consulting jobs salary

How much does a Consultant make in the United States?

• Consultant Salary The average Consultant salary in the United States is $106,824 as of August 27, 2023. The range for our most popular Consultant positions (listed below) typically falls between $63,997 and $149,650. Keep in mind that salary ranges can vary widely depending on many important factors, including position, education, certifications, additional skills, and the number of years you have spent in your profession. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target.
• Solution Consultant I Supports sales teams during the pre-sales phase with product knowledge and solution development for a single product or product line. Prepares and delivers product demonstrations to prospects, customers, and sales organizations. Maintains current product information and liaises with implementation teams to develop solutions and strategies for a successful deployment. May provide post-sales support and information to resolve customer problems. Typically requires a bachelor's degree. Typically reports to a manager. Work is closely managed. Works on projects/matters of limited complexity in a support role. Typically requires 0-2 years of related experience. View Solution Consultant I Salary Alternate Job Titles :Product Solution Consultant I, Solution Consultant I Categories : Sales , Engineering , Entry Level , IT - All , Marketing
• Solution Consultant II Supports sales teams during the pre-sales phase with product knowledge and solution development for a single product or product line. Prepares and delivers product demonstrations to prospects, customers, and sales organizations. Maintains current product information and liaises with implementation teams to develop solutions and strategies for a successful deployment. May provide post-sales support and information to resolve customer problems. Typically requires a bachelor's degree. Typically reports to a manager. Occasionally directed in several aspects of the work. Gaining exposure to some of the complex tasks within the job function. Typically requires 2 -4 years of related experience. View Solution Consultant II Salary Alternate Job Titles :Product Solution Consultant II, Solution Consultant II Categories : Sales , Engineering , IT - All , Marketing
• Solution Consultant IV Supports sales teams during the pre-sales phase with product knowledge and solution development for a single product or product line. Prepares and delivers product demonstrations to prospects, customers, and sales organizations. Maintains current product information and liaises with implementation teams to develop solutions and strategies for a successful deployment. May provide post-sales support and information to resolve customer problems. Typically requires a bachelor's degree. Typically reports to a manager. Work is highly independent. May assume a team lead role for the work group. A specialist on complex technical and business matters. Typically requires 7+ years of related experience. View Solution Consultant IV Salary Alternate Job Titles :Product Solution Consultant IV, Solution Consultant IV Categories : Sales , Engineering , IT - All , Marketing
• Solution Consultant III Supports sales teams during the pre-sales phase with product knowledge and solution development for a single product or product line. Prepares and delivers product demonstrations to prospects, customers, and sales organizations. Maintains current product information and liaises with implementation teams to develop solutions and strategies for a successful deployment. May provide post-sales support and information to resolve customer problems. Typically requires a bachelor's degree. Typically reports to a manager. Work is generally independent and collaborative in nature. Contributes to moderately complex aspects of a project. Typically requires 4 -7 years of related experience. View Solution Consultant III Salary Alternate Job Titles :Product Solution Consultant III, Solution Consultant III Categories : Sales , Engineering , IT - All , Marketing
• Technical Solution Consultant III Supports both the pre-sales scoping process and the post-sales design and implementation activities for complex technical products. Prepares and delivers sales demos and facilitates technical requirements gathering sessions. Reviews customer technical specifications, recommends specific products or services, and estimates cost and effort for implementation. Plans and designs the configuration of products for initial implementation or the deployment of custom solutions, enhancements, or upgrades. Troubleshoots problems and oversees the completion of repairs, workarounds, or customizations. Delivers technical product training to customers and internal audiences. Requires a bachelor's degree. Typically reports to a manager. Work is generally independent and collaborative in nature. Contributes to moderately complex aspects of a project. Typically requires 4 -7 years of related experience. View Technical Solution Consultant III Salary Alternate Job Titles :Technical Product Solutions Engineer III, Technical Solutions Sales Support Engineer III, Technical Solution Consultant III Categories : Engineering , IT - All
• Technical Solution Consultant IV Supports both the pre-sales scoping process and the post-sales design and implementation activities for complex technical products. Prepares and delivers sales demos and facilitates technical requirements gathering sessions. Reviews customer technical specifications, recommends specific products or services, and estimates cost and effort for implementation. Plans and designs the configuration of products for initial implementation or the deployment of custom solutions, enhancements, or upgrades. Troubleshoots problems and oversees the completion of repairs, workarounds, or customizations. Delivers technical product training to customers and internal audiences. Requires a bachelor's degree. Typically reports to a manager. Work is highly independent. May assume a team lead role for the work group. A specialist on complex technical and business matters. Typically requires 7+ years of related experience. View Technical Solution Consultant IV Salary Alternate Job Titles :Technical Product Solutions Engineer IV, Technical Solutions Sales Support Engineer IV, Technical Solution Consultant IV Categories : Engineering , IT - All
• Technical Solution Consultant II Supports both the pre-sales scoping process and the post-sales design and implementation activities for complex technical products. Prepares and delivers sales demos and facilitates technical requirements gathering sessions. Reviews customer technical specifications, recommends specific products or services, and estimates cost and effort for implementation. Plans and designs the configuration of products for initial implementation or the deployment of custom solutions, enhancements, or upgrades. Troubleshoots problems and oversees the completion of repairs, workarounds, or customizations. Delivers technical product training to customers and internal audiences. Requires a bachelor's degree. Typically reports to a manager. Occasionally directed in several aspects of the work. Gaining exposure to some of the complex tasks within the job function. Typically requires 2 -4 years of related experience. View Technical Solution Consultant II Salary Alternate Job Titles :Technical Product Solutions Engineer II, Technical Solutions Sales Support Engineer II, Technical Solution Consultant II Categories : Engineering , IT - All
• Information Services Consultant Works with end user groups to identify technical solutions to business problems or inefficiencies. Evaluates existing systems and/or user needs and makes recommendations. May require certification in specific applications. Requires a bachelor's degree. Typically reports to a head of a unit/department. Typically requires 7+ years of related experience. A specialist on complex technical and business matters. Work is highly independent. May assume a team lead role for the work group. View Information Services Consultant Salary Alternate Job Titles :Information Services Technical Support Coach, IS/IT End User Support Team Leader, IS/IT Technical Support Expert, Information Services Consultant Categories : Consulting Services , IT - All
• Business Process Technology Consultant II Consults with client companies in order to evaluate and recommend technology solutions that will facilitate the accomplishment of the client's business goals. Analyzes the client's business strategy, operations, and current technology architecture in order to develop options for new technologies that will optimize the company's functions and business processes. Provides consultation regarding solutions planning, impact analysis, risk assessment, and budgeting. May provide financial analysis to determine ROI/ROA of proposed solutions. Requires a bachelor's degree. Typically reports to a manager or head of a unit/department. Work is generally independent and collaborative in nature. Contributes to moderately complex aspects of a project. Typically requires 4 -7 years of related experience. View Business Process Technology Consultant II Salary Alternate Job Titles :Business Analysis/Technical Solutions Specialist II, Business Process Technical Solutions Consultant II, Business Process Technology Consultant II Categories : IT - All , Consulting Services
• Business Process Technology Consultant I Consults with client companies in order to evaluate and recommend technology solutions that will facilitate the accomplishment of the client's business goals. Analyzes the client's business strategy, operations, and current technology architecture in order to develop options for new technologies that will optimize the company's functions and business processes. Provides consultation regarding solutions planning, impact analysis, risk assessment, and budgeting. May provide financial analysis to determine ROI/ROA of proposed solutions. Requires a bachelor's degree. Typically reports to a manager or head of a unit/department. Occasionally directed in several aspects of the work. Gaining exposure to some of the complex tasks within the job function. Typically requires 2 -4 years of related experience. View Business Process Technology Consultant I Salary Alternate Job Titles :Business Analysis/Technical Solutions Specialist I, Business Process Technology Consultant I Categories : Consulting Services , IT - All

Salary of consultants

The management consulting industry overall tends to have a relatively low transparency in the area of remuneration policy. Basic salaries are hardly communicated in job ads, and in addition consulting firms tend to tightly hold back details over their benefits & rewards packages during recruitment events and job application procedures (until the last round).

In addition, there is a large variety in remuneration across the advisory industry, depending on a range of factors such as the type of firm (business model, performance management system), the type of industry/service area a consultant is working in and individual performance.

Although remuneration data such as salary, benefits and bonus does not lie out in the open, there are a number of sources that regularly conduct research in the field (typically recruitment firms specialised in the industry and/or analyst research firms). An overview of estimates on salaries and benefits*:

The data reveals that average total salaries in the UK consulting industry range from roughly £44,000 for junior consultant to just under £170,000 for partners. On average additional benefits represent nearly 10% of the basic salary, while bonuses equate to 7% of salaries, although the bonus % rises gradually as consultants grow through the ranks. The bonus of a junior consultant on average represents 4% of the basic salary, for partners the percentage rises to 12%.

Salaries per market segment As mentioned above, salaries of consultants differ widely. One of the key explanatory factors is the type of services – as a general rule of thumb: the more prestigious a firm and/or consultant role, the higher the pay. Data shows that junior consultants employed by the leading strategy consulting firms earn substantially more than their peers in operations consulting (+30%) or project management (+25%). Differences remain throughout a consultant's career path, although they according to the data diverge, mainly the result of an increasing importance of variable-based pay. For example, at Manager level the differences between remuneration are significantly smaller across the main areas.

Firm type, region and more Another factor that has an impact on the height of salaries and benefits is the type of employer. A recent international study shows that for exactly the same level (junior consultant) and role (Finance) the Big 4 firms pay slightly more than other large peers (mid-sized professional services firms, large IT consulting firms) and nearly 5% more than mid-sized management consultancies.

A third factor is geography. According to recruitment firm Beament Leslie Thomas consultants in the London area earn the most, while peers in for example Manchester or Birmingham are paid on average 5% less. Scotland is from a remuneration perspective the least attractive area in the UK, salaries are 88% of the London baseline, a statistic that was recently also recognised by a recent salary survey from Michael Page. The gender of consultants (unfortunately) also still plays a role. Although data in the UK is not available, recent studies conducted abroad reveal that on average male consultants in every level earn more than their female counterparts. The gender pay-gap increases as consultants progress through the ranks, although this too can be explained by among others differences in work-life attitudes and the design of performance management systems.

More than just pay It is important to keep in mind that total remuneration covers more than just primary and secondary benefits such as salary, benefits and bonus. Contracts typically also include other financial aspects such as holiday allowance, private health coverage, pension contribution schemes and lease agreements. To properly compare remuneration an integeral view should be taken to ensure all elements are included.

In addition, consulting firms are increasingly adopting non-financial incentives that can largely benefit the well-being of consultants. Examples include flexible mobility budgets, part-time working, sabbatical arrangements, more holiday days, career customisation and training budget. As such incentives can down the line make a real difference, also here it is advised to include these aspects into the equation.

* The most recent 'Salary Benchmarking Report' from Top-Consultant and Mindbench. The survey is based on the input from 734 consultants based in the UK across all levels and service areas.

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Management Consultant Salary-Market Report for 2023

• Last Updated on September 26, 2023
• Salary Packages Overview
• Undergraduate and Master’s Degree
• MBA Full-Time Hires & Ph.D.’s
• Salary Packages to Other Offers
• Trajectory of Management Consultant Career

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.

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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.

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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 emai l . thanks in advance for your help, management consultant salary packages: undergraduate and master’s degree full-time hires, mckinsey, bain, & bcg management consultant salary, tier 2 & big 4 management consultant salary, boutique strategy firm management consultant salary, management consulting salary packages: mba full-time hires & ph.d.’s, 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.

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:

• Consulting salaries for MBA degree & Ph.D full-time hires,
• 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:

• How to Write a Consulting Resume,
• Our List of Top Consulting Firms to apply to,
• What Is Consulting?

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 emai l . Thanks in advance for your help!

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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.

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5 thoughts on “Management Consultant Salary-Here’s A Market Report for 2023”

what are your sources?

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.

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Salary of Top Consulting Firms 2023: Detail & Comparison

In this article, we will explore and compare the salary of management consultants at 13 top consulting firms, including the Big Three (MBB) firms , the Big Four firms , and six Tier 2 firms - Accenture, Booz Allen Hamilton, Kearney, L.E.K., Oliver Wyman, Roland Berger.

Disclaimer: 

(1) Unless stated otherwise, salaries in this article are based on US figures. The precise numbers vary from place to place, and we will provide additional insights where possible. “Total Annual Salary” includes Base Salary, Performance Bonus, and Others (including Profit Sharings, Stock, Commission), scaled up to one year (for example, if an Intern works for ten weeks, we will scale up the income of ten weeks to one year for presentation purposes). 

(2) One-time sums, such as Relocation or Signing Bonus, are not counted. Business allowance is also not presented here. The figures in this article are rounded to the closest 1000. Actual figures may vary, depending on location, position, experience, performance, and report time.

(3) Our primary source of information is Glassdoor . However, it's worth noting that Glassdoor is known to be a platform where users can anonymously share their salary and compensation information. As such, it can be difficult to verify the accuracy of the data presented. Furthermore, consulting firms do not openly disclose their salary information. Therefore, the below data should only be used for reference purposes.

How much do management consultants make?

At top consulting firms , entry-level management consultants may earn $100,000 each year (bonuses and profit sharings included), while senior consultants may earn up to $200,000. Project leaders/managers are typically paid $200,000-$300,000. Partner-level managers (principals, directors, partners, etc.) can even earn up to $1,000,000.

In this article, we’ll explore the likely salaries and bonuses for the following 13 consulting firms:

Big Three (MBB) firms : McKinsey, BCG, Bain

Big Four firms : Deloitte, KPMG, EY, PwC

Six notable Tier 2 firms: Accenture, Booz Allen Hamilton, Kearney, L.E.K., Oliver Wyman, Roland Berger

McKinsey & Company consulting salary 2023

Read more: McKinsey Salaries & Benefits

McKinsey 's salary for junior-level consultants likely ranges from $100,000 to $140,000 per year, while the figure for MBA-level/experienced Associates can be over $200,000. Engagement managers typically earn around $300,000-400,000, while Partners and Directors can earn up to $1,000,000.

McKinsey Consultant Analyst salary 2023 (Intern-level)

Base: $34,000-69,000

Performance Bonus: up to $7,000

Others: up to $6,000

Total Annual Salary: up to $82,000

McKinsey Business Analyst salary 2023 (Undergraduate, Junior-level)

Base: $83,000-122,000

Performance Bonus: up to $16,000

Others: up to $10,000

Retirement: minimum 7.5% of annual base and bonus to 401(k) plan, no contribution required

Signing Bonus: $5,000

Relocation: $2,000-10,000

Total Annual Salary: up to $148,000

McKinsey Associate salary 2023 (MBA/Experienced, Senior-level)

Base: $96,000-153,000

Performance Bonus: up to $34,000

Others: up to $20,000

Retirement: minimum 7.5% of annual base and bonus to 401(k), no contribution required

Signing Bonus: $30,000

Total Annual Salary: up to $207,000

McKinsey Engagement Manager salary 2023 (Manager-level)

Base: $140,000-211,000

Performance Bonus: up to $53,000 

Others: up to $158,000

Total Annual Salary: up to $422,000 (potential for much more based on individual sales and profit sharing)

McKinsey Associate Partner/Partner/Senior Partner salary 2023 (Partner-level)

Base: $171,000-321,000

Performance Bonus: up to $131,000

Others: up to $325,000

Total Annual Salary: up to $777,000 (potential for much more based on individual sales and profit sharing)

Source: Glassdoor. Figures in this chart represent the highest available data points.

Boston Consulting Group (BCG) salary 2023 

Read more: BCG Salaries & Benefits

At BCG , junior-level consultants can earn up to $147,000 annually, while the figure for MBA-level/experienced Associates can be over $200,000. Engagement managers typically earn nearly $300,000, while Partners and Directors can earn up to $1,000,000.

BCG Intern salary 2023 (Intern-level)

Base: $40,000-63,000

Performance Bonus: up to $6,000

Others: up to $5,000

Total Annual Salary: up to $74,000

BCG Associate salary 2023 (Undergraduate, Junior-level)

Base: $69,000-105,000

Others: up to $26,000

Retirement: minimum 5% of annual base and bonus into 401(k), no contribution required

Relocation: $5,000-8,000

Total Annual Salary: up to $147,000

BCG Consultant salary 2023 (MBA/Experienced, Senior-level)

Base: $114,000-179,000

Performance Bonus: up to $28,000

Others: up to $55,000

Retirement: minimum 5% of base and bonus into 401(k), no contribution required

Relocation: $2,000-8,000

Total Annual Salary: up to $262,000

BCG Project Leader salary 2023 (Manager-level)

Base: $120,000-179,000

Performance Bonus: up to $37,000

Others: up to $62,000

Total Annual Salary: up to $278,000 (potential for much more based on individual sales and profit sharing)

BCG Principal/Partner salary 2023 (Partner-level)

Base: $156,000-315,000

Performance Bonus: up to $123,000

Others: up to $304,000

Total Annual Salary: up to $742,000 (potential for much more based on individual sales and profit sharing)

Bain & Company salary 2023 

Read more: Bain & Company Salaries & Benefits

At Bain , junior Associate Consultants can earn up to $166,000 annually, while the figure for MBA-level/experienced Consultants can be over $240,000. Managers can earn up to $349,000, while Partners and Directors can earn as much as to $1,000,000.

Bain & Company Intern salary 2023 (Intern-level)

Base: $48,000-70,000

Performance Bonus: up to $4,000

Others: up to $3,000

Total Annual Salary: up to $84,000

Bain Associate Consultant salary 2023 (Undergraduate, Junior-level)

Base: $89,000-132,000

Performance Bonus: up to $21,000

Others: up to $13,000

Retirement: minimum 4.5% of base and bonus into 401(k), no contribution required

Relocation: $5,000

Total Annual Salary: up to $166,000

Bain Consultant salary 2023 (MBA/Experienced, Senior-level)

Performance Bonus: up to $32,000

Relocation: $8,000-16,000

Total Annual Salary: up to $240,000

Bain Manager salary 2023 (Manager-level)

Base: $134,000-203,000

Performance Bonus: up to $50,000

Others: up to $96,000

Total Annual Salary: up to $349,000 (potential for much more based on individual sales and profit sharing)

Bain Principal/Partner salary 2023 (Partner-level)

Base: $170,000-315,000

Performance Bonus: up to $119,000

Others: up to $302,000

Total Annual Salary: up to $736,000 (potential for much more based on individual sales and profit sharing)

Deloitte Consulting salary

Read more: Deloitte Salary

In the US, Deloitte junior consultants can earn up to $123,000 annually, while the figure for MBA-level/experienced Consultants is $135,000. Managers typically earn around $200,000, while Partners and Directors can earn more than $400,000 annually.

Deloitte Consulting Intern Salary

Base: $54,000-72,000

Performance Bonus: $5,000

Retirement: 50% match of first 6% into 401k (a total of 3%)

Total Annual Salary: up to $77,000

Deloitte Consultant salary (Undergraduate, Junior-level)

Base: $81,000-113,000

Performance Bonus: up to $10,000 

Total Annual Salary: up to $123,000

Deloitte Senior Consultant Salary (MBA/Experienced, Senior-level)

Base: $89,000-123,000

Performance Bonus: up to $12,000 

Total Annual Salary: up to $135,000

Deloitte Consulting Manager Salary (Manager-level)

Base: $109,000-155,000

Performance Bonus: up to $19,000 

Others: up to $44,000

Total Annual Salary: up to $218,000

Deloitte Consulting Director Salary (Partner-level)

Base: $161,000-276,000

Performance Bonus: up to $48,000 

Others: up to $159,000

Total Annual Salary: up to $483,000

KPMG Consulting salary

Read more: KPMG Consulting Salary

In the US, a KPMG Consultant can earn between $87,000 - $123,000 annually. An Associate at the same level can make between $72,000 - $103,000 a year. 

KPMG Intern salary 2023 (Intern-level)

Base: $47,000-70,000

KPMG Consultant salary 2023 (Undergraduate, Junior-level)

Base: $87,000-121,000

Performance Bonus: up to $9,000

Total Annual Salary: up to $130,000

KPMG Associate/Senior Consultant salary 2023 (MBA/Experienced, Senior-level)

Base: $91,000-132,000

Performance Bonus: up to $11,000

Total Annual Salary: up to $143,000

KPMG Manager salary 2023 (Manager-level)

Base: $117,000-163,000

Performance Bonus: up to $17,000

Others: up to $43,000

Total Annual Salary: up to $223,000 (potential for much more based on individual sales and profit sharing)

KPMG Director/Partner salary 2023 (Partner-level)

Base: $152,000-222,000

Performance Bonus: up to $42,000

Others: up to $136,000

Total Annual Salary: up to $400,000 (potential for much more based on individual sales and profit sharing)

PwC and Strategy& Consulting salary

Read more: PwC and Strategy& Consulting Salary

In 2013, PwC acquired Strategy& consulting firms, and incorporated it into the PwC network. Since Strategy& already has certain prestige and reputation, its branding remained relatively unchanged. Now, Strategy& is existing relatively independently alongside PwC’s inhouse consulting division.

In the US, Strategy& offers slightly better salaries and benefits for consultants than the PwC consulting division. While a junior PwC Associate/Consultant makes around $100,000 annually, a Strategy& Associate/Consultant usually earns more than $100,000 each year.

PwC Senior Associate/Senior Consultant can earn up to over $170,000 a year, while their Strategy& counterparts can earn nearly $250,000. Consulting Managers at PwC typically earn around $200,000 annually, while Consulting Managers at EY-Parthenon can earn up to $300,000. Partners in both firms usually earn at least $300,000 annually.

PwC/Strategy& Consulting Intern salary 2023 (Intern-level)

On average, a PwC consulting Intern’s annual salary is between $59,000 to $83,000. At Strategy&, an Intern usually earns $48,000 to $78,000 a year. 

Source: Glassdoor. Figures in this table represent the highest available data points

PwC/Strategy& Associate/Consultant salary 2023 (Undergraduate, Junior-level)

At PwC, an Associate makes around $73,000-106,000 a year, and a Consultant makes around $96,000-138,000 a year.

Source: Glassdoor. Figures in this table represent the highest available data points.

Strategy& Associate/Consultant has a somewhat higher compensation package, around $94,000-153,000 annually.

PwC/Strategy& Senior Associate/Senior Consultant salary 2023 (MBA/Experienced, Senior-level)

For senior roles, PwC pays Senior Consultant/Associate $95,000-170,000 annually.

At Strategy&, Senior Associate gets paid a minimum of $129,000, and a maximum of $208,000. A Senior Consultant’s total salary is between $152,000 and $242,000.

PwC/Strategy& Consulting Manager salary 2023 (Manager-level)

Annual compensation for a PwC consulting manager ranges from $148,000 to $227,000, and around 25% of their salary is from bonuses and other payments. Meanwhile, at Strategy&, annual compensation for a Consulting Manager ranges from $196,000 to $308,000.

Note that PwC and Strategy& Consulting Managers have the potential for much higher salaries based on individual sales and profit sharing.

PwC/Strategy& Consulting Partner salary 2023 (Partner-level)

A PwC Partner makes between $299,000 and $542,000 a year. Meanwhile, a Strategy& partner’s yearly earning ranges from $375,000 to $700,000. 

Note that PwC and Strategy& Partners have the potential for much higher salaries based on individual sales and profit sharing.

EY Consulting & EY-Parthenon Salary

Read more: EY & EY Parthenon Consulting Salary  

In 2014, EY acquired The Parthenon Group, a Boston consulting firm, to bolster its consulting business arm. EY Parthenon now coexists alongside EY’s Consulting business division.

In the US, the salary for Junior-level consultants at both firms is roughly the same: an Associate/Consultant at EY can earn up to $128,000 annually, while an EY Parthenon Associate/Consultant can earn $130,000 annually. 

However, as one's career advances, EY-Parthenon offers slightly better salaries and benefits for consultants than its EY counterpart. EY Senior Associate/Senior Consultant can earn up to over $138,000 a year, while their EY-Parthenon counterparts can earn nearly $200,000. 

Consulting Managers at EY typically earn around $200,000 annually, while Consulting Managers at EY-Parthenon can earn nearly $300,000. Partners and Directors in both firms usually earn at least $300,000 annually. However, it is widely recognized that Manager-level and Partner-level personnel in both firms have the potential for much higher earnings based on their individual sales and profit sharing.

EY and EY-Parthenon Intern salary 2023

An EY consulting Intern earns $58,000-83,000 annually. As for EY-Parthenon, an Intern’s salary is $56,000-89,000. 

EY and EY-Parthenon Associate/Consultant salary 2023 (Undergraduate, Junior-level)

At EY consulting division, an Associate makes between $69,000-103,000 a year, while a Consultant’s annual salary is between $87,000-128,000. 

On the other hand, at EY Parthenon, both Associate and Associate Consultant roles pay roughly the same amount, around $90,000-130,000 a year. 

EY and EY-Parthenon Senior Associate/Senior Consultant salary 2023 (MBA/Experienced, Senior-level)

A senior EY Associate/Consultant earns between $89,000-137,000 a year. 

EY-Parthenon Senior Associate/Senior Consultant salary is much higher than their EY counterpart. They earn between $104,000-198,000 a year.

EY and EY-Parthenon Consulting Manager salary 2023 (Manager-level)

At EY, a Consulting Manager makes between $141,000-217,000 a year, while an EY Parthenon Consulting manager's annual salary is around $183,000-285,000. 

EY-Parthenon offers a higher amount of bonus and additional pay compared to EY Consulting. 

Note that EY and EY-Parthenon Consulting Managers have the potential for much higher salaries based on individual sales and profit sharing.

EY and EY-Parthenon Partner salary 2023 (Partner-level)

At EY, a partner-level person makes between $264,000-483,000 annually. EY Parthernon offers a higher salary level for their partner, $372,000 - $661,000 a year. 

Note that EY and EY-Parthenon Partner-level people have the potential for much higher salaries based on individual sales and profit sharing.

Accenture consulting salary

At Accenture , entry-level consultants can earn up to $134,000 annually, while the figure for MBA-level/experienced Associates can be more than $150,000. Engagement managers typically earn around $200,000, while Partners and Directors can earn more than $500,000.

Accenture Associate/Assistant salary 2023 (Intern-level)

Base: $41,000-74,000

Others: up to $8,000

Total Annual Salary: up to $88,000

Accenture Analyst salary 2023 (Undergraduate, Junior-level)

Base: $64,000-112,000

Others: up to $15,000

Retirement: 6% match for 401(k) after the first year

Relocation: up to $5,000

Total Annual Salary: up to $134,000

Accenture Consultant salary 2023 (MBA/Experienced, Senior-level)

Base: $67,000-114,000

Others: up to $48,000

Relocation: up to $10,000

Total Annual Salary: up to $173,000

Accenture Manager salary 2023 (Manager-level)

Base: $86,000-162,000

Others: up to $80,000

Retirement: 6% match for 401(k)

Total Annual Salary: up to $200,000 (potential for much more based on individual sales and profit sharing)

Accenture Director salary 2023 (Partner-level)

Base: $118,000-264,000

Performance Bonus: up to $66,000

Others: up to $192,000

Total Annual Salary: up to $522,000 (potential for much more based on individual sales and profit sharing)

Other consulting firms salary

Booz allen hamilton consulting salary 2023.

Booz Allen Hamilton Intern salary 2023 (Intern-level)

Base: $41,000-72,000

Others: up to $9,000

Total Annual Salary: up to $87,000

Booz Allen Hamilton Consultant salary 2023 (Undergraduate, Junior-level)

Base: $70,000-105,000

Performance Bonus: up to $8,000

Others: up to $11,000

Total Annual Salary: up to $124,000

Booz Allen Hamilton Associate salary 2023 (MBA/Experienced, Senior-level)

Base: $75,000-125,000

Total Annual Salary: up to $161,000

Booz Allen Hamilton Engagement Manager Salary 2023 (Manager-level)

Base: $82,000-160 ,000

Others: up to $31,000

Total Annual Salary: up to $207,000 (potential for much more based on individual sales and profit sharing)

Booz Allen Hamilton Principal/Partner salary 2023 (Partner-level)

Base: $142,000-272,000

Performance Bonus: up to $69,000

Others: up to $200,000

Total Annual Salary: up to $541,000 (potential for much more based on individual sales and profit sharing)

Kearney consulting salary 2023 

Kearney Intern salary 2023 (Intern-level)

Base: $42,000-64,000

Others: up to $16,000

Kearney Business Analyst salary 2023 (Undergraduate, Junior-level)

Base: $69,000-127,000

Performance Bonus: up to $14,000

Others: up to $25,000

Retirement: 6% of base salary into 401(k) 

Kearney Associate salary 2023 (MBA/Experienced, Senior-level)

Base: $76,000-158,000

Performance Bonus: up to $24,000

Others: up to $42,000

Total Annual Salary: up to $224,000

Kearney Manager Salary 2023 (Manager-level)

Base: $112,000-170,000

Performance Bonus: up to $33,000

Others: up to $119,000

Total Annual Salary: up to $322,000 (potential for much more based on individual sales and profit sharing)

Kearney Principal/Partner salary 2023 (Partner-level)

Base: $168,000-286,000

Performance Bonus: up to $86,000

Others: up to $238,000

Total Annual Salary: up to $610,000 (potential for much more based on individual sales and profit sharing)

L.E.K. consulting salary 2023 

L.E.K. Intern salary 2023 (Intern-level)

Base: $42,000-66,000

Total Annual Salary: up to $91,000

L.E.K. Associate/Associate Consultant salary 2023 (Undergraduate, Junior-level)

Base: $83,000-129,000

Performance Bonus: up to $22,000

Others: up to $35,000

Total Annual Salary: up to $186,000

L.E.K. Consultant salary 2023 (MBA/Experienced, Senior-level)

Base: $100,000-171,000

Total Annual Salary: up to $243,000

L.E.K. Manager Salary 2023 (Manager-level)

Base: $128,000-192,000

Performance Bonus: up to $36,000

Others: up to $114,000

Total Annual Salary: up to $342,000 (potential for much more based on individual sales and profit sharing)

L.E.K. Principal/Partner salary 2023 (Partner-level)

Base: $167,000-309,000

Performance Bonus: up to $104,000

Others: up to $267,000

Total Annual Salary: up to $680,000 (potential for much more based on individual sales and profit sharing)

Oliver Wyman consulting salary 2023 

Oliver Wyman Intern salary 2023 (Intern-level)

Base: $41,000-63,000

Total Annual Salary: up to $79,000

Oliver Wyman Consultant salary 2023 (Undergraduate, Junior-level)

Base: $59,000-109,000

Others: up to $39,000

Total Annual Salary: up to $164,000

Oliver Wyman Associate salary 2023 (MBA/Experienced, Senior-level)

Base: $100,000-148,000

Performance Bonus: up to $27,000

Others: up to $40,000

Total Annual Salary: up to $215,000

Oliver Wyman Manager Salary 2023 (Manager-level)

Base: $104,000-182,000

Others: up to $123,000

Oliver Wyman Principal/Partner salary 2023 (Partner-level)

Base: $166,000-300,000

Performance Bonus: up to 121,000

Others: up to $296,000

Total Annual Salary: up to $717,000 (potential for much more based on individual sales and profit sharing)

Roland Berger consulting salary 2023 

Roland Berger Intern salary 2023 (Intern-level)

Base: $42,000-63,000

Roland Berger Consultant salary 2023 (Undergraduate, Junior-level)

Base: $62,000-102,000

Performance Bonus: up to $12,000

Total Annual Salary: up to $125,000

Roland Berger Associate salary 2023 (MBA/Experienced, Senior-level)

Base: $80,000-146,000

Performance Bonus: up to $20,000

Others: up to $33,000

Total Annual Salary: up to $199,000

Roland Berger Manager Salary 2023 (Manager-level)

Base: $107,000-158,000

Others: up to $37,000

Total Annual Salary: up to $216,000 (potential for much more based on individual sales and profit sharing)

Roland Berger Principal/Partner salary 2023 (Partner-level)

Base: $154,000-297,000

Performance Bonus: up to 105,000

Others: up to $269,000

Total Annual Salary: up to $671,000 (potential for much more based on individual sales and profit sharing)

Fringe benefits of a consultant

Common fringe benefits include health insurance, life insurance, tuition assistance, childcare reimbursement, employee discounts, employee stock options, and the privilege of using a company-owned vehicle for personal use. 

The fringe benefits offered by the MBB are generally more comprehensive and generous compared to the Big Four and other Tier 2 consulting firms mentioned above. 

Fringe benefits are extra rewards that companies give to their employees along with their regular pay. These benefits help companies attract and keep good employees by providing additional incentives. 

Health Insurance

MBB firms provide fully comprehensive health insurance plans with a broader range of coverage options, which results in employees paying less for better health services. 

On the other hand, while Tier 2 and Big Four firms also offer good health insurance plans with excellent benefits, their employees usually have to pay more than their MBB counterparts. Some Tier 2 firms (like Accenture, Kearney, and Oliver Wyman) and the Big Four’s subsidiaries (EY-Parthenon, Strategy&, and Monitor Deloitte) seem to provide better health options than the Big Four firms.

Retirement Benefits 

In the United States, MBB consulting firms provide strong retirement savings 401(k) plans, with no contributions required . This makes their 401(k) plans better than what other consulting firms offer. 

McKinsey has the reputation of having the best 401(k) plans in the industry that match 100% of the employee's contributions up to 7.5% of a consultant's base and bonus salary.

Meanwhile, BCG and some Tier 2 firms (such as Accenture, Booz Allen Hamilton, and Kearney) have 401(k) plans that match 100% of the employee's contributions up to around 6%. 

Bain has a lower initial matching 100% contribution of 4.5% for new employees. However, the percentage will increase based on the consultant's experience and position, eventually reaching the same level as BCG. 

The Big Four and other Tier 2 firms also have good 401(k) plans but cannot match the same level of contributions as MBB. Their 401(k) rate is around 3-5%, and not every firm has a 100% match as the MBB and some Tier 2 firms do. 

Paid Time Off

MBB and some Tier 2 firms (like Accenture, Kearney, and Oliver Wyman) provide generous vacation and paid time-off policies that can be extended to 18-20 weeks for maternity leaves and around 2-3 weeks for vacation . Those firms also have options for sabbaticals and extended leaves for personal or professional development. 

Big Four and other Tier 2 firms’ policies are not as flexible but also offer good vacation and paid-time-off packages. The paid time-off is shorter than their MBB counterparts (around 16-18 weeks for maternity leaves, around two weeks for vacation) but still reasonable compared to the rest of the industry. 

Professional Support

MBB firms invest heavily in training their consultants, providing extensive training programs . Big Four and Tier 2 firms also offer professional training opportunities but lack the same resources or quality in their training programs.

Travel and Expense Policies

The MBB, Big Four, and Tier 2 firms cover travel expenses when consultants work onsite at client locations . However, MBB firms have better travel policies and higher expense allowances for consultants , ensuring they have the most comfortable accommodations available at the site.

Non-Monetary Perks

MBB, Big Four, and Tier 2 firms offer many additional perks such as subsidized gym memberships, wellness programs, on-site fitness centers, and employee assistance programs. However, the perks for MBB consultants are generally better than their counterparts at Big Four and Tier 2 firms, with access to higher quality services. 

Those differences above in fringe benefits between MBB, Big Four, and Tier 2 consulting firms are primarily driven by the prestige and client portfolios of these firms. If you have doubts about the fringe benefits offered by Big Four and Tier 2 consulting firms after reading this, remember that they are still among the best in the industry, they are just not as good compared to the MBB.

Salaries when exiting management consulting

Short answer: You get a raise when you quit the job.

And here’s the long answer:

Even though management consulting is among the best-paid jobs, with a few years of experience, you will receive even higher-paying offers from outside the industry – typically ranging from 20% to 50%, but sometimes as high as 100-200%!  

This is why so many people willingly exit the industry within a few years. Still, at the same time, it explains why management consulting is so attractive – those learning opportunities will catapult your career and your salary sky-high!

Scoring in the McKinsey PSG/Digital Assessment

The scoring mechanism in the McKinsey Digital Assessment

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Top consulting firms are often divided into several tiers. Tier 1 includes McKinsey, BCG and Bain – the “Big Three” consulting firms with the highest prestige