Updated: 2018 Management Consulting Salaries
Welcome to the New Year Management Consulted Subscribers!
This leap year, 2016, is exciting on many fronts. The year promises the world's first space hotel, NASA's Juno spacecraft arriving at Jupiter, soccer's Euro 2016 in France and the Summer Olympics in Rio de Janeiro, the US Presidential Elections (aka circus) and much more. Along with all the excitement, this new year guarantees new business challenges and with that, a steady demand for consulting services.
Over the past couple years, we've witnessed a significant increase in demand for consulting services. In 2015, consulting firms experienced an overall 12-18% increase in revenue. With the increasing demand of their services, consulting firms have continued the dogfight to attract more top-notch candidates.
In addition, as banking salaries have increased across the board (up to 25% at the MBA level), consulting firms needed to increase their compensation packages to remain competitive. Many of the top consulting firms have raised their base pay for MBAs to $140,000+. Although these salaries are inevitably less than what one would receive in banking (the consulting vs investment banking debate continues), and if you're in it for the short-term money, go to banking already - a great number of our interview prep clients have happily accepted offers at these consulting firms this year.
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 receive offers from top management consulting firms.
Using compensation data from our client's 2016 offers, as well information directly from offer letters from readers like you and industry insiders, we've compiled the consulting salary information for the following firms:
- Accenture Consulting
- A.T. Kearney
- Bain & Company
- The Boston Consulting Group (BCG)
- Deloitte
- EY
- FTI Consulting
- IBM Global Business Services (IBM GBS)
- IMS Consulting Group
- Infosys
- Kalypso
- KPMG
- L.E.K.
- McKinsey & Company
- Mercer
- Oliver Wyman
- Parthenon-EY
- PwC
- Strategy&
- ZS Associates
When analyzing the compensation data from the following firms, there are a couple things to keep in mind. First, the compensation data is specifically for those in management consulting roles at each of the firms. Also, the data below is for first years coming out of an undergraduate program, first years coming out of an MBA program, and for interns. Here's a general snapshot for how total compensation grows as one progresses within a top consulting firm:
- First year undergrad: ~ $80-$100k
- First year MBA: ~ $170-$210k
- Manager/Project Leader (2-3 years out of MBA): ~ $250-$350k
- Associate principal/Senior project leader (4-5 years out of MBA): ~ $350-500k
- Junior Partner/Principal (6-8 years out of MBA): $500K-$1M
- Senior partner/Director (10+ years out of MBA): $1-10M
Finally, when interpreting the data below, we'd recommend taking the total compensation data with a grain of salt. When looking at the performance bonus data below for example, it's helpful to realize that most employees don't receive the full amount. Usually, only the top 5-10% receive that. If the performance bonus says "up to $30k", the average performer will usually receive only $18k-$20k, and the bottom 10% of performers might receive little to no bonus. Also, the relocation figure can significantly affect the total compensation amount but is usually dependent on the distance the offeree has to move and in many cases won't actually affect the offeree. Because of that, don't decide between two firms based on the differences in compensation packages alone (especially if the difference is less than $10k). Consider your fit with the firm, the firm's prestige, and possible exit opportunities at the very least.
Interesting side note: Speaking of exit opportunities, the average management consultant who left consulting in 2014 to join Corporate America received a nice 10-20% increase in compensation when making the change. Yet another reason to go into consulting - to leave it someday!
Below is the salary data for those joining consulting fresh out of an undergraduate program and MBA program. We strive to get the most accurate salary data possible. If any data point doesn't line up with what you know to be true, or if you have data from any other consulting firms or from any other location around the globe, we'd love to hear from you. You can comment below or email us directly; we'll keep your identity anonymous.
1st Year Out of Undergraduate Program
Accenture Consulting Undergraduate Salary
Signing Bonus: $10,000 (Canada: $10,000)
Base: $75-85,000 (Canada: $68,000)
Relocation: $2500-5,000
Performance Bonus: up to $8,500 (10% of base)
- - - - -
Total Compensation: up to $105,500
Retirement: Match 6% for 401k
Stock: 15% discount of Accenture stock
A.T. Kearney Undergraduate Salary
Signing Bonus: $5,000 (Toronto: $5,000)
Base: $70,000 (Canada: $70,000)
Relocation: $3-$10,000 (Canada: $3-$10,000)
Performance Bonus: up to $14,000 (20% of base) (Canada: up to 20% of base salary)
Profit Sharing: $7,000, up to 10% of base depending on firm performance
- - - - -
Total Compensation: up to $106,000
Retirement: Match 6% for 401k
Bain & Company Undergraduate Salary
Signing Bonus: $5,000
Base: $80,000
Relocation: $2-$8,000
Performance Bonus: up to $12,000
- - - - -
Total Compensation: up to $105,000
Retirement: 4.5% of base + bonus into 401k, no contribution required.
Boston Consulting Group (BCG) Undergraduate Salary
Signing Bonus: $5,000 (Canada: $8,000) (Aus: $15,000)
Base: $80,000 (Canada: $75,000) (Aus: $65,000) (Germany: €67,000)
Relocation: $2-$8,000 (Germany: €3-€10,000)
Performance Bonus: up to $16,500
Profit Sharing: up to $4,400
- - - - -
Total Compensation: up to $113,900
Retirement: 15% of your base + bonus into 401k, employee contribution required.
Deloitte Undergraduate Salary
Signing Bonus: $12,500 (Canada: $5,000) (NZ: $2,000)
Base: $72,500 (Canada: $60,000) (NZ: $45,000) (UK: £35,000) (Germany: €47,000)
Relocation: $2,000-$5,000
Performance Bonus: up to $11,250 (15% of base) (UK: up to 5% for 1st year analysts)
- - - - -
Total Compensation: up to $101,250
Retirement: Match 6% for 401k
EY Undergraduate Salary
Signing Bonus: $5,000
Base: $72,000
Relocation: $1,000
Performance Bonus: up to $2,000
- - - - -
Total Compensation: up to $80,000
Retirement: 2.5% total compensation contributed to 401k
FTI Consulting Undergraduate Salary
Signing Bonus: $5,000
Base: $62,000
Relocation: $1,000
Performance Bonus: up to $10,000
- - - - -
Total Compensation: up to $78,000
IBM Global Business Services Undergraduate Salary
Signing Bonus: $7,000 (Canada: $5,000)
Base: $75,000 (Canada: $67,000)
Relocation: $3,000
Performance Bonus: up to $9,000 (12% of base)
- - - - -
Total Compensation: up to $94,000
Retirement: Match 5% for 401k
KPMG Undergraduate Salary
Signing Bonus: Rare
Base: $65,000
Relocation: $2,000
Performance Bonus: up to $8,000
- - - - -
Total Compensation: up to $75,000
L.E.K. Undergraduate Salary
Signing Bonus: $7,500
Base: $73,000
Relocation: $2,500
Performance Bonus: Worldwide bonus up to $14,600 (20% of base)
- - - - -
Total Compensation: Up to $97,600
McKinsey & Company Undergraduate Salary
Signing Bonus: $5,000 (Canada: $5,250)
Base: $80,000 (Canada: $78,000) (Germany: €67,000)
Relocation: $2-$9,000 (Germany: €3-€5,000)
Performance Bonus: up to $18,000 (Canada: up to $24,500)
- - - - -
Total Compensation: up to $112,000
Retirement: 7% of annual compensation (Canada: $10,000 to RRSP)
Mercer Undergraduate Salary
Signing Bonus: $3,000
Base: $62,000
Relocation: $2,000
Performance Bonus: No bonus, instead paid time and a half for hours over 40/week
- - - - -
Total Compensation: $67,000 + overtime
Oliver Wyman Undergraduate Salary
Signing Bonus: $10,000 (Canada: $10,000)
Base: $75,000 (Canada: $75,000)
Performance Bonus: up to $15,000 (20% of base salary) for 1st year, 40% of base for 2nd years
- - - - -
Total Compensation: up to $100,000
Parthenon-EY Undergraduate Salary
Signing Bonus: $10,000
Base: $90,000
Performance Bonus: up to $10,000
- - - - -
Total Compensation: up to $110,000
PwC Undergraduate Salary
Signing Bonus: $5-10,000
Base: $70,000 (Canada: $61,000)
Relocation: $2,000
Performance Bonus: up to $10,950 (10-15%) (Canada: 5-15%)
- - - - -
Total Compensation: up to $92,950
Strategy& Undergraduate Salary
Signing Bonus: $10,000
Base: $85,000
Relocation: $5-8,000
Performance Bonus: up to $8,500 (10% of base)
- - - - -
Total Compensation: up to $111,500
Retirement: 10% of base + up to 5.7% of bonus
ZS Associates Undergraduate Salary
Signing Bonus: $5,500 (Canada: $5,000)
Base: $72,500 (Canada: $75,000)
Relocation: $4,000 (Canada: $2,500)
Performance Bonus: up to $7,250 (Canada: up to 10%)
- - - - -
Total Compensation: up to $89,250
Retirement: Match 3% for 401k
Here are a few more pre-MBA consulting salaries in EMEA:
- For BCG in Amsterdam: €45,000 base, up to 15% bonus, €3,000 moving allowance
- For Bain in Amsterdam: €44,000 base, up to 25% bonus, €4,000 moving allowance
- For Strategy& in Amsterdam: €49,000 base, up to 15% bonus
- For M/B/B in Spain: €35,000
- For Deloitte and PwC in Spain: €25,000
- For McKinsey Research Analyst in Poland: €23,000 base
- For McKinsey Consultant in Poland: €53,000 base
- For Deloitte Consultant in Poland: €45,000 base
- For Deloitte/PwC Manager in Poland: €68,000 base
1st Year Out of MBA/Grad Program
Accenture Consulting MBA Salary
Signing Bonus: $25,000 (Canada: $15,000)
Base: $140-145,000 (Canada: $140,000)
Relocation: $8,000
Performance Bonus: up to $44,000
- - - - -
Total Compensation: up to $222,000
Retirement: Match 6% for 401k, employee contribution required
Tuition Reimbursement: up to $80,000 ($50,000 after taxes)
A.T. Kearney MBA Salary
Signing Bonus: $25,000 (plus $10,000 for summer interns)
Base: $145,000 (Germany: €83,000)
Relocation: $10,000 (Germany: €3-€5,000)
Performance Bonus: up to $43,500 (Germany: up to €16,000)
- - - - -
Total Compensation: up to $223,500 (Germany: up to €101,000)
Retirement: 401k contribution up to $8,000
Bain & Company MBA Salary
Signing Bonus: $25,000
Base: $140,000 (Canada: $120,000)
Relocation: up to $8,000
Performance Bonus: up to $35,000
- - - - -
Total Compensation: up to $208,000
Retirement: 401k contribution up to $8,000
Boston Consulting Group (BCG) MBA Salary
Signing Bonus: $25,000
Base: $147,000
Relocation: $2-$5,000
Performance Bonus: up to $42,000
- - - - -
Total Compensation: up to $219,000
Retirement: up to $9,000 is put into retirement fund, no contributions required.
Deloitte MBA Salary
Signing Bonus: $35,000 ($25,000 + $17,500 early signing on if returning after internship) (Canada MBA: $20,000)
Base: $147,000 (Canada MBA: $120,000)
Relocation: $2,500 if local; $10,000 otherwise
Performance Bonus: up to $36,750 (25% of base)
- - - - -
Total Compensation: up to $228,750
Retirement: .25 match of first 6% contributed for a total of 1.5%
Tuition Reimbursement: full 2nd year tuition for returning summer interns
EY MBA Salary
Signing Bonus: $25,000
Base: $140,000
Relocation: $5,000
Performance Bonus: up to $30,000
- - - - -
Total Compensation: up to $200,000
IBM Global Business Services MBA Salary
Signing Bonus: $25,000
Base: $125,000
Relocation: $5,000
Performance Bonus: up to $30,000
- - - - -
Total Compensation: up to $185,000
IMS Consulting Group MBA Salary
Signing Bonus: $25,000
Base: $125,000
Performance Bonus: up to $15,000
- - - - -
Total Compensation: up to $165,000
Infosys MBA Salary
Signing Bonus: $20,000
Base: $117,000
Relocation: $3,000 non-discretionary relocation
Performance Bonus: up to $25,000
- - - - -
Total Compensation: up to $165,000
Kalypso MBA Salary
Signing Bonus: $15,000
Base: $120,000
Performance Bonus: up to $15,000
- - - - -
Total Compensation: up to $150,000
KPMG MBA Salary
Signing Bonus: $35,000
Base: $135,000
Relocation: $2,000
Performance Bonus: up to $25,000
- - - - -
Total Compensation: up to $197,000
L.E.K. MBA Salary
Signing Bonus: $25,000
Base: $140,000
Relocation: $5,000
Performance Bonus: up to $25,000
- - - - -
Total Compensation: up to $195,000
Retirement & Profit Sharing: up to $30,000
McKinsey & Company MBA Salary
Signing Bonus: $25,000
Base: $145,000
Relocation: $2-9,000 depending on distance
Performance Bonus: up to $35,000
- - - - -
Total Compensation: up to $214,000
Retirement: 12% of base + bonus (up to $20,400) put into retirement fund, no contributions required.
Mercer MBA Salary
Signing Bonus: $20,000
Base: $87,000
Performance Bonus: up to $17,400 (20% of base)
- - - - -
Total Compensation: up to $124,400
Parthenon-EY MBA Salary
Signing Bous: $35,000
Base: $170,000
Relocation: $2,000
Performance Bonus: up to $9,000
- - - - -
Total Compensation: up to $216,000
PwC MBA Salary
Signing Bonus: $25,000 (+$10,000 if you interned)
Base: $135-140,000
Relocation: $2,000
Performance Bonus: up to $27,000
- - - - -
Total Compensation: up to $204,000
Retirement: DNK
Strategy& MBA Salary
Signing Bous: $25,000
Base: $147,000
Relocation: $3,000
Performance Bonus: up to $33,750
- - - - -
Total Compensation: up to $208,750
Retirement: 10% of salary
Management Consulting Internships
Internships range from short 10-week periods to longer 12 or 16-week periods (more popular in Canada and EMEA). In general, the monthly pay is prorated based on the starting base salary for a new hire. Below are total compensation figures for undergraduate and MBA internships:
Undergraduate Internships
Accenture Consulting: $31/hr, plus signing bonus and overtime
A.T. Kearney: $11,000
Bain: $14,250 (10 weeks)
BCG: $14,000 (10 weeks)
Deloitte: $31/hour ($47.50/hour for overtime, ~ 50 hours a week)
IMS: $11,000 + bonus
L.E.K.: $11,000/month
McKinsey: $14,000 (10 weeks)
Oliver Wyman: $11,250 + $2500 signing bonus (9 weeks)
PwC: $39/hour (8 weeks plus 1 week trip to Disney World if received return offer)
ZS Associates: $11,000
MBA Internships
AT Kearney MBA: $11,500/month
Bain MBA: $27,000 (10 weeks)
BCG MBA: $28,000
Deloitte MBA: $28,450 + full 2nd year MBA tuition for returning interns
IMS MBA: $11,250/month + $5,000 signing bonus
L.E.K. MBA: $3000/week
KPMG MBA: $65/hour ($97.5/hour for overtime, 10 weeks)
McKinsey MBA: $29,500 (10 weeks)
Parthenon Group MBA: $27,000 + $5,000 signing bonus (for 10 weeks)
PwC MBA: $11,250/month
Strategy& MBA: $11,500/month
ZS MBA: $11,000/month + $5,000 signing bonus
Conclusion
For those interested in applying to work in consulting, things are still looking good. There's a strong demand for applicants in many offices and consulting salaries are on the rise. Salaries are rising across other industries too; we've witnessed an increase in both banking and tech salaries this year. This leaves several of you to wonder whether to pursue software engineering at Google or busting your ass at Goldman Sachs instead of consulting. We'll leave that decision up to you for now.
If you find yourself in that predicament and want specific advice, or if you are trying to break into consulting, we're 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 staff.
If you're sure you want to jump into consulting and now want to want to give yourself as strong a chance as possible, take advantage of our world-class interview prep and resume prep services. We've been working on and updating these products for years and our clients have seen incredible results, including 55% of our Black Belt Supremes receiving offers from Top 10 consulting firms last year.
Have a wonderful 2016!
P.S. We love sharing compensation data for as many firms, regions, and levels of seniority as possible. If you have any compensation data for 2016, you can help us do that. Add a comment below or send us an email; your anonymity is guaranteed.