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

Salary update: Check out our 2019 Consulting Salaries report here!

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Welcome to 2017!

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

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

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

2017 Consulting Salary Data

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

Bonus Truth

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

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

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

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

Consulting Compensation Variation Across Office Locations

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

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

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

1st Year Out of Undergraduate/Masters Program Salaries

Accenture Strategy Undergraduate Salary

Base: $80-85,000 (Canada: C$70,000)
Performance Bonus: up to $8,500 (10% of base)
Total Cash (sum of above): up to $93,500

Retirement: 6% match for 401k
Stock: 15% discount of Accenture stock
Signing Bonus: $10,000 (Canada: C$10,000)
Relocation: up to $5,000

A.T. Kearney Undergraduate Salary

Base: $72,000 (Canada: C$70,000)
Performance Bonus: up to $14,400 (20% of base in US and Canada)
Total Cash (sum of above): up to $86,400

Retirement: 6% match for 401k
Profit Sharing: up to $7,200 (10% of base depending on firm performance)
Signing Bonus: $5,000 (Canada: C$5,000)
Relocation: up to $10,000 (Canada: up to C$10,000)

Bain & Company Undergraduate Salary

Base: $83,500
Performance Bonus: up to $12,525 (15% of base)
Total Cash (sum of above): up to $96,025

Retirement: 4.5% of base + bonus into 401k, no contribution required
Signing Bonus: $5,000
Relocation: $2-8,000

Boston Consulting Group (BCG) Undergraduate Salary

Base: $84,000 (Canada: C$78,000) (Aus: A$67,000) (Germany: €68,500)
Performance Bonus: up to $16,800
Total Cash (sum of above): $100,800

Retirement: 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 Salary

Base: $60,000 (Dubai)
Performance Bonus: up to $9,000 (15% of base; Dubai)
Total Cash (sum of above): up to $69,000 (Dubai)

Housing Allowance: $15,000 ($22,000 if married/family; Dubai)
Relocation: up to $15,000 (Dubai)

Deloitte S&O Undergraduate Salary

Base: $78,000 (Canada: C$66,000) (NZ: NZ$47,000) (UK: £39,500) (Germany: €50,500)
Performance Bonus: up to $11,700 (15% of base) (UK: up to 5%)
Total Cash (sum of above): up to $89,700

Retirement: 6% match for 401k
Signing Bonus: $12,500 (Canada: C$5,000) (NZ: NZ$2,000)
Relocation: up to $2-5,000

EY Undergraduate Salary

Base: $75,000
Performance Bonus: None
Total Cash (sum of above): $75,000

Retirement: 2.5% of base + bonus into 401k, no contribution required
Signing Bonus: $3-7,500
Relocation: up to $2,000

FTI Consulting Undergraduate Salary

Base: $68,000
Performance Bonus: up to $10,000
Total Cash (sum of above): up to $78,000

Signing Bonus: $7,000
Relocation: up to $1,000

Huron Undergraduate Salary

Base: $67,500
Performance Bonus: up to $6,750 (10% of base)
Total Cash (sum of above): up to $74,250

Retirement: 6% match of base into 401k
Stock: $5,000 (25% match of personal investment up to $20,000)
Signing Bonus: $5,000
Travel Bonus: up to $3,750 (typically $3,000)
Relocation: up to $2,000

IBM Global Business Services Undergraduate Salary

Base: $68,000 (Canada: C$68,000)
Performance Bonus: up to $8,160 (12% of base)
Total Cash (sum of above): up to $76,160

Retirement: 5% match for 401k
Signing Bonus: $7,000 (Canada: C$5,000)
Relocation: up to $3,000

KPMG Undergraduate Salary

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

Signing Bonus: Rare
Relocation: up to $2,000

L.E.K. Undergraduate Salary

Base: $74,000
Performance Bonus: up to $14,800 (20% of base)
Total Cash (sum of above): up to $88,800

Signing Bonus: $7,500
Relocation: up to $2,500

McKinsey & Company Undergraduate Salary

Base: $83,000 (Canada: C$80,000) (Germany: €67,000)
Performance Bonus: up to $18,000 (Canada: up to C$24,500)
Total Cash (sum of above): up to $101,000

Retirement: 7% of annual compensation (Canada: C$10,000 to RRSP)
Signing Bonus: $5,000 (Canada: C$5,250)
Relocation: $2-10,000 (Germany: €3-€5,000)

Mercer Undergraduate Salary

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

Signing Bonus: $3,000
Relocation: up to $2,000

Oliver Wyman Undergraduate Salary

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

Signing Bonus: $10,000 (Canada: $10,000)
Relocation: up to $2,000

Parthenon-EY Undergraduate Salary

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

Signing Bonus: $10,000
Relocation: up to $2,000

PwC Undergraduate Salary

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

Signing Bonus: $5-10,000
Relocation: up to $2,000

Strategy& Undergraduate Salary

Base: $85,000
Performance Bonus: up to $8,500 (10% of base)
Total Cash (sum of above): $93,500

Retirement: 6% of base + up to 5.7% of bonus into 401k, no contribution required (5 year vesting period)
Signing Bonus: $10,000
Relocation: up to $8,000

ZS Associates Undergraduate Salary

Base: $73,000 (Canada: C$75,000)
Performance Bonus: up to $7,300 (10% of base) (Canada: up to $7500—15% of base)
Total Cash (sum of above): up to $80,300

Retirement: 3% match for 401k
Signing Bonus: $5,500 (Canada: C$5,000)
Relocation: up to $4,000 (Canada: up to C$2,500)

1st Year Out of MBA/Advanced Degree Program Salaries

Accenture Strategy MBA/Grad Salary

Base: $147,500 (Canada: C$140,000)
Performance Bonus: up to $44,400
Total Cash (sum of above): up to $191,900

Retirement: 6% match for 401k
Tuition Reimbursement: up to $80,000 ($50,000 after taxes)
Signing Bonus: $25,000 (Canada: C$15,000)
Relocation: up to $8,000

A.T. Kearney MBA/Grad Salary

Base: $147,000 (Germany: €85,000)
Performance Bonus: up to $44,100 (Germany: up to €16,000)
Total Cash (sum of above): $191,100

Retirement: 401k contribution up to $8,000
Signing Bonus: $25,000 (plus $10,000 for summer interns)
Relocation: up to $10,000 (Germany: up to €5,000)

Bain & Company MBA/Grad Salary

Base: $148,000 (Canada: C$120,000)
Performance Bonus: up to $37,000
Total Cash (sum of above): up to $185,000

Retirement: 401k contribution up to $8,000
Signing Bonus: $25,000
Relocation: up to $5,000: up to $8,000

Boston Consulting Group (BCG) MBA/Grad Salary

Base: $147,000 (Dubai: $130,000)
Performance Bonus: up to $44,100
Total Cash (sum of above): up to $191,100

Retirement: Profit sharing deposited into 401k account
Signing Bonus: $30,000 (Dubai: $30,000)
Relocation: $2-8,000

Booz Allen Hamilton MBA/Grad Salary

Base: $120,000 (up to $145,000 depending on work experience; Dubai)
Performance Bonus: up to $30,000 (25% of base; Dubai)
Total Cash (sum of above): up to $150,000 (Dubai)

Housing Allowance: $32,000 ($50,000 if married/family; Dubai)
Relocation: up to $25,000 (Dubai)

Cognizant Business Consulting MBA/Grad Salary

Base: $125,000
Performance Bonus: up to $15,000
Total Cash (sum of above): up to $140,000

Signing Bonus: $20,000 (Dubai: $30,000)
Relocation: up to $6,000

Deloitte S&O MBA/Grad Salary

Base: $140,000 (Canada MBA: C$125,000)
Performance Bonus: up to $30,800 (22% of base)
Total Cash (sum of above): $170,800

Retirement: 1/4 match of first 6% into 401k for a total of 1.5%
Tuition Reimbursement: full 2nd year tuition for returning interns
Signing Bonus: $25,000 (additional $17,500 for returning interns, $20K early signing) (Canada: C$20,000)
Relocation: $2,500 if local; up to $10,000 otherwise

EY MBA/Grad Salary

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

Signing Bonus: $25,000
Relocation: up to $5,000

IBM Global Business Services MBA/Grad Salary

Base: $130,000
Performance Bonus: up to $13,000
Total Cash (sum of above): up to $143,000

Signing Bonus: $25,000 (additional $15,000 for returning interns)
Relocation: up to $4,500

IMS Consulting Group MBA/Grad Salary

Base: $128,000
Performance Bonus: up to $16,000
Total Cash (sum of above): up to $144,000

Signing Bonus: $25,000
Relocation: up to $8,000

Infosys MBA/Grad Salary

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

Signing Bonus: $20,000
Relocation: up to $3,000

Kalypso MBA/Grad Salary

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

Signing Bonus: $15,000
Relocation: up to $3,000

KPMG MBA/Grad Salary

Base: $140,000
Performance Bonus: up to $25,000
Total Cash (sum of above): $165,000

Signing Bonus: $35,000
Relocation: up to $5,000

L.E.K. MBA/Grad Salary

Base: $150,000
Performance Bonus: up to $25,000
Total Cash (sum of above): $175,000

Retirement & Profit Sharing: up to $30,000
Signing Bonus: $25,000 (additional $25,000 for returning interns)
Relocation: up to $5,000

McKinsey & Company MBA/Grad Salary

Base: $152,500
Performance Bonus: up to $35,000
Total Cash (sum of above): up to $187,500

Retirement: up to $11,900 (7% of qualified compensation, capped at $170,000)
Signing Bonus: $25,000
Relocation: $2-9,000

Mercer MBA/Grad Salary

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

Signing Bonus: $20,000
Relocation: up to $3,000

Parthenon-EY MBA/Grad Salary

Base: $170,000
Performance Bonus: up to $9,000
Total Cash (sum of above): up to $179,000

Signing Bonus: $35,000
Relocation: up to $2,000

PwC MBA/Grad Salary

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

Starting Bonus: $25,000
Relocation: up to $2,000

Strategy& MBA/Grad Salary

Base: $152,000
Performance Bonus: up to $34,900
Total Cash (sum of above): up to $186,900

Retirement: 6% of base + bonus into 401k, no contribution required (5 year vesting period)
Signing Bonus: $25,000
Relocation: up to $3,000

Here are a few more consulting salaries in EMEA:

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

Internship Salaries

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

Undergraduate Program Internships

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

MBA/Grad Program Internships

AT Kearney MBA/Grad: $11,800/month
Bain MBA/Grad: $29,000 (10 weeks)
BCG MBA/Grad: $30,000
Deloitte MBA/Grad: $29,750 + full 2nd year MBA tuition for returning interns
EY MBA/Grad: $30,000 ($10K/month)
IBM MBA/Grad: $24,000 + $4,500 relocation
IMS MBA/Grad: $11,500/month + $5,000 signing bonus
L.E.K. MBA/Grad: $3125/week (9 weeks) + up to $25,000 tuition reimbursement for returning MBA interns
KPMG MBA/Grad: $66/hour ($99/hour for overtime, 10 weeks)
McKinsey MBA/Grad: $31,000 (10 weeks)
Parthenon-EY MBA/Grad: $27,000 + $5,000 signing bonus (for 10 weeks)
PwC MBA/Grad: $11,700/month
Strategy& MBA/Grad: $12,500/month
ZS MBA/Grad: $11,500/month + $5,000 signing bonus

Salaries Along the Consulting Career Path

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

First-year out of undergrad:

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

First year out of MBA:

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

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

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

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

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

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

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

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

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

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

Conclusion

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

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

Be sure to check out our 2018 management consulting salaries page and 2019 management consulting salaries page!

Salary Update

2019 Consulting Salaries