi all – understand that you guys want boutique numbers – unfortunately
    that’s all I have right now but I’ll update soon as I know.

    If anyone out there has them, esp for the firms listed below, feel free to
    email me directly. Thanks!!

  • Mikem

    kevin – the mckinsey ba base is actually 75k

  • Anonymous

    Thanks Mike, I’ll update to reflect that. Is that U.S. for fulltime BAs
    starting in 2011?

  • Mikem

    Yes

  • A consultant

    This was begging to be put in a table. On a consulting blog, that’s unpardonable. ;)

  • Anonymous

    Haha. Fair point…I’m more of the start mindset – release early and often
    and iterate over time.

  • highschooler

    Is there a great variance between senior level compensation between NY and Toronto offices? What kind of pay would a Partner at a MBB firm in Toronto take home? Thanks!

  • Anonymous

    Sorry I just don’t know enough to comment on that. I would imagine partner salary does vary by office.

  • Anonymous

    Thanks for all of the contributions thus far, keep ’em coming! At some point I’ll put all of it into a table, or if anyone wants to do that for me (in HTML) I can go ahead and construct a dedicated page to it and link to it from the top navigation bar :)

  • Gaziantep

    Okay, so I need advice. I was given an offer from MBB (don’t want to give away too much info) in Dubai that seems low, but Dubai has no tax. So the offer is $42,000 starting for entry-level consultant, $3,000 signing bonus, $22,000 housing and transportation allowance, $5,000 target bonus, 5 weeks paid vacation, relocation expenses and planet tickets.

    So I did the math on the salaries in the US if I were paying federal and state income tax. Let’s take McKinsey at 75k + 5k signing (80k income) + 5k housing. In NY with state and federal income tax, the 80k turns into $59,300 after tax. I figure housing in NYC to be $1500 a month, so $18,000 a year, plus transportation, let’s say $2,000, so $20,000 for housing and transport as a conservative estimate, minus the $5,000 credit, equals $15,000 on top. So that makes $44,300 income after tax, housing, and transportation are taken into account.

    So it seems all things equal, my offer of $45,000 inc. signing bonus is nearly identical to making $80,000 in NYC. Plus I’d get more vacation (5 weeks), and a nearly identical target bonus.

    Would you guys say this is a fair analysis, and a fair offer?

    (And for those of you who say that Americans abroad still have to pay income tax, there’s a $91,500 exclusion limit)

  • SK

    McKinsey is paying 70K in some offices.

  • JJJJ

    Just saw post…
    Deloitte BA: 70k Base, 10k Signing, 0 Performance

  • Shawn

    Why are the post-MBA figures SO much higher than on other sites like Glassdoor or salary.com? They’re much higher for US avg., NYC, and SF!?!

  • Anonymous

    Shawn, I’m not 100% sure why. I can hazard some guesses: Glassdoor
    aggregates salaries from lots of different positions, whereas the data
    reported here is purely for very specific tiers at very specific stages in
    their career. Glassdoor data is also much more questionable since they
    merely encourage open contributions, so not as strong a filtering mechanism.
    Otherwise, I’m not sure.

  • wrsmi

    Any insight for (non-MBA) experienced hires? Specifically, is a signing bonus even in the equation? Top undergrad, broad (if not too much so…too many jobs) 15+ years of supply chain/ops/’functional’ tech leadership/management/consulting (small firms), currently networking inside Big 4 supply chain practices…considering solid part-time MBA (UM Ross) if not able to break in now. Thanks…great site, already helped with my ‘texty’ resume!

  • Guest1

    Are the numbers listed subject to tax?
    Is there any info on figures for Europe?

    Thx,

  • Tony

    I have some new insights to sure.

    My sister’s husband just got promoted to an EM (engagement manager) at McKinsey New York office after working two years as an associate (he received his MBA from MIT). He told me that his base salary for EM  is $200k and that the bonus can be up to $100k per year!

  • Macbook7

    I wonder why people keep saying “take home” when referreing to gross salary.

    After taxes one would take home far less than gross salary. )))

  • Macbook7

     Thanks for information anyway!

  • Larry

    I think the numbers for MBA grads are way off. I have been recruiting in management consulting for over 10 years and these are a lot higher numbers than I am seeing in the market. These numbers are likely for the top 10% of class only…  I would expect 10-20% less for average achievers… 

  • Kated

    I’m starting at McK in an East Coast office and the base is 70k? Another one of my friends that signed in the West Coast is also 70.

  • Sadh

    Another big issue with Glassdoor is that it aggregates all salaries from different years. So the results seem to be skewed a little on the lower side, unless off course a bunch of new hires update their salaries there, but still, the average will be lower than what it actually is.

  • mtl

    Which school did your friend go to? Where does Bain recruit in canada? 
    Do you think McGill places better in consulting than Richard Ivey??cuz im considering both for now..

  • consult

    Accenture MC Analyst

    65k base
    5k singing
    relocation based on milage
    25 days PTO

  • Payal S

    does anyone have information for PwC? it would be reallyy helpful.

  • Akki

    I would agree to this, it would be nice to have annual avg, similar to what the author is doing here

  • Sarah

    Does any have the updated compensation for the undergrad consultant role at Booz and Co? Has the 60k base increased to 65k?

  • lw

    Accenture Undergrad- MC Development Program is:
    Base: 70k
    Signing: 8k
    Relocation: 4k
    Bonus: 0-4% of base

  • Luis

    This link has all the salaries from their surveys and believe me that it’s correct. http://www.consultingmag.com/article/ART844893T?C=8v0nTws8k7w3lquk

  • anonymous

    70K + 10K bonus for undergrads into Deloitte S&O

  • Quarks

    Random note:

    BCG also contributes 15% of your base + bonus into your 401(k) retirement account, with $0 required contribution

    The rest of the BCG numbers for entry level hires was spot on. This, not so much. BCG only has a profit sharing retirement fund. They sponsor a 401k in addition but there’s no matching/direct contribution from them as far as I saw on my letter.

  • Aditi Oswal

    Deloitte does not offer $70K as base for BTA. It is $60K from what I came to know from different people, at least in Toronto. It might be higher in US

  • Rebecca

    I really really want to go to MIT………..what a dream school!!!!

  • Acechaser4

    Would anyone have information on Post MBA consulting… with <2 years working experience?
    I just figure that the post MBA rates are high due to job experience…

  • Lakerlover98

    McKinsey undergrad numbers are off. Base is 70k

  • Bpop

    Just accepted offer deloitte bta (midwest office)

    70k base

    10k signing

  • Nones

    Accenture MCDP:

    65k base
    8k signing bonus
    2k relocation

  • ATKearney-ite

    I can say that for ATKearney, salary is basically right on the money, except that performance bonuses are up to 15%, not 20%; although there is no cap. If the firm does significantly good that year, then that 15% may be larger. There is no relocation assistance if you live 0-50 miles away from the nearest office. Monthly pay = 5416.66

  • Sarosh Ahad

    Hello
    I have a degree of BS Actuarial Sciences And Risk Management and I also
    passes Exam P of SoA…………and I am looking for a job in Dubai .
    Can any one help me ????

  • Midwester

    Deloitte BTM (Business technology Masters) for a midwest school for the role of a consultant (Not Senior consultant , meant for people for 2-3 years of work ex) was

    Base Salary :95k
    Signing bonus: 10k
    Relocation Bonus : 10k
    Performance based bonus : Do not know

    The salaries for senior consultants (Typically offered to MBAs with more than 4 yrs of exp) was

    Base Salary : 130k
    Signing + relocation : 50k (Do not know the exact break up)
    Performance : DNK

    Hope this helps!

  • Unknown

    A friend of mine just got offered 53 bucks an hour in PWC consulting. This is top 7 MBA program.

  • Unknown guy

    Here is what was paid by top consulting firms at my B-school (top 10) for summer internships
    Mck – 10.5k per month
    Bain – 11.5k per month
    BCG – 11k per month
    Deloitte (S&O/Tech/HC) – 10.8k per month + Bonus
    ATK – 11k per month
    IMS – 11k per month + bonus
    ZS – 11k per month

    I think the numbers mentioned in the post are real (at least in top 10 MBA schools)

  • annabelle

    does anyone know what Accenture pays for first year out of grad school (engineering)?

  • george

    Does anyone have any insight on how salaries are for entry-level positions in China/Hong Kong? I have a phone interview with EY advisory for Hong Kong this week, and would love to learn more about how industry pays over there. Thanks!

  • Guest

    Bain’s 2012 post-MBA numbers are now higher.  Base of 135, signing bonus of 20, perf up to 35, retirement up to 8.

  • Sarah

    Hey Everyone! 
    Someone has an idea about the average salary for a 1st year hospitality management student ( 6 months internship)? I am working in an international 5 star hotel company in the kitchen. 
    Thx ;)

  • Guest

    what is the base salary for post mba senior associate salary from a mid tier school in texas at pwc ? is it the same across schools and locations ?

  • Pradeep

    What is the post-MBA salary for Booz & Co.? It is one of the companies I’m interested in and they seem to hire a lot more MBAs as opposed to undergraduates.

  • jennyrae

    Thanks for sharing! Congrats on the offer…

  • jennyrae

    Thanks for your post – much appreciated!

  • Veronica

    Undergrad numbers are off. I’m a 2012 Wharton grad, here were the offers I received:

    Bain (they tell me all offices have the same packages): 70 base, up to 7 bonus, but an average of 5.5, 4 relocation, 0 signing

    McKinsey (Chicago): 70 base, 10% bonus, relocation depends on where you went to school, 0 signing (but I talked them into giving me a 5)

    ATK (Chicago): 75 base, 10 signing, bonus average 6k but up to 7.5

    Oliver Wyman (Dubai): 60 base + 15 housing allowance, bonus 10% of base, 2 signing
    ^^no tax in Dubai, but this compensation is prob different from US offices

  • Sahil

    Hi! I was comparing IB and Consulting salaries and while it is a known fact that IB salaries are higher, i went through some data which i curiously want to ask about. I went through the same site for IB as quoted here (mergers&inquisitions) and found the base salary for out of school IBs as something like $100,000. Now that is significantly lower than those listed here for 1st year consultants! Agree the bonuses are higher, but even a 70,000 bonus makes it= 100,000+70,000+30,000(others) to be $200,000 at the max., which isn’t a huge difference from the total figures mentioned here for MBA consultants considering IBs work A LOT more than consultants…Can I please have some more light thrown on this, i might be wrong somewhere?

  • fred

    that is because bankers usually get way more than 70k bonus.