2017 Management Consulting Salaries for Undergraduates, MBAs/Grads, & Interns


Welcome to 2017!

This year promises the first total solar eclipse of the 21st century, the 2017 World Expo, and the French and German elections—fingers crossed these will not cause the pandemoniums of Brexit and the indelible 2016 US election. The field of management consulting also continues to have its fair share of excitement. This past year, many top consulting firms experienced revenue growth of 7-13%. In many firms, a salient driving force behind revenue growth was the increasing demand for digital consulting services. This has led to a proliferation in the recruitment of data scientists, software specialists, and engineers as consulting firms develop their digital practices, thereby offering wider avenues for those hoping to break into consulting.

Those who manage to break into management consulting firms in 2017 will be recipients of steadily increasing consulting salaries. At top firms in the US, management consulting salaries have risen an average 4-5%, keeping well ahead of inflation. As noted by many, management consulting salaries in the US are exceptionally high when compared with other countries around the world. There are several reasons for this, the most notable being talent acquisition competition pressure from numerous banking and technology firms. In the United States, top undergraduate students can attain six-figure salaries on Wall Street, at tech giants like Google, and even at hot Silicon Valley startups. As management consulting firms prefer to recruit the crème de la crème, who are currently in high demand in the US, these firms must pay the premium by offering high compensation packages.

2017 Consulting Salary Data

Using compensation data we received from industry insiders, successful interview prep clients, and our loyal readers, we have compiled a list of management consulting salaries for those joining firms in 2017. This list contains data for interns and for those starting fresh out of undergraduate and MBA/graduate programs. All the salary figures are in US dollars unless otherwise denoted. Also, the listed salary data is solely for those in management consulting roles within these firms.

Bonus Truth

When evaluating compensation packages offered by consulting firms, there are several things to note with regards to bonuses. For the performance bonus, only the top 5-10% of employees receive the listed maximum amount. Average performers receive bonuses closer to half of the maximum amount, while poor performers typically only receive a small bonus if any.

Also, the size of relocation bonuses is primarily driven by distance one would have to move to work in the specified office location. If offerees live in the same city as the firm office, they are either offered no bonus or a small courtesy bonus (normally $2,000 in the US). However, if offerees live in a distant state or country, they are typically offered the firm’s maximum relocation amount.

Relocation and signing bonuses can be administered in several different ways. Although they are typically distributed in advance, they can be rewarded on the start date (e.g. at IBM GBS), or they can even be spread over several years (e.g. L.E.K.). When choosing between offers at different firms, we recommend placing more consideration on the base salary and performance bonus than on the size of the total compensation which includes the signing bonus. Because base salaries play a crucial role in determining future salaries, a base salary of $140,000 paired with a $20,000 signing bonus is preferable to a base salary of $136,000 paired with a signing bonus of $25,000, all else being equal.

After accepting an offer from a consulting firm, remember to consider taxes before planning bonus spending. Taxes can be withdrawn before you receive the payments, which can leave you in a dilemma if you planned to purchase that $10,000 ring with a $10,000 bonus. Alternatively, bonus taxes can be withdrawn from future paychecks, reducing your monthly take-home income.

Compensation Variation Across Office Locations

Our subscribers have asked us how consulting compensation packages vary across different offices within the same country. The salary data we collected shows that management consulting salaries are typically flat across all offices within a country. There are some exceptions. In the United States, offices in San Francisco sometimes proffer slightly higher salaries than other offices, partly because of the talent war with Silicon Valley firms. Other notable exceptions are Big 4 firms, where we sometimes witness a slight variance in compensation packages.

Exceptions aside, flat compensation packages have two important implications. First, one can maximize realized income by choosing an office location where the cost of living is lower. Be warned, maximizing realized income does not necessarily yield the sexiest alternative (e.g. choosing Atlanta over New York). Second, flat salaries leave little opportunity for salary negotiation, unless you are a top performer or experienced hire.

Below is the salary data for those joining consulting fresh out of an undergraduate or MBA program. If you recently received a management consulting offer that differs from any of the listed figure below, or if you have data from any other consulting firms or from any other location around the globe, we would love to hear from you. Send us an email or leave a comment below. As always, your anonymity is guaranteed.

1st Year Out of Undergraduate Program Salaries

Accenture Strategy Undergraduate Salary

  • Base: $80-85,000 (Canada: C$70,000)
  • Performance Bonus: up to $8,500 (10% of base)
  • Total Cash (sum of above): up to $93,500
  • Retirement: 6% match for 401k
  • Stock: 15% discount of Accenture stock
  • Signing Bonus: $10,000 (Canada: C$10,000)
  • Relocation: up to $5,000

A.T. Kearney Undergraduate Salary

  • Base: $72,000 (Canada: C$70,000)
  • Performance Bonus: up to $14,400 (20% of base in US and Canada)
  • Total Cash (sum of above): up to $86,400
  • Retirement: 6% match for 401k
  • Profit Sharing: up to $7,200 (10% of base depending on firm performance)
  • Signing Bonus: $5,000 (Canada: C$5,000)
  • Relocation: up to $10,000 (Canada: up to C$10,000)

Bain & Company Undergraduate Salary

  • Base: $83,500
  • Performance Bonus: up to $12,525 (15% of base)
  • Total Cash (sum of above): up to $96,025
  • Retirement: 4.5% of base + bonus into 401k, no contribution required
  • Signing Bonus: $5,000
  • Relocation: $2-8,000

Boston Consulting Group (BCG) Undergraduate Salary

  • Base: $84,000 (Canada: C$78,000) (Aus: A$67,000) (Germany: €68,500)
  • Performance Bonus: up to $16,800
  • Total Cash (sum of above): $100,800
  • Retirement: 15% match for 401k
  • Profit Sharing: up to $4,400
  • Signing Bonus: $5,000 (Canada: C$8,000) (Aus: A$15,000)
  • Relocation: $2-8,000 (Germany: €3-10,000)

Deloitte S&O Undergraduate Salary

  • Base: $78,000 (Canada: C$66,000) (NZ: NZ$47,000) (UK: £39,500) (Germany: €50,500)
  • Performance Bonus: up to $11,700 (15% of base) (UK: up to 5%)
  • Total Cash (sum of above): up to $89,700
  • Retirement: 6% match for 401k
  • Signing Bonus: $12,500 (Canada: C$5,000) (NZ: NZ$2,000)
  • Relocation: up to $2-5,000

EY Undergraduate Salary

  • Base: $75,000
  • Performance Bonus: None
  • Total Cash (sum of above): $75,000
  • Retirement: 2.5% of base + bonus into 401k, no contribution required
  • Signing Bonus: $3-7,500
  • Relocation: up to $2,000

FTI Consulting Undergraduate Salary

  • Base: $68,000
  • Performance Bonus: up to $10,000
  • Total Cash (sum of above): up to $78,000
  • Signing Bonus: $7,000
  • Relocation: up to $1,000

Huron Undergraduate Salary

  • Base: $67,500
  • Performance Bonus: up to $6,750 (10% of base)
  • Total Cash (sum of above): up to $74,250
  • Retirement: 6% match of base into 401k
  • Stock: $5,000 (25% match of personal investment up to $20,000)
  • Signing Bonus: $5,000
  • Travel Bonus: up to $3,750 (typically $3,000)
  • Relocation: up to $2,000

IBM Global Business Services Undergraduate Salary

  • Base: $68,000 (Canada: C$68,000)
  • Performance Bonus: up to $8,160 (12% of base)
  • Total Cash (sum of above): up to $76,160
  • Retirement: 5% match for 401k
  • Signing Bonus: $7,000 (Canada: C$5,000)
  • Relocation: up to $3,000

KPMG Undergraduate Salary

  • Base: $68,000 (Canada: C$58,000)
  • Performance Bonus: up to $8,160
  • Total Cash (sum of above): up to $76,160
  • Signing Bonus: Rare
  • Relocation: up to $2,000

L.E.K. Undergraduate Salary

  • Base: $74,000
  • Performance Bonus: up to $14,800 (20% of base)
  • Total Cash (sum of above): up to $88,800
  • Signing Bonus: $7,500
  • Relocation: up to $2,500

McKinsey & Company Undergraduate Salary

  • Base: $83,000 (Canada: C$80,000) (Germany: €67,000)
  • Performance Bonus: up to $18,000 (Canada: up to C$24,500)
  • Total Cash (sum of above): up to $101,000
  • Retirement: 7% of annual compensation (Canada: C$10,000 to RRSP)
  • Signing Bonus: $5,000 (Canada: C$5,250)
  • Relocation: $2-10,000 (Germany: €3-€5,000)

Mercer Undergraduate Salary

  • Base: $65,000
  • Performance Bonus: No bonus, instead 1.5x pay for hours over 40/week
  • Total Cash (sum of above): $65,000 + overtime
  • Signing Bonus: $3,000
  • Relocation: up to $2,000

Oliver Wyman Undergraduate Salary

  • Base: $77,500 (Canada: $75,000)
  • Performance Bonus: up to $15,500 (20% of base salary)
  • Total cash (sum of above): up to $93,000
  • Signing Bonus: $10,000 (Canada: $10,000)
  • Relocation: up to $2,000

Parthenon-EY Undergraduate Salary

  • Base: $90,000
  • Performance Bonus: up to $10,000
  • Total Cash (sum of above): up to $100,000
  • Signing Bonus: $10,000
  • Relocation: up to $2,000

PwC Undergraduate Salary

  • Base: $72,000 (Canada: C$61,000)
  • Performance Bonus: up to $10,800 (15% of base) (Canada: up to $9,150—15% of base)
  • Total Cash (sum of above): up to $82,800
  • Signing Bonus: $5-10,000
  • Relocation: up to $2,000

Strategy& Undergraduate Salary

  • Base: $85,000
  • Performance Bonus: up to $8,500 (10% of base)
  • Total Cash (sum of above): $93,500
  • Retirement: 10% of base + up to 5.7% of bonus into 401k, no contribution required
  • Signing Bonus: $10,000
  • Relocation: up to $8,000

ZS Associates Undergraduate Salary

  • Base: $73,000 (Canada: C$75,000)
  • Performance Bonus: up to $7,300 (10% of base) (Canada: up to $7500—15% of base)
  • Total Cash (sum of above): up to $80,300
  • Retirement: 3% match for 401k
  • Signing Bonus: $5,500 (Canada: C$5,000)
  • Relocation: up to $4,000 (Canada: up to C$2,500)

1st Year Out of MBA/Grad Program Salaries

Accenture Strategy MBA/Grad Salary

  • Base: $147,500 (Canada: C$140,000)
  • Performance Bonus: up to $44,400
  • Total Cash (sum of above): up to $191,900
  • Retirement: 6% match for 401k
  • Tuition Reimbursement: up to $80,000 ($50,000 after taxes)
  • Signing Bonus: $25,000 (Canada: C$15,000)
  • Relocation: up to $8,000

A.T. Kearney MBA/Grad Salary

  • Base: $147,000 (Germany: €85,000)
  • Performance Bonus: up to $44,100 (Germany: up to €16,000)
  • Total Cash (sum of above): $191,100
  • Retirement: 401k contribution up to $8,000
  • Signing Bonus: $25,000 (plus $10,000 for summer interns)
  • Relocation: up to $10,000 (Germany: up to €5,000)

Bain & Company MBA/Grad Salary

  • Base: $148,000 (Canada: C$120,000)
  • Performance Bonus: up to $37,000
  • Total Cash (sum of above): up to $185,000
  • Retirement: 401k contribution up to $8,000
  • Signing Bonus: $25,000
  • Relocation: up to $5,000: up to $8,000

Boston Consulting Group (BCG) MBA/Grad Salary

  • Base: $147,000 (Dubai: $130,000)
  • Performance Bonus: up to $44,100
  • Total Cash (sum of above): up to $191,100
  • Retirement: up to $9,555 into retirement fund, no contributions required
  • Signing Bonus: $30,000 (Dubai: $30,000)
  • Relocation: $2-8,000

Cognizant Business Consulting MBA/Grad Salary

  • Base: $125,000
  • Performance Bonus: up to $15,000
  • Total Cash (sum of above): up to $140,000
  • Signing Bonus: $20,000 (Dubai: $30,000)
  • Relocation: up to $6,000

Deloitte S&O MBA/Grad Salary

  • Base: $149,000 (Canada MBA: C$125,000)
  • Performance Bonus: up to $37,250 (25% of base)
  • Total Cash (sum of above): $186,250
  • Retirement: 1/4 match of first 6% into 401k for a total of 1.5%
  • Tuition Reimbursement: full 2nd year tuition for returning interns
  • Signing Bonus: $25,000 (additional $17,500 for returning interns) (Canada: C$20,000)
  • Relocation: $2,500 if local; $10,000 otherwise

EY MBA/Grad Salary

  • Base: $145,000
  • Performance Bonus: up to $31,700
  • Total Cash (sum of above): up to $176,700
  • Signing Bonus: $25,000
  • Relocation: up to $5,000

IBM Global Business Services MBA/Grad Salary

  • Base: $130,000
  • Performance Bonus: up to $13,000
  • Total Cash (sum of above): up to $143,000
  • Signing Bonus: $25,000 (additional $15,000 for returning interns)
  • Relocation: up to $4,500

IMS Consulting Group MBA/Grad Salary

  • Base: $128,000
  • Performance Bonus: up to $16,000
  • Total Cash (sum of above): up to $144,000
  • Signing Bonus: $25,000
  • Relocation: up to $8,000

Infosys MBA/Grad Salary

  • Base: $122,500
  • Performance Bonus: up to $25,000
  • Total Cash (sum of above): $147,500
  • Signing Bonus: $20,000
  • Relocation: up to $3,000

Kalypso MBA/Grad Salary

  • Base: $124,000
  • Performance Bonus: up to $15,000
  • Total Cash (sum of above): $139,000
  • Signing Bonus: $15,000
  • Relocation: up to $3,000

KPMG MBA/Grad Salary

  • Base: $140,000
  • Performance Bonus: up to $25,000
  • Total Cash (sum of above): $165,000
  • Signing Bonus: $35,000
  • Relocation: up to $5,000

L.E.K. MBA/Grad Salary

  • Base: $150,000
  • Performance Bonus: up to $25,000
  • Total Cash (sum of above): $175,000
  • Retirement & Profit Sharing: up to $30,000
  • Signing Bonus: $25,000 (additional $25,000 for returning interns)
  • Relocation: up to $5,000

McKinsey & Company MBA/Grad Salary

  • Base: $152,500
  • Performance Bonus: up to $35,000
  • Total Cash (sum of above): up to $187,500
  • Retirement: up to $11,900 (7% of qualified compensation, capped at $170,000)
  • Signing Bonus: $25,000
  • Relocation: $2-9,000

Mercer MBA/Grad Salary

  • Base: $95,000
  • Performance Bonus: up to $19,000 (20% of base)
  • Total Cash (sum of above): up to $114,000
  • Signing Bonus: $20,000
  • Relocation: up to $3,000

Parthenon-EY MBA/Grad Salary

  • Base: $170,000
  • Performance Bonus: up to $9,000
  • Total Cash (sum of above): up to $179,000
  • Signing Bonus: $35,000
  • Relocation: up to $2,000

PwC MBA/Grad Salary

  • Base: $135-140,000
  • Performance Bonus: up to $27,000
  • Total Cash (sum of above): up to $167,000
  • Starting Bonus: $25,000
  • Relocation: up to $2,000

Strategy& MBA/Grad Salary

  • Base: $152,000
  • Performance Bonus: up to $34,900
  • Total Cash (sum of above): up to $186,900
  • Retirement: 10% of base + bonus into 401k, no contribution required
  • Signing Bonus: $25,000
  • Relocation: up to $3,000

Here are a few more consulting salaries in EMEA:

  • Bain Associate in Amsterdam: €47,500 base, up to 25% bonus, €4,000 moving allowance
  • BCG Associate in Amsterdam: €49,000 base, up to 15% bonus, €3,000 moving allowance
  • Strategy& Associate in Amsterdam: €52,000 base, up to 15% bonus
  • Deloitte Consultant in Poland: €46,500 base
  • Deloitte/PwC Manager in Poland: €71,500 base
  • McKinsey Consultant in Poland: €55,000 base
  • Deloitte and PwC Associate in Spain: €27,000
  • M/B/B Associate/Analyst in Spain: €37,000

Internship Salaries

Internships range from 9-12 week periods in the United States to 12-16 week periods in Canada and the EMEA. Typically, monthly internship salaries are prorated based on the starting base salaries for a new hire minus the bonuses. Here are the internship salaries for undergraduates and MBAs/Grads:

Undergraduate Program Internships

  • Accenture Strategy: $31.50/hr, plus signing bonus and overtime
  • A.T. Kearney: $12,000
  • Bain: $14,750 (10 weeks)
  • BCG: $14,500 (10 weeks)
  • Deloitte: $32/hour ($48/hour for overtime, ~ 50 hours a week)
  • IMS: $11,500 + bonus
  • L.E.K.: $12,000
  • McKinsey: $14,500 (10 weeks)
  • Oliver Wyman: $11,750 + $2500 signing bonus (9 weeks)
  • PwC: $39/hour (8 weeks plus 1 week trip to Disney World if received return offer)
  • ZS Associates: $12,000

MBA/Grad Program Internships

  • AT Kearney MBA/Grad$11,800/month
  • Bain MBA/Grad: $29,000 (10 weeks)
  • BCG MBA/Grad: $30,000
  • Deloitte MBA/Grad: $29,750 + full 2nd year MBA tuition for returning interns
  • IBM MBA/Grad: $22,000 + $4,500 relocation
  • IMS MBA/Grad$11,500/month + $5,000 signing bonus
  • L.E.K. MBA/Grad$3125/week (9 weeks) + up to $25,000 tuition reimbursement for returning MBA interns
  • KPMG MBA/Grad$66/hour ($99/hour for overtime, 10 weeks)
  • McKinsey MBA/Grad: $31,000 (10 weeks)
  • Parthenon-EY MBA/Grad$27,000 + $5,000 signing bonus (for 10 weeks)
  • PwC MBA/Grad$11,700/month
  • Strategy& MBA/Grad$12,500/month
  • ZS MBA/Grad$11,500/month + $5,000 signing bonus

Salaries Along the Consulting Career Path

The above salaries are for interns and those graduating from undergraduate and graduate programs. After working in the firm for over a year, one can typically expect a 12-20% increase in total cash (base + performance bonus). After working 2-3 years in a consulting firm, one either leaves the consulting firm or is promoted. Here are current figures for management consultant salaries at each promotion level within a top management consulting firm:

First-year out of undergrad:

  • Base: ~$80k
  • Signing Bonus: ~$5k
  • Performance Bonus: up to ~$12k

First year out of MBA:

  • Base: ~$150k
  • Signing Bonus: ~$25k
  • Performance Bonus: up to ~$44k

Manager/Project Leader (2-3 years out of MBA):

  • Base: $190-210k
  • Bonus: $80-120k

Associate principal/Senior project leader (4-5 years out of MBA): 

  • Base: $230-300k
  • Bonus: $110-200k

Junior Partner/Principal (6-8 years out of MBA): 

  • Base: $320-400k
  • Bonus: $300-500k

Senior Partner/Director (10+ years out of MBA): 

  • Base: $400-600k
  • Bonus: $500k+ (all-in, senior partners at top firms usually make $1M+; top partners can make $4-5M while ultra-performers can make more)

Although the golden handcuffs easily become more enticing as one is promoted within consulting firms, you can typically receive a pay increase when leaving consulting firms. It is no secret that those joining banking or trading roles can often receive at least a 50% increase in compensation, although their work/life (or more realistically, work/sleep) balance might suffer. You can also leave consulting for Corporate America, where the work hours are typically less, and also receive a pay increase. In 2014, the average consultant who joined Corporate America received an average compensation increase of 10-20%.

Conclusion

Consulting salaries have been bullish for the past several years and the trend has continued into 2017. Too bad you cannot easily buy a call option on consulting salaries. However, you can capitalize on this trend by working at a management consulting firm (aside from rising salaries, there are several other reasons why you might want to join). If you are interested in breaking into consulting or have any specific questions, we are here to help you. Don’t hesitate to contact us at team@managementconsulted.com or book a Power Half Hour with one of our ex-MBB consultants.

If you have already decided that you want to break into consulting and want the best odds possible, take advantage of our world-class interview prep and resume prep services. We work hard to offer world-class services, and as a result, over 55% of our Black Belt clients received offers from top management consulting firms in 2016.

If you were offered a 2017 management consulting position, congrats! You deserve a pat on the back and a glass of champagne. As we aim to aid future consultants by sharing accurate compensation data, we would appreciate any salary data that you share. Add a comment below or send us an email. As always, your anonymity is guaranteed.

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  • Sasha

    Accenture Strategy’s base is $147,500 first year out of MBA.

  • Allison Raye Will die painfuly

    How much is Oliver Wyman 1 year out of mba

  • Andrew

    Oliver Wyman doesn’t recruit post-MBA so there are no “traditional” post-MBA Comp #s.

  • 2017MBA

    I received

  • 2017MCMBA

    Are these PwC MBA FT stats specifically for San Francisco? I know of NYC and Chicago offers at 135k base/25k starting bonus (not signing). Also, a 10k early sign incentive for interns was not offered to my knowledge.

  • SmOkin Guam

    How come consulting salaries are so much higher in the US than they are in Germany?

  • Douglas Hammond

    As a surgeon, I’ve been saving lives for 20+ years. I’ll never make this kind of money.

  • Iamdn10

    Do people who have already started at the MBB with a lower salary get the higher salaries based on these offers, or are you locked in (e.g. Last year’s offers were 80k, these are closer to 83-84k).

  • k_nonymous

    It is primarily because consulting firms in the US want to hire the best graduates, but they are competing for this talent with firms on Wall Street, who pay very well. It is a supply-demand situation. That dynamic may not exist in Germany.

  • A b

    Strategy& does not offer 10% 401k match… that was a Booz policy which was switched with pwc.

    It is now a 6% match with a 5 year vesting period

  • Karan Kochhar

    These salaries are based on MBA from Canadian Schools?, which ones in particular?, are these the top(top 10) echelon schools?. I would like to see the correlation between the salaries posted above and the MBA programs that they have graduated from.

  • Norma

    This mistake has been on every list for the last 3 years…

    BCG does not offer a 401k match across most (if not all) US offices and has not for several years. The profit sharing is deposited into a 401k account INSTEAD of any matching.

  • Matt

    Not partner money, but surely better than the first 3 levels?