2014 Management Consulting Salaries – Undergraduate, MBA, Interns and More


Welcome, welcome to 2014. To start the year out on the right foot, we’ll be continuing our series of posts on consulting salaries with compensation information for those starting in a consulting firm this year – the big 2-0-1-4.

We’ve been compiling data on management consulting salaries now for 4 years. What have we seen? Although there were some increases in salaries in 2013, the changes are even slighter this year. The market is strong, but banking has stayed over the side of the cliff from the past few years so consulting continues to have fewer outside competitors – and therefore not as much of a need to keep up with the Joneses.

The real new stars on the scene? Fortune 500 analyst roles, especially with tech firms like Google and Facebook. Comp levels at these firms exceed management consulting, and exposure is pretty tremendous – albeit not cross-industry.

Below is data on salaries for full-time positions from sources with offers starting in 2014 from the following firms:

  • Accenture
  • A.T. Kearney
  • Bain
  • Booz & Co
  • BCG
  • Deloitte
  • Ernst & Young
  • IBM
  • Infosys
  • KPMG
  • L.E.K.
  • McKinsey
  • Mercer
  • Oliver Wyman
  • PwC
  • ZS Associates

If for any reason, our figures don’t line up with your personal experience, we want to hear from you, and so does our MC community. Add your comments at the end of the post with as much detail as you can share, or email us directly. Your name will always be confidential.

Our salary data is mostly for the U.S. offices, but many of our readers are located around the globe — in Singapore, India, South Africa, western and eastern Europe, and Asia Pacific. If you are you working in another part of the world at a major consulting firm, we’d love to hear from you too!

Also, our data is specifically focused on management consulting roles at our profiled firms, which means they are generally more accurate than Glassdoor, etc. (which often includes similar position titles but different functions in the same group).

Again, all of our data is posted anonymously, so feel free to post a comment below or share with us by email.

= = = = = First year out of undergraduate = = = = =

Accenture


Signing Bonus: $3,000-10,000 (Canada: $10,000)
Base: $72,000 (Canada: $68,000)
Relocation: $2,000
Performance Bonus: up to $7,200 (10% of base)
– – – – –
Total Compensation: up to $91,200
Retirement: Match 6% for 401k
Tuition reimbursement: Available for MBA interns who go back full time, up to $50,000 per year.

(see Accenture case interview)

A.T. Kearney

Signing Bonus: $5,000 (Toronto: $5,000)
Base: $65,000 (Toronto: $70,000)
Relocation: $5-$10,000 (Toronto: $3-$10,000)
Performance Bonus: up to $9,750 (15% of base) (Toronto: up to 20% of base salary)
Profit Sharing: $6,500, up to 10% of base depending on firm performance
– – – – –
Total Compensation: up to $96,250
Retirement: Match 6% for 401k

Bain

Signing Bonus: $5-7,000
Base: $70-75,000
Relocation: $2-$8,000
Performance Bonus: up to $15,000 (20% of base salary)
– – – – –
Total Compensation: up to $105,000
Retirement: 401k contribution of 4.5% of base + bonus, no contribution required.

Boston Consulting Group

Signing Bonus: $5,000 (Canada: $8,000) (Aus: $15,000)
Base: $72,000 (Canada: $75,000) (Aus: $64,900) (Germany: €65,000)
Relocation: $2-$8,000 (Germany: €3-€10,000)
Performance Bonus: up to $16,200 (22.5% of base salary)
Profit Sharing: up to $4,400
– – – – –
Total Compensation: up to $105,600
Retirement: 15% of your base + bonus into your 401k, with employee contribution required.

Deloitte

Signing Bonus: $10,000 (Canada: $5,000) (NZ: $2,000)
Base: $72,500 (Canada: $60,000) (NZ: $44,000) (UK: £34,500) (Germany: €45,000)
Relocation: $2,000-$5,000
Performance Bonus: up to $10,875 (15% of base) (UK: up to 5% for 1st year analysts)

(see Deloitte Interview Tips)
– – – – –
Total Compensation: up to $98,375
Retirement: Match 6% for 401k

Ernst & Young

Signing Bonus: $3-5,000
Base: $70,000
Relocation: $1,000 (2,000 miles +)
Performance Bonus: up to $2,000
– – – – –
Total Compensation: up to $78,000
Retirement: 2.5% total compensation contributed to 401k

IBM Global Business Services

Signing Bonus: $7,000 (Canada: $5,000)
Base: $67,000-$71,000 (Canada: $60,000)
Relocation: $3,000
Performance Bonus: up to $8,520 (12% of base)
– – – – –
Total Compensation: up to $89,520
Retirement: Match 5% for 401k

KPMG

Signing Bonus: rare
Base: $60,000
Relocation: $2,000
Performance Bonus: $3-$7,200
– – – – –
Total Compensation: up to $69,200
Retirement: DNK

L.E.K.

 

Signing Bonus$7,500
Base: $73,000
Relocation: $2,500
Performance Bonus: Worldwide bonus up to $14,600 (20% of base)
– – – – –
Total Compensation: Up to $97,600

McKinsey

 

Signing Bonus: $5,000 (Canada: $6,000)
Base: $70,000 (Canada: 70,000) (Germany: €65,000)
Housing: $5,000
Relocation: up to $3,000 (Germany: €3-€10,000)
Performance Bonus: $15,000-$18,000 (Now offered consistently across most U.S. offices)

(see Mckinsey case interview prep)
– – – – –
Total Compensation: up to $101,000
Retirement: 12% of total annual compensation (Canada: $10,000 to RRSP)

Mercer


Signing Bonus: $3,000
Base: $60,000 (based on 40 hour/week)
Relocation: $2,000
Performance Bonus: No bonus, instead paid time and a half for all hours over 40
– – – – –
Total Compensation: $65,000 + overtime
Retirement: DNK

Oliver Wyman


Signing Bonus: $10,000 (Canada: $10,000)
Base: $75,000 (Canada: $75,000)
Performance Bonus: up to $15,000 (20% of base salary) for 1st year, 40% of base salary for 2nd year (guaranteed)
– – – – –
Total Compensation: up to $100,000
Retirement: DNK

PwC

Signing Bonus: $3-5,000
Base: $65,000 (Canada: $55,000)
Relocation: included in signing bonus
Performance Bonus:  up to $9,750 (10-15%) (Canada: 5-15% discretionary)
– – – – –
Total Compensation: up to $79,750

Strategy& (formally Booz & Co.)


Signing Bonus: $5,000
Base: $72,000
Relocation: $5-15,000
Performance Bonus: up to $14,400 (20% of base)
– – – – –
Total Compensation: up to $106,400
Retirement: $7,200/10% of base + up to $820/5.7% of bonus

ZS Associates

Signing Bonus: $5,500 (Canada: $5,000)
Base: $60,000 (Canada: $75,000)
Relocation: $4,000 (Canada: $2,500)
Performance Bonus: up to $6,000 (Canada: 1st year capped at 10% then removed)
– – – – –
Total Compensation: up to $75,500
Retirement: Match 3% for 401k

Here are a few more pre-MBA consulting salaries in EMEA:

  • For BCG in Amsterdam: €45,000 base, up to 15% bonus, €3,000 moving allowance
  • For Bain in Amsterdam: €42,000 base, up to 25% bonus, €4,000 moving allowance
  • For Booz in Amsterdam: €48,000 base, up to 15% bonus
  • For M/B/B in Spain: €30-35,000
  • For Deloitte and PwC in Spain: €20-25,000
  • For McKinsey Research Analyst in Poland: €22,000 base
  • For McKinsey Consultant in Poland: €50,000 base
  • For Deloitte Consultant in Poland: €43-45,000 base
  • For Deloitte/PwC Manager in Poland: €67,000 base

= = = = = First year out of MBA/grad programs = = = = =

Accenture MBA
Signing Bonus: $35,000 (Canada: $15,000)
Base: $135,000 (Canada: $140,000)
Relocation: $8,000
Performance Bonus: up to $43,500 ($30K of which is MBA bonus and is only available in for your 1st year)

– – – – –
Total Compensation: up to $221,500
Retirement: 6% Employee Match
Tuition reimbursement: up to $80,000 ($50,000 after taxes)
Vacation: 5 Weeks

A.T. Kearney Germany (MSc, not MBA)…
Signing Bonus: DNK
Base: €65,000 (PhD: €80,000)
Relocation: €3-€10,000
Performance Bonus: €6,500-€9,750 (PhD: €16,000)
– – – – –
Total Compensation: up to €84,750 (PhD: up to €106,000)
Retirement: 401k contribution up to $8,000
Auto: BMW 3 series, Audi A4, or Mercedes C-class

Bain MBA
Signing Bonus: $25,000
Base: $135,000
Performance Bonus: up to $35,000
– – – – –
Total compensation: up to $195,000
Retirement: 401k contribution up to $8,000

BCG MBA
Signing Bonus: $25,000
Base: $140,000
Relocation: $2-5,000 depending on distance
Performance Bonus: up to $42,000
– – – – –
Total Compensation: up to $212,000
Retirement: up to $9,000/5% of bonus + salary is put into retirement fund, no contributions required
Down the road: Project leaders at BCG (approximately 2-3 years out of B-school) were paid $185,000 base.

Deloitte MBA
Signing Bonus: $35,000 (Canada MBA: $5,000)
Base: $135,000 (Canada MBA: $95-100,000)
Relocation: $0-10,000 depending on distance (e.g. new hire who moved 200 miles was given $5,000)
Performance Bonus: up to $33,750 (up to 25% of base)
– – – – –
Total Compensation: up to $213,750
Retirement: monthly retirement fund portion match, year-end 10% retirement fund contribution

Ernst & Young MBA
Signing Bonus: $20,000
Base: $120,000
Relocation: $2,000
Performance Bonus: up to $30,000
– – – – –
Total Compensation: up to $172,000
Retirement: DNK

Infosys MBA
Signing Bonus: $20,000
Base: $117,000
Relocation: $3,000 non-discretionary relocation (reimbursement for movers/storage)
Performance Bonus: up to $25,000
– – – – –
Total Compensation: up to $165,000
Retirement: DNK

Kalypso MBA
Signing Bonus: $15,000
Base: $115,000
Performance Bonus: up to $15,000
– – – – –
Total Compensation: up to $145,000

KPMG MBA
Signing Bonus: $15,000
Base: $130,000
Relocation: $2,000
Performance Bonus: up to $22,750
– – – – –
Total Compensation: up to $169,750+
Retirement & profit sharing: DNK

L.E.K. MBA
Signing Bonus: $25,000
Base: $140,000
Relocation: $5,000
Performance Bonus: up to $25,000
– – – – –
Total Compensation: up to $195,000
Retirement & Profit Sharing: up to $30,000

McKinsey MBA
Signing Bonus: $25,000
Base: $135,000
Relocation: $2-9,000 depending on distance
Performance Bonus: up to $35,000
– – – – –
Total Compensation: up to $204,000
Retirement: up to $20,400/12% of bonus + salary is put into retirement fund, no contributions required

Overall BCG and McKinsey post-grad/MBA salaries are almost identical — although McKinsey has a lower base, they also have a higher retirement contribution.

Mercer MBA
Signing Bonus: $20,000
Base: $87,000
Performance Bonus: up to $17,000 (20% of base)
– – – – –
Total Compensation: up to $124,000
Retirement: DNK

PwC MBA
Signing Bonus: $25,000 (+$10,000 if you interned)
Base: $140,000
Relocation: $2,000
Performance Bonus: up to $27,000
– – – – –
Total Compensation: up to $194,000
Retirement: DNK

Strategy& (formally Booz & Co.) MBA
Signing Bous: $20,000
Base: $140,000
Relocation: $3,000
Performance Bonus: up to $25,000
– – – – –
Total Compensation: up to $188,000

= = = = = Summer Internships = = = = =

Summer internships range from a short 10-week period (par for the course in the U.S.) to a longer 16-week period (more popular in Canada and EMEA). In general, the monthly pay is prorated based on the starting base salary for a new hire. The below are total salary figures for the internship, and are for undergrads unless otherwise noted:

Undergrad

A.T.Kearney: $11,000
Bain: $11,500
BCG: $12,500 (10 weeks)
Deloitte: $31/hour ($47.50/hour for overtime), ~50 hours a week
IMS: $11,000 + bonus
L.E.K.: $11,000
McKinsey: $12,500
Oliver Wyman: $12,500  + $2500 signing (10 weeks)
PwC: $26.50-$29/hour + overtime (8 weeks plus 1 week trip to Disney World)
ZS Associates: $11,000

MBA

AT Kearney MBA: $11,000/month
Bain MBA: $26,000 (10 weeks)
BCG MBA: $26,000
Deloitte MBA: $28,450 + 2nd year MBA tuition reimbursement (up to $50,000)
IMS MBA: $11,000/month + $5,000 signing bonus
L.E.K. MBA: $2600/week + up to $4,000 performance bonus
McKinsey MBA: $28-29,500 (10 weeks)
Parthenon Group MBA: $35,000, includes base + bonus (for 10 weeks)
PwC MBA: $60/hour
Strategy& (formally Booz & Co.) MBA: $11,250/month
ZS MBA: $11,000/month + $5,000 signing bonus

Some Perspective

Compared to 2013 consulting salary levels, compensation this year has remained fairly flat.

Major Acquisitions: With PwC in process of acquiring Booz & Co, we are expecting to see changes in the compensation structure of PwC’s management consulting division this upcoming year.

As always, we want to share compensation data for as many firms, regions, and seniority levels as we can. If you’re a new hire for 2014, you can help us do that. Add your comment below or send us an email.

Love our insider information on salaries? We have more insider information on what to expect and how to prepare to hit the ground running in our 3 Month Mastery resource. We will train you on what to brush up on and how to avoid fatal mistakes in the first 3 months of your career as a management consultant.

2018 Management Consulting Salary Update