Content
It’s no secret that one of the things that draws lots of college seniors and MBA students to the management consulting field is the high salaries and year-end bonuses. But what does a typical management consultant salary look like?
We’ve surveyed recent hires by firms like Bain, BCG, McKinsey, Accenture, and Deloitte and can tell you.
In this article, we’ll provide:
- An overview of management consulting salary data,
- Management consultant salaries for undergraduate and Master’s degree full-time hires,
- Management consulting salaries for MBA degree & Ph.D. full-time hires,
- How to compare management consulting salary packages to other offers, and
- The trajectory in management consulting careers.
Let’s get started!
Overview of Management Consulting Salary Packages
What should you actually think about when you are considering a management consulting salary package?
A management consultant compensation package includes:
- A base salary,
- A (one-time) sign-on bonus,
- An annual performance bonus, and
- A (one-time) relocation payment (depending on company policy and circumstances).
The first thing to note is that a management consultant salary is typically non-negotiable at the base salary level. If you’re going into an offer with the hopes of negotiating an additional few thousand dollars, think again. Most firms, especially top strategy firms, want to keep salaries at a consistent starting level for an incoming cohort. The compensation tiers for management consultant salaries are not flexible.
For some firms, these compensation tiers are the same across all offices in a region. (Ex: the BCG management consultant salary for someone in Atlanta will be the same as the salary for a BCG consultant in New York). Because of this, it’s important to consider your office preferences and your cost of living.
Other firms, like PwC for example, have a pay scale that varies by office. An Associate in PwC’s Atlanta office would have a slightly lower salary than an Associate in New York because of New York’s higher cost of living.
The consulting firms typically don’t even talk about salaries until their first offer letters are sent out. Once they are sent out, however, Bain, BCG, and McKinsey sometimes “update” starting salaries based on the salaries offered by other firms within this group of consulting firms. These “updates” are not always made, however.
Join our FREE Webinar:
How 800+ Candidates Have Landed Consulting Offers At McKinsey, Bain And BCG
Experienced Hire Salaries
Experienced hires have wiggle room to negotiate the amount of their sign-on bonus or relocation payment if they have a good reason (e.g., a candidate moving a family rather than just themselves).
But experienced hires shouldn’t have the expectation that they’ll be able to negotiate a substantial increase in their offer. Top consulting firms know they have strong reputations and that many people want to work for them.
As an experienced hire coming in with several years of relevant experience, your best shot is to try to negotiate the level at which you enter the firm. Coming it at a higher level would get you a higher base salary and sign-on bonus. In the end, though, the consulting firms’ compensation packages are pretty set.
In the tables below, we provide a basic overview of what a management consultant salary packages look like. First, we’ll cover management consultant salaries for undergraduate and Master’s degree candidates. After that, we’ll cover management consultant salary offers for MBA and Ph.D hires. Lastly, we’ll provide some sample consulting salaries for experienced hires.
The focus of our management consultant salary research was the North American market but we list consulting salaries from other countries where we have good data.
>>> SUBMIT YOUR OFFER!<<<
To provide accurate data on consulting salaries to the thousands of applicants who read this article every month, we need your help! If you’ve received a consulting offer to start in 2023, please fill out this anonymous form or send us an email. Thanks in advance for your help!
Management Consultant Salary Packages: Undergraduate and Master’s Degree Full-Time Hires
McKinsey, Bain, & BCG Management Consultant Salary
| Firm | Base salary | Perfomance bonus | Total Cash | Signing bonus | Retirement | PTO | Relocation |
|---|---|---|---|---|---|---|---|
| McKinsey Business Analyst Salary - U.S. | $112,000-$125,000/year | up to $30,000 | up to $140,000 | $5,000 | 19 | up to $10,000 | |
| Bain Associate Consultant Salary - U.S. | $110,000 | up to $23 | up to $133,000 | $5,000 | 4.5% of base + bonus into 401k | 21 | up to $5,000 |
| Bain Associate Consultant Intern Salary | $9,000/month | $9,000/month | |||||
| BCG Associate Salary - U.S. | $110,000 | up to $18,000 | up to $128,000 | $5,000 | profit sharing 5% into 401k, Immediately vested. | 15 | up to $8,000 |
| McKinsey Business Analyst Salary - U.K. | £50K-£60K | up to £5K | £55K-£65K | ||||
| Bain Associate Consultant Salary - U.K. | £55K-£60K | up to £11K | £66K-£71K | £3,000 | 9% of base salary | ||
| BCG Associate Salary - U.K. | £50K-£56K | ||||||
| McKinsey Business Analyst Salary - Singapore | SGD 70K-75K | SGD 8K | SGD 78K-83K | ||||
| Bain Associate Consultant Salary - Singapore | SGD 70K-80K | SGD 15K | SGD 85K-95K | ||||
| BCG Associate Salary - Singapore | SGD 70K-75K | SGD 15K | SGD 85K-90K |
Tier 2 & Big 4 Management Consultant Salary
| Firm | Base salary | Perfomance bonus | Total Cash | Signing bonus | Retirement | PTO | Relocation |
|---|---|---|---|---|---|---|---|
| Accenture Undergraduate & Masters Consultant Salary | $79,500 | $10,000 | 6% match | 20 days | |||
| Deloitte Undergrad & Masters Consultant Salary | $95,000 | up to $20,000 | up to $125,000 | up to $15,000 | 150% match for individual contributions | ||
| Deloitte Strategy Summer Scholar Salary | $41/hour | ||||||
| Deloitte Undergrad & Masters Consultant Salary | AUD $67,000 | unknown | AUD $67,000+ | AUD $500 | 20 days | ||
| PwC Undergrad & Masters Consultant Salary | $75,000 | up to 20% | up to $90,000 | up to $5,000 | 25% match up to 6% in 401k, + Wealth Builder contribution | 15 days | |
| PwC Consulting Intern | $37-$48/hour | 401K | |||||
| PwC Undergrad & Masters Consultant Salary - Hong Kong | $31,000 | 0% | 31000 | 0 | 15 days | ||
| Strategy& Undergrad & Masters Consultant Salary | $85,000 | 20% | up to $102,000 | up to $5,000 | 25% match up to 6% in 401k, + Wealth Builder contribution | 22 days | |
| Strategy& Undergrad & Masters Consultant Salary - U.K. | GBP 52,000 | GBP 52,000 | GBP 6,000 | 25 days | |||
| Ernst & Young Undergrad & Masters Consultant Salary | $72,500 | up to $5,000 | 25% match up to 6% in 401K | unlimited | up to $2,000 | ||
| EY- Parthenon Undergrad & Masters Consultant Salary | $100,000 | up to $9,000 | up to $109,000 | up to $10,000 | unlimited | up to $2,000 | |
| EY- Parthenon Undergrad & Masters Consultant Salary - Canada | CAD 75,000 | CAD 3,000 | 15 days | ||||
| KPMG Undergrad & Masters Consultant Salary | $74,000 | 2-10% | up to $81,400 | up to $5,000 | |||
| Monitor Deloitte Undergrad & Masters Consultant Salary | $72,000 | up to $15,000 | up to $87,000 | 22 days | up to $4,000 |
Boutique Strategy Firm Management Consultant Salary
| Firm | Base salary | Perfomance bonus | Total Cash | Signing bonus | Retirement | PTO | Relocation |
|---|---|---|---|---|---|---|---|
| L.E.K. Undergraduatte & Masters Consultant Salary | $95,000 | up to $3,000 | up to $83,000 | $15,000 | 15 days | $2,500 | |
| Oliver Wyman Undergraduate & Masters Consultant Salary | $87,000 | up to $10,000 | up to $97,000 | $10,000 | 3% match | 17 days |
Management Consulting Salary Packages: MBA Full-Time Hires & Ph.D.’s
McKinsey, Bain, & BCG Management Consultant Salary
| Firm | Base salary | Perfomance bonus | Total Cash | Signing bonus | Retirement | PTO | Relocation |
|---|---|---|---|---|---|---|---|
| McKinsey Associate Salary - U.S. | $192,000 | up to $45,000 | up to $237,000 | $30,000 | 7.5% into 401k | 19 | up to $2,000 |
| Bain Consultant Salary - U.S. | $192,000 | up to $41,250 | up to $233,250 | $30,000 | 401k contribution up to $8,000 | 25 | up to $8,000 |
| Bain Summer Associate Salary - U.S. | $16,000/month | $16,000/month | |||||
| BCG Consultant Salary - U.S. | $190,000 | up to $43,750 | up to $233,750 | $30,000 | 10% Profit sharing into 401k PL and above. | 15 | up to $8,000 |
| McKinsey Associate Salary - U.K. | £100K-£110K | up to £11K | £111K-£121K | ||||
| Bain Consultant Salary - U.K. | £100K-£105K | up to £20K | £120K-£125K | up to £15K | up to £10K | ||
| BCG Consultant Salary - Singapore | £90K-£100K | up to £17.3 | £107-117K | up to £15K | up to 9% match | ||
| McKinsey Associate Salary - Singapore | SGD 150K-160K | SGD 35K | SGD 185K-195K | ||||
| Bain Consultant Salary - Singapore | SGD 160K-165K | SGD 35K | SGD 195K-200K | ||||
| BCG Consultant Salary - Singapore | SGD 150K-160K | SGD 35K | SGD 185K-195K | ||||
| Bain & Co Summer Associate Salary - U.S. | $16,000 |
Tier 2 & Big 4 Management Consultant Salary
| Firm | Base salary | Perfomance bonus | Total Cash | Signing bonus | Retirement | PTO | Relocation |
|---|---|---|---|---|---|---|---|
| Accenture MBA & Ph.D. Consultant Salary | $155,000 | up to $30,000 | up to $185,000 | up to $5,000 | 6% match for 401k | 21 days | up to $10,000 |
| Deloitte MBA & Ph.D. Consultant Salary | $150,000 | up to 20% | up to $180,000 | up to $20,000 | 25% match of first 6% into 401k | 25 days | up to $5,000 |
| PwC MBA & Ph.D. Consultant Salary | $150,000 | up to 20% | up to $180,000 | up to $30,000 | 25% match of 6% in 401k, + Wealth Builder contribution | 22 days | up to $30,000 |
| Strategy& MBA & Ph.D. Consultant Salary | $168,000 | 14-33% | up to $223,440 | up to $30,000 | 25% match of 6% in 401k, + Wealth Builder contribution | 22 days | up to $30,000 |
| Ernst & Young MBA & Ph.D. Consultant Salary | $155,000 | up to $15,500 | up to $170,500 | up to $30,000 | match up to 6% in 401K | unlimited | up to $30,000 |
| EY- Parthenon MBA & Ph.D. Consultant Salary | $170,000 | up to 34% | up to $227,800 | up to $35,000 | 25% match up to 6% in 401K | unlimited | up to $35,000 |
| EY-Advisory Ph.D. Intern | $2,596/week | 401K | |||||
| KPMG MBA & Ph.D. Consultant Salary | $145,000 | up to $17,400 | up to $162,400 | up to $35,000 | Match 50% of 5% in 401K + pension contribution | 20 days | up to $35,000 |
Boutique Strategy Firm Management Consultant Salary
| Firm | Base salary | Perfomance bonus | Total Cash | Signing bonus | Retirement | PTO | Relocation |
|---|---|---|---|---|---|---|---|
| L.E.K. MBA & Ph.D. Consultant Salary | $185,000 | up to $25,000 | up to $190,000 | up to $25,000 | up to 5% match for 401k, profit sharing max 38K | 15 days | |
| Oliver Wyman MBA & Ph.D. Consultant Salary | $160,000 | up to $32,000 | up to $192,000 | up to $45,000 | up to 3.5% match for 401K at start of 2nd year | 17 days |
Management Consulting Salary Packages: Experienced Hires
| Firm | Base salary | Perfomance bonus | Total Cash | Signing bonus | Retirement | PTO | Relocation |
|---|---|---|---|---|---|---|---|
| Deloitte Canada (1-3 years experience) | CAD $86,000 | $0 | CAD $86,000 | $0 | 0 | 15 | $0 |
| Accenture US (3+ years experience) | $150,000 | $0 | $150,000 | $31,000 | 0 | 14 | $0 |
| McKinsey US (3+ years experience) | $145,000 | $40,000-$50,000 | up to $195,000 | $10,000 | 7.5% into 401k | 21 | $5,000 |
| McKinsey Canada (3+ years experience) | CAD $130,000 | CAD $130,000+ | CAD $12,000 | 18 | CAD $6,000 |
How to Compare Management Consulting Salary Packages to Other Offers
If you receive multiple offers from top tier consulting firms, then you’ll need to know how to compare one against one another.
When you’re comparing management consultant salary packages, it’s important to consider the following:
- Location of offer
- Base salary
- Performance bonus structure
- Sign-on bonus
- Pay-back timing
- Financial support for educational opportunities
Management Consulting Salary Variance by Office
As described above, some firms vary in their base salaries by office. It’s important for you to know which firms do this and which have one salary for a level across a region.
Typically, a Bain management consultant salary, BCG consultant salary, and McKinsey associate salary will be the same regardless of what office you are hired by. They vary only based on the level you are hired at (e.g., analyst, consultant, engagement manager). Tier 2 and Big 4 firms, such as PwC, EY, and Deloitte, vary compensation packages based on the cost of living in different offices as well as on the level of the employee.
Performance Bonuses
In addition to a base salary, you’ll also be offered a substantial performance bonus. This performance bonus will vary based on a lot of factors though, most of which you can control and some of which you can’t (like overall demand for consulting services).
So don’t let a large number sway you without digging into that number. You have to take into consideration your first year learning curve, the state of the business, and the way that the specific firm calculates their performance bonuses.
An important thing to ask the team/firm after you’ve received an offer is what is factored into a performance bonus. Performance bonuses can be based on:
- Strictly your own personal performance,
- The amount of business the firm sells,
- And even peer feedback.
How performance bonuses are calculated varies from firm to firm, so if you have competing offers, it’s important for you to note these things so you know what to expect at the end of your first year.
If your performance bonus is based on the profitability of the firm, you should also ask how many consultants are “on the beach” or not currently staffed on a client engagement. Find out if that will affect your performance bonus.
Typically, recruiting teams are pretty good at hiring based on business needs, but no one can predict the state of business exactly – especially during COVID. Performance bonuses are a large portion of the overall management consulting compensation package, so it’s important to take them into consideration when you receive an offer.
Performance Brackets
Another important thing to take into account is what percentage of consultants at the firm make the top tier of their performance bracket. For example, let’s say you receive an offer, and it’s mentioned in your offer letter that you can earn up to a 60% performance bonus. Sign me up, right??
Not just yet… A good question to ask is how many people actually achieve that top tier of the performance bonus structure. If only 3% of a 100-person practice hits that top tier mark, then only 3 people will get that performance bonus.
What type of bonus do the rest of the staff receive? It’s good to ask for and consider those statistics before assuming you will be in the top tier of a performance bonus payout.
When Are You Eligible for Performance Bonuses?
You’ll also want to ask if you’re eligible for bonuses right away.
For example, some firms pay bonuses at the end of their fiscal year instead of the calendar year. Let’s say you are hired in August, but the performance bonus pay out is in September. You’ll have to wait an entire year to be eligible for a performance bonus! If you’re aware of this, it can be an excellent way to negotiate a sign-on bonus.
Sign-on Bonuses
Sign-on bonuses are another important thing to consider when comparing compensation packages. This is where candidates find they have the most leverage when negotiating. It’s rare to be able to negotiate a base salary, but firms are more flexible with a one time sign-on bonus, especially if a candidate has other offers on the table.
Some points that can help you increase your sign-on bonus include:
- You missed most of the fiscal year and won’t get to participate in a performance bonus.
- You have other offers on the table with a higher base.
- You’re not getting a relocation payout and you have to move cross-country.
Payback Policies for Sign-on Bonuses
It’s important to note that some firms have payback policies on their sign-on bonuses. Consulting firms offer high pay packages to get high-performing candidates to work for them, but they also want to keep the candidates long enough to re-coup the costs of hiring and training them. You might have to payback a percentage of your sign-on bonus or even the full amount if you leave the firm before the specified length of time.
It doesn’t look good to ask about the payback policy since it makes you look like you’re thinking of leaving after a relatively short period of time. But the length of the payback period should be detailed in your offer letter. Read the offer letter carefully.
Financial Support for Education
In addition, firms also offer a plethora of educational support and payback programs. If you are interested in getting a Master’s of Business Administration or another degree, then this is another great opportunity to consider when comparing management consulting salaries.
McKinsey, Bain, and BCG will pay for undergraduate hires who perform well to attend business school. In return, the consultants have to come back to the firm and work for them for 2 years after completing their MBA (or payback the cost of the degree like with the sign-on bonus).
Other Benefits
Management consulting firms also provide other benefits. Although the salary is important, consider the effect other benefits like health insurance and paid time off will have on your costs, your career, and overall your happiness.
Join our FREE Webinar:
How 800+ Candidates Have Landed Consulting Offers At McKinsey, Bain And BCG
Trajectory of a Management Consultant Career
Career Trajectory at Bain, BCG, and McKinsey
The trajectory of a management consulting career at top firms like Bain, BCG, and McKinsey can be pretty predictable, though promotions do vary a bit based on performance. You may get promoted faster if you come in with experience and your performance is exceptional.
For example, at BCG you can expect to spend 2 years in the associate role. Top performers can spend another year as an associate and then get promoted to consultant without attending business school. But most associates leave the firm after 2 years to get an MBA or another advanced degree.
For incoming consultants, it takes about 2 years before you’re promoted to project leader, and 2 years before you’re promoted to principal.
Once you make principal, it takes about 4 years to make partner. This time depends on performance and getting the partner votes needed for this promotion.
The titles for different positions vary by firm, but each firm has a predictable promotion track. These timelines also hold for specialist roles like McKinsey Implementation or Operations as well.
In recent years, Bain and McKinsey have increased the number of undergraduate hires promoted directly to the next role without attending business school. This used to be very rare but nowthere are a few outstanding performers in each class who are promoted directly to the next role.
With these predictable promotions, you will receive substantial increases in your base salary in the future. As you are promoted, your performance bonus will have an enormous effect on your compensation and whether you want to stay in consulting, take a position with a client, or move to another career entirely.
Career Trajectory at Tier 2 and Big 4 Consulting Firms
For Tier 2 and Big 4 consulting firms, especially those with varying cohort levels and compensation by office, promotional tracks vary more by individual. Ask about what the promotional track looks like year by year, and to what degree it is based on performance vs. tenure.
Up or Out Policies
Consulting firms have “up or out” policies. You can’t come in as a business analyst and stay on as a business analyst for years because you like that type of work and are good at it. You must earn and take promotions or leave the firm.
This means that you will need to learn to manage other people, then manage a team and then multiple teams. As a partner, you will also be expected to sell consulting work.
Don’t be alarmed though; top consulting firms provide immense amounts of support to ensure that all consultants have the tools they need in order to be successful. People have time to demonstrate improved performance.
Not everyone who leaves consulting firms does so because they could not earn a promotion. Many consultants want to own business results for the long-term rather than coming in for a short project and then moving on to another client or industry. Some decide that they would prefer to use the problem-solving skills they’ve developed in consulting to work in private equity or other industries.
The knowledge and skills you build during a consulting career will be beneficial in whatever career you decide to pursue.
In this article we have discussed:
- An overview of management consulting salary data,
- Management consultant salaries for undergraduate and Master’s degree full-time hires,
- Consulting salaries for MBA degree & Ph.D full-time hires,
- How to compare management consulting salary packages to other offers, and
- What your career trajectory can look like as a management consultant.
Still have questions?
If you have more questions about management consultant salary trends, leave them in the comments below. One of My Consulting Offer’s recruiters will answer them.
Other people interested in the typical management consulting salary also found the following pages helpful:
>>> SUBMIT YOUR OFFER!<<<
To provide accurate data on management consultant salaries to the thousands of applicants who read this article every month, we need your help! If you’ve recently received a consulting offer, please fill out this anonymous form or send us an email. Thanks in advance for your help!
Help with Consulting Interview Prep
Thanks for turning to My Consulting Offer for the latest management consultant salary data. My Consulting Offer has helped almost 89.6% of the people we’ve worked with to get a job in management consulting. We want you to be successful in your consulting interviews too. For example, here is how Eve was able to get her offer from McKinsey.
[EXCLUSIVE FREE TRAINING]
Nail the case & fit interview with strategies from former MBB Interviewers that have helped 89.6% of our clients pass the case interview.
5 thoughts on “Management Consultant Salary-Here’s A Market Report for 2024”
You’re welcome! We’re glad it was helpful.
what are your sources?
Hi, Diego!
My Consulting Offer has a team of former Bain, BCG, and McKinsey recruiters who keep in touch with consulting industry professionals. They also keep in touch with their MCO clients as they receive consulting offers.
All the best,
Rebecca
Article says last updated Oct 10th, 2022, but doesn’t seem like comp figures have been updated for the summer 2022 salary and other comp increases, e.g. incoming MBA/PhD at MBB base here is 175/175/190, but the new numbers are McK/Bain $192k and BCG $190k. Tier 2, Big 4, and Boutique’s have also increased comp significantly…
Yes, we’re doing a survey now and will be updating the salaries. Thanks for the info! Every bit helps.