2018 Management Consulting Salaries for Undergraduates, MBAs/PhDs, & Interns

Happy 2018!

This year has already seen the FIFA World Cup and the latest Royal Wedding come and go. Right now, Mars’ close approach to Earth is all the rage, and we still have the Winter Olympics in South Korea to come!  Despite these historic events, we’re most excited about sharing the latest salary figures from management consulting firms.

We compiled salaries for those joining management consulting firms in 2018. The data comes from our interview prep clients who received offers, our loyal readers, and industry insiders. The salary data is focused on those who start in management consulting roles in 2018 and were recruited straight from an undergraduate, masters, MBA, or PhD program. The figures are in US dollars unless otherwise stated.

If you received a management consulting offer that you would like to share, we would love to hear from you. Send us an email or leave a comment below. As always, your anonymity is guaranteed.

Salaries for Incoming Undergraduate/Masters Graduates

Accenture Strategy Undergraduate/Master’s Salary

  • Base: $77,500-85,000 (Canada: C$75,000)
  • Performance Bonus: up to $8,500 (10% of base)
  • Total Cash (sum of above): up to $93,500
  • Retirement: 6% match for 401k after 1st year
  • Stock: 15% discount of Accenture stock
  • Signing Bonus: $10,000 (Canada: C$10,000)
  • Relocation: up to $5,000

Alvarez & Marsal Undergraduate/Master’s Salary

  • Base: $75,000
  • Performance Bonus: up to $19,000
  • Total Cash (sum of above): up to $94,000
  • Signing Bonus: $5,000

A.T. Kearney Undergraduate/Master’s Salary

  • Base: $75,000 (Canada: C$70,000)
  • Performance Bonus: up to $15,000 (20% of base in US and Canada)
  • Total Cash (sum of above): up to $90,000
  • 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)

Baker Tilly Virchow Krause Undergraduate/Master’s Salary

  • Base: $66,000
  • Total Cash (sum of above): up to $66,000
  • Signing Bonus: $4,000

Bain & Company Undergraduate/Master’s Salary

  • Base: $83,500 (UK: £45,500)
  • 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 (UK: £3,000)
  • Relocation: $2-8,000

Boston Consulting Group (BCG) Undergraduate/Master’s 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: Profit sharing deposited into 401k account
  • 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)

Booz Allen Hamilton Undergraduate/Master’s Salary

  • Base: $75,000 (Dubai, Abu Dhabi, Doha, Beirut, Riyadh: $60,000)
  • Performance Bonus: $11,250 (Dubai, Abu Dhabi, Doha, Beirut, Riyadh: up to $9,000)
  • Allowances: 40% of base ($24,000) – only paid to Dubai/Abu Dhabi/Doha | 30% for Riyadh
  • Total Cash (sum of above): up to $86,250 (Dubai, Abu Dhabi, Doha, Beirut: up to $93,000; Riyadh: up to $87,000)
  • Relocation: up to $5,000 (Dubai, Abu Dhabi: up to $15,000)

Booz Allen Hamilton Undergraduate/Master’s Salary (with relevant experience)

  • Base: Dubai, Abu Dhabi, Doha, Beirut, Riyadh – $80,000
  • Performance Bonus: Dubai, Abu Dhabi, Doha, Beirut, Riyadh – up to $12,000
  • Allowances: 40% of base ($32,000) – only paid to Dubai/Abu Dhabi/Doha  | 30% for Riyadh
  • Total Cash (sum of above): Dubai, Abu Dhabi, Doha, Beirut – up to $124,000. Riyadh – up to $116,000
  • Retirement: 1 month of latest salary per year of service (Dubai, Abu Dhabi, Doha, Beirut, Riyadh)

Deloitte S&O Undergraduate/Master’s Salary

  • Base: $88,000 (Canada: C$70,000) (NZ: NZ$47,000) (UK: £39,500) (Germany: €50,500)
  • Performance Bonus: up to $13,200 (15% of base) (UK: up to 5%)
  • Total Cash (sum of above): up to $101,200
  • 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/Master’s Salary

  • Base: $75,000 (Canada: C$70,000)
  • Performance Bonus: None
  • Total Cash (sum of above): $75,000
  • Retirement: 6% match of base into 401k
  • Signing Bonus: $3-7,500
  • Relocation: up to $2,000

FTI Consulting Undergraduate/Master’s 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/Master’s Salary

  • Base: $72,000
  • Performance Bonus: up to $7,200 (10% of base)
  • Total Cash (sum of above): up to $79,200
  • Retirement: $4,320 (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 $2,00
  • Total Additional (sum of above): up to $20,070
  • Grand Total (sum of cash and additional): up to $99,270

IBM Global Business Services Undergraduate/Master’s Salary

  • Base: $75,000 (Canada: C$68,000)
  • Performance Bonus: up to $8,400 (12% of base)
  • Total Cash (sum of above): up to $78,400
  • Retirement: 5% match of base into 401k
  • Signing Bonus: $7,000 (Canada: C$5,000)
  • Relocation: up to $3,000

KPMG Undergraduate/Master’s Salary

  • Base: $68,000 (Canada: C$62,000) (UK: £32,000)
  • 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/Master’s 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/Master’s Salary

  • Base: $83,000 (Canada: C$82,500) (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/Master’s Salary

  • Base: $65,000 (Canada: C$55,000)
  • 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

Novantas Undergraduate/Master’s Salary

  • Base: $72,000 (Canada: $72,000 CAD)
  • Performance Bonus: up to $14,400
  • Total Cash (sum of above): up to $86,400
  • Signing Bonus: $5,000
  • Relocation: up to $5,000

OC&C Undergraduate/Master’s Salary

  • Base: UK: £45,000
  • Signing Bonus: UK: £7,000

Oliver Wyman Undergraduate/Master’s Salary

  • Base: $80,000 (Canada: $75,000) (UK: £43,000)
  • Performance Bonus: up to $16,000 (20% of base salary)
  • Total cash (sum of above): up to $96,000
  • Signing Bonus: $10,000 (Canada: C$10,000) (UK: £7,000)
  • Relocation: up to $2,000

Parthenon-EY Undergraduate/Master’s Salary

  • Base: $92,000 (UK: £46,000)
  • Performance Bonus: up to $10,000
  • Total Cash (sum of above): up to $102,000
  • Signing Bonus: $10,000 (UK: £4,000)
  • Relocation: up to $2,000

PwC Undergraduate/Master’s 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/Master’s Salary

  • Base: $90,000 (UK: £42,000)
  • Performance Bonus: up to $9,000 (10% of base)
  • Total Cash (sum of above): $99,000
  • Retirement: 6% of base + up to 5.7% of bonus into 401k, no contribution required (5 year vesting period)
  • Signing Bonus: $10,000 (UK: £5,000)
  • Relocation: up to $8,000

ZS Associates Undergraduate/Master’s Salary

  • Base: $75,000 (Canada: C$75,000)
  • Performance Bonus: up to $7,500 (10% of base) (Canada: up to C$7500—15% of base)
  • Total Cash (sum of above): up to $82,500
  • Retirement: 3% match for 401k
  • Signing Bonus: $5,500 (Canada: C$5,000)
  • Relocation: up to $4,000 (Canada: up to C$2,500)

Salaries for Incoming MBA/PhD Graduates

Accenture Strategy MBA/PhD 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/PhD 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/PhD Salary

  • Base: $148,000 (Canada: C$120,000) (UK: £85,000)
  • 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

Boston Consulting Group (BCG) MBA/PhD Salary

  • Base: $147,000 (Dubai: $130,000) (UK: £87,500)
  • Performance Bonus: up to $44,100
  • Total Cash (sum of above): up to $191,100
  • Retirement: No 401k match but profit sharing is deposited into 401k account
  • Signing Bonus: $30,000 (Dubai: $30,000)
  • Relocation: $2-8,000

Booz Allen Hamilton MBA/PhD Salary

  • Base: $140,000 (Middle East)
  • Performance Bonus: up to $35,000 (25% of base; Middle East)
  • Allowances: 40% of base ($56,000) only paid to Dubai/Abu Dhabi/Doha  | 30% for Riyadh
  • Total Cash (sum of above): up to $231,000 (Dubai, Abu Dhabi, Doha). Up to $217,000 (Riyadh)
  • Relocation: up to $25,000 (Middle East)

Cognizant Business Consulting MBA/PhD 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/PhD Salary

  • Base: $145,000 (Canada MBA: C$125,000)
  • Performance Bonus: up to $31,900
  • Total Cash (sum of above): $176,900
  • Retirement: 25% match of first 6% into 401k (a total of 1.5%)
  • Tuition Reimbursement: Full 2nd year tuition for returning interns
  • Signing Bonus: $25,000 (additional $17,500 for returning interns, $20K early signing) (Canada: C$20,000)
  • Relocation: $2,500 if local; up to $10,000 otherwise

EY MBA/PhD 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/PhD Salary

  • Base: $147,500
  • Performance Bonus: up to $14,750
  • Total Cash (sum of above): up to $162,250
  • Signing Bonus: $25,000 (additional $15,000 for returning interns)
  • Relocation: up to $6,500

IMS Consulting Group MBA/PhD Salary

  • Base: $130,000
  • Performance Bonus: up to $16,250
  • Total Cash (sum of above): up to $146,250
  • Signing Bonus: $25,000
  • Relocation: up to $8,000

Infosys MBA/PhD 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/PhD 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/PhD Salary

  • Base: $145,000
  • Performance Bonus: up to $25,000
  • Total Cash (sum of above): $170,000
  • Signing Bonus: up to $35,000
  • Relocation: up to $5,000

L.E.K. MBA/PhD 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/PhD Salary

  • Base: $152,500 (UK: £90,000)
  • 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/PhD Salary

  • Base: $110,000
  • Performance Bonus: up to $22,000 (20% of base)
  • Total Cash (sum of above): up to $132,000
  • Signing Bonus: $20,000
  • Relocation: up to $3,000

Parthenon-EY MBA/PhD 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/PhD 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/PhD Salary

  • Base: $147,000
  • Performance Bonus: up to $47,040
  • Total Cash (sum of above): up to $194,040
  • Retirement: 6% of base + bonus into 401k, no contribution required (5 year vesting period)
  • Signing Bonus: $25,000
  • Relocation: up to $3,000
  • Student Loan Repayment: $1,200/year for up to six years or until you become a manager

Here are a few more consulting salaries in EMEA:

  • Bain Associate in Amsterdam: €48,500 base, up to 25% bonus, €4,000 moving allowance
  • BCG Associate in Amsterdam: €49,500 base, up to 15% bonus, €3,000 moving allowance
  • Capgemini Consulting Graduate: £35,000 (no bonus for first 2 years)
  • Deloitte Consultant in Poland: €46,500 base
  • Deloitte/PwC Associate in Spain: €27,00
  • Deloitte/PwC Manager in Poland: €72,000 base
  • M/B/B Associate/Analyst in Spain: €37,000
  • McKinsey Consultant in Poland: €55,500 base
  • Monitor Deloitte Sr. Consultant in Amsterdam: €57,500 base + €13,200 yearly fixed allowance, up to 20% bonus, €4,450 moving allowance, €20,000 one time study reimbursement
  • Strategy& Associate in Amsterdam: €52,000 base, up to 15% bonus

Internship Salaries

Internships range from 9-12 week periods in the United States to 12-16 week periods in Canada and the EMEA. Monthly internship salaries are commonly prorated based on the starting base salaries for a new hire. Here are 2018 internship salaries:

Undergraduate/Masters 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)
  • EY: $30/hour ($45/hour for overtime)
  • IMS Consulting Group: $11,500 + bonus
  • KPMG: $28/hour
  • L.E.K.: $12,500
  • McKinsey: $14,500 (10 weeks). Canada: $6,500/month
  • Oliver Wyman: $11,750 + $2500 signing bonus (9 weeks)
  • PwC: $39/hour (8 weeks plus 1 week trip to Disney World if accepted return offer)
  • Strategy&: $38/hour
  • ZS Associates: $12,000

MBA/PhD Program Internships

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

Additional Salary Information

Salaries for Advanced Degree Holders

We are commonly asked about the salaries received by master’s or doctorate candidates. For the most part, many firms treat master’s students (who apply for management consulting roles) the same as undergraduates. Sadly, that means master’s students often receive the same compensation as undergraduates. However, if a master’s student applies for technical positions in their field (e.g. data science), they sometimes receive a higher pay than their undergraduate counterparts. PhDs, on the other hand, often receive the same compensation as MBA students.

Sky-High Salaries in the United States

Management consulting salaries in the US are exceptionally high when compared with many other countries around the world. There are several reasons for this, but the key driver is supply and demand. There is a strong demand for top talent in the U.S. For example, many Wall Street and tech firms often fork out $100k+ salaries for new top hires. As management consulting firms compete to attract the crème de la crème, they must likewise offer high compensation packages.

Small Salary Variation Across Office Locations

The salary data we have received shows that management consulting salaries are typically the same across all offices within a country. There are some exceptions. In the United States, offices in cities like San Francisco and New York sometimes offer slightly higher salaries due to talent wars with Silicon Valley and Wall Street firms. In addition, Big 4 firms sometimes adjust salaries to account for living costs. For example, a Big 4 consultant working in Toronto often receives a slightly higher salary than a Big 4 consultant in Calgary.

The relatively flat compensation packages have two important implications. First, it means there is little room for salary negotiation unless you are a hotshot or experienced hire. Second, it means you can maximize realized income by choosing an office location where the cost of living is lower (e.g. choosing Atlanta over New York).

How Consulting Bonuses Work

A consulting offer typically contains some kind of bonus. Some common bonuses for full-time offers include the end-of-year performance bonus, the signing bonus, and the relocation bonus. Interns, on the other hand, are less likely to receive any bonus, although some firms offer a relocation or signing bonus. When analyzing these bonuses, there are several things you should keep in mind. For the performance bonus, only the top 5-10% of employees receive the listed maximum amount. Average performers often receive bonuses closer to half of the maximum amount, while poor performers typically only receive a small bonus if any.

For the relocation bonus, the size is primarily driven by the 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 (typically around $2,000 in the US). However, if offerees live in a distant state or country, they are typically offered the firm’s maximum relocation bonus amount.

Unlike the performance or relocation bonus, the size of the signing bonus does not vary significantly across candidates applying for the same position. The only key differentiator is whether the individual has completed an internship with the same firm. If so, firms sometimes offer interns a higher signing bonus.

The relocation and signing bonuses can be distributed in several different ways. Although they are commonly dispersed 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.). Additionally, bonuses can be taxed in different ways. Taxes can be withdrawn before you receive the bonus payment or they can be withdrawn from future paychecks, reducing your monthly take-home income. In either case, make sure to factor in tax payments when you are creating your bonus spending (or saving) plan.

Also, 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 package (which also includes the signing and relocation bonus). Base salaries play a foundational role in determining your future salary so a base salary of $140,000 with a $20,000 signing bonus is preferable to a base salary of $136,000 with a signing bonus of $25,000.

Salaries Along the Consulting Career Path

The salaries listed above are for interns and those graduating from undergraduate and graduate programs. When comparing your consulting offer with those from other industries, it is helpful to know how your consulting salary will grow over time. In top consulting firms, one can typically expect a 10-20% increase in their base pay and performance bonuses each year. After working 2-3 years in a consulting firm, the consultants who performed well are often promoted to the next level while poor performers usually leave the firm. If you are a top performer at a top firm who decides to stay in consulting (only a few percent of recruits fall within this category), your consulting salary could grow as follows:

First-year out of undergrad/master’s:

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

First year out of MBA/PhD:

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

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

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

Associate Principal/Senior Project Leader (4-5 years out of MBA/PhD): 

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

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

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

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

  • 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 salaries increase quickly within consulting firms, those leaving consulting typically receive a pay increase. Those who enter the financial service industry often receive at least a 50% increase in compensation, although their work/life balance often takes a hit. However, those joining Corporate America often work less and still receive a pay increase. In 2014, the average consultant who joined Corporate America received an average compensation increase of 10-20%.

Conclusion

Management consulting salaries are still very attractive thanks to a strong economy and demand for talent. This year, there was a significant increase in tech recruiting, which has taken a bite out of the consulting candidate pool. As a result of the increased competition for new hires, there has been a slight uptick in salaries across many consulting firms.

If you were offered a 2018 management consulting position, congrats! You deserve a bottle of champagne. As we provide aspiring consultants with the latest compensation data, we appreciate any salary data that you share. Please add a comment below or send us an email. Your anonymity is guaranteed.

If you are interested in receiving a consulting offer or have any specific questions, we are here to help you. Don’t hesitate to contact us or book a Power Half Hour with one of our ex-MBB consultants. We also work hard to offer world-class interview prep or resume prep services that land thousands of clients a year offers from top management consulting firms.

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