Determining the management consultant salary you can expect to receive, or more narrowly, a strategy consultant salary, is probably one of the defining factors in deciding which firms you will apply to. That’s why we put in hundreds of hours of research each year to bring you the most up-to-date consultant salary information – anywhere.

This – to the best of our knowledge – is the only firsthand report in the industry containing current numbers obtained directly from offer letters for an entry level McKinsey salary, Boston Consulting Group salary, and stats from over 60 additional consulting firms. So whether you’re looking for a Bain consultant salary, Deloitte consultant salary, or information about niche boutique consulting firms, you’ve come to the home of the most up-to-date management consulting starting salary numbers available.

Alright, let’s get to the consulting salary numbers.

2020 Consulting Salaries Overview

Welcome to 2020, and our updated management consulting salaries report!

This is a big year: COVID-19 and civil unrest have upended the Summer Olympics and first private-public mission to the ISS. Still, there’s something to look forward to, as Jupiter and Saturn will end the year in special alignment. There’s a realignment of sorts happening in the consulting industry as well. This last year brought us lots of mergers and acquisitions, as some consulting players consolidated their core business offerings while others looked to expand into other verticals.

The overall theme? Everyone wants a piece of the digital solutions pie, as even traditional strategy consulting powers like McKinsey, BCG, and Bain made large investments in digital and implementation practices.

Couple this with the explosion of boutique firms and continued expansion of in-house strategy groups at large corporations, and you’ve got a more competitive consulting marketplace than we’ve ever seen – with salaries that match that level of competition. Overall, notable consulting firms continued their rapid growth, with many seeing revenue growth of over 10%.

However, because of the increase in competition at the beginning of 2020 versus just one year ago, and in niche practice areas (human capital/digital specifically), revenues have been slow to materialize and we’ve started to see the first layoffs and hiring freezes of the decade – potential warning signs of an economic downturn to come.

In niche practice areas (human capital/digital specifically), revenues have been slow to materialize and we've started to see the first layoffs and hiring freezes of the decade - potential warning signs of an economic downturn to come.

How has this impacted consulting salary trends?

Overall, the impact of this activity has put upward pressure on U.S. MBA & PhD salaries this year, specifically at the Big 4 and Boutique levels. In the middle of 2019, MBB increased MBA & PhD base salaries to $165,000, and other firms have now increased MBA & PhD salaries to follow suit. For example, top boutique L.E.K. matched MBB and offers a $165,000 base salary for its incoming MBA & PhD hires in the U.S. This not only reflects increased intensity in the war for talent within management consulting, but the war for talent the industry is waging more broadly versus tech.

In addition, undergraduate and master’s salaries for incoming analysts have risen slightly, but not at the same pace as their MBA & PhD counterparts.

Not everything is changing, however. Continuing a trend from last year, consulting firms have continued to increase their hiring of specialists (bonus points if you have technical expertise), experienced hires, and candidates from non-target schools. In fact, most firms hold 20% of their slots for those from non-target backgrounds. If that’s you, network now and apply early.

Below are salary figures for those joining management consulting positions in 2020. The data comes from our interview prep clients who received job offers, our website readers (like you!), and firm representatives. The salary data is for those recruited straight from an undergraduate, master’s, MBA, or PhD program. All salary figures are in U.S. dollars unless otherwise stated.

As far as we know, this is the only originally sourced data available in the industry – everyone else copies from us, or uses potentially outdated data from Glassdoor, PayScale, or Indeed.

Submit Your Offer If you have any management consulting salary data you would like to share, we would love to hear from you. You can fill out this anonymous form or send us an email. As always, your anonymity is guaranteed.

Salaries for Incoming Undergraduate & Master’s Full-Time Hires

Bain, BCG, and McKinsey Consulting Salaries Bain & Company Undergraduate & Master’s Consultant Salary Base: $90,000 (UK: £45,500) Performance Bonus: up to $22,500 (25% of base) Total Cash: up to $112,500 Housing Allowance: up to $5,000 Relocation: $5,000 Retirement: 4.5% of base + bonus into 401k, no contribution required Signing Bonus: $5,000 (UK: £3,000) Boston Consulting Group (BCG) Undergraduate & Master’s Consultant Salary Base: $90,000 (Canada: C$82,000) (Aus: A$67,000) (Germany: €68,500) Performance Bonus: up to $18,000 Total Cash: up to $108,000 Profit Sharing: up to $4,400 Relocation: $500-8,000 (Germany: €3-10,000) Retirement: Profit sharing deposited into 401k account Signing Bonus: $5,000 (Canada: C$8,000) (Aus: A$15,000) McKinsey & Company Undergraduate & Master’s Consultant Salary Base: $87,000 (Mexico: $34,200) Performance Bonus: up to $15,000 (Mexico: up to $4,000) Total Cash: up to $102,000 Relocation: $2-10,000 Retirement: $7,500 (Mexico: $5,000) Signing Bonus: $5,000 (Mexico: $2,000)

Big 4 Consulting Salaries Deloitte Consulting Undergraduate & Master’s Consultant Salary Base: $82,000 (Canada: C$65,000) Total Cash: $82,000 Retirement: 150% match for individual contributions Signing Bonus: $14,500 (Canada: C$2,000) Deloitte Government & Public Services Undergraduate & Master’s Consultant Salary Base: $71,000 Total Cash: up to $71,000 Signing Bonus: $7,000 Deloitte S&O Undergraduate & Master’s Consultant Salary Base: $85,000 Performance Bonus: Only after 3rd year (15% of base) Total Cash: up to $85,000 Retirement: 25% match for first 6% of individual contributions in 401k Signing Bonus: $12,500 Ernst & Young Undergraduate & Master’s Consultant Salary Base: $75,000 (Risk Advisory: $68,000) (Canada: C$65-70,000) Performance Bonus: None (1.5x overtime pay instead) Total Cash: $75,000 + overtime Relocation: up to $2,000 Retirement: 6% match of base into 401k Signing Bonus: up to $7,500 (Risk Advisory: $5,000) KPMG Undergraduate & Master’s Consultant Salary Base: $75,000 (Canada: C$62,000) Performance Bonus: up to $8,160 Total Cash: up to $83,160 Relocation: up to $2,000 Signing Bonus: up to $7,500 Parthenon Group (EY) Undergraduate & Master’s Consultant Salary Base: $92,000 (UK: £46,000) Performance Bonus: up to $9,200 (10% of base) Total Cash: $101,200 Relocation: up to $2,000 (local) Signing Bonus: $10,000 Strategy& Undergraduate & Master’s Consultant Salary Base: $90,000 (UK: £42,000) (Australia: A$81,000) Performance Bonus: up to $18,000 (20% of base) (UK: £2,000) Total Cash: up to $108,000 Relocation: up to $2,000 Signing Bonus: $5,000 (UK: £5,000) (Australia: A$11,000)

Notable Boutique Consulting Salaries Accenture Undergraduate & Master’s Consultant Salary Base: EUR17,280 (Athens) Performance Bonus: up to EUR3,000 (Athens) Total Cash: up to EUR20,280 (Athens) Stock: 15% discount on Accenture stock Accenture Federal Undergraduate & Master’s Consultant Salary Base: $78,300 Performance Bonus: up to $500 Total Cash: up to $78,800 Relocation: up to $2,500 Accenture Strategy Undergraduate & Master’s Consultant Salary Base: $87,000 (Canada: C$75,000) Performance Bonus: up to $26,100 (30% of base) Total Cash: up to $113,100 PTO Vacation: 28 days/year Relocation: up to $5,000 Retirement: 6% match for 401k after 1st year Signing Bonus: $12,500 (Canada: C$10,000) Stock: 15% discount on Accenture stock Alvarez & Marsal Undergraduate & Master’s Consultant Salary Base: up to $91,400 Total Cash: up to $91,400 Analysis Group Undergraduate & Master’s Consultant Salary Base: $82,000 Performance Bonus: up to $12,000 Total Cash: up to $94,000 Booz Allen Hamilton Undergraduate & Master’s Consultant Salary Base: $75,000 (Dubai, Abu Dhabi, Doha, Beirut, Riyadh: $60-80,000) Performance Bonus: up to $4,000 (Dubai, Abu Dhabi, Doha, Beirut, Riyadh: $9-12,000) Total Cash: up to $79,000 Allowances: 40% of base paid in Dubai/Abu Dhabi/Doha; 30% in Riyadh Relocation: up to $5,000 (Dubai, Abu Dhabi: up to $15,000) Retirement: 6% match for 401k (Dubai, Abu Dhabi, Doha, Beirut, Riyadh: 1 month of latest salary per year of service) Cornerstone Research Undergraduate & Master’s Consultant Salary Base: $85,000 Performance Bonus: $8,500 (target 10% of base) Total Cash: up to $93,500 Relocation: 100% of moving expenses; 4 nights in hotel while house hunting; all broker fees Retirement: 50% match for first 6% of individual contributions in 401k Signing Bonus: $15,000 Kearney Undergraduate & Master’s Consultant Salary Base: $80,000 Performance Bonus: up to $20,000 (25% of base) Total Cash: up to $100,000 Profit Sharing: up to $8,000 (10% of base depending on firm performance) Relocation: up to $10,000 Retirement: up to 6% base Signing Bonus: $5,000 L.E.K. Consulting Undergraduate & Master’s Consultant Salary Base: $80,000 Performance Bonus: up to $3,000 Total Cash: up to $83,000 Profit Sharing: up to $16,000 (some deposited into 401k) Relocation: up to $2,500 Signing Bonus: $10,000 OC&C Strategy Consultants Undergraduate & Master’s Consultant Salary Base: $89,000 Performance Bonus: up to $26,700 Total Cash: up to $115,700 Relocation: up to $5,000 Retirement: 50% match for first 6% (max 3% match) Signing Bonus: $7,500 Oliver Wyman Undergraduate & Master’s Consultant Salary Base: $87,000 (Canada: $85,000) (UK: £43,000) (Amsterdam: €58,000) (Singapore: S$90,000) Performance Bonus: up to $16,000 (Amsterdam: up to €27,000) Total Cash: up to $103,000 Relocation: up to $2,000 (Singapore: $10,000) Retirement: 3% match Signing Bonus: $10,000 (Canada: C$10,000) (UK: £7,000) (Singapore: S$15,000) Putnam Associates Undergraduate & Master’s Consultant Salary Base: $70,000 Total Cash: $70,000 ZS Associates Undergraduate & Master’s Consultant Salary Base: $80,000 (Canada: C$85,000) (Tokyo: ¥5,500,000) Performance Bonus: up to $8,000 (10% of base) Total Cash: up to $88,000 Cost Of Living Adjustment: up to $4,200 Relocation: up to $3,000 (Canada: up to C$3,000) (Tokyo: up to ¥300,000) Retirement: 3% match for 401k Signing Bonus: $6,500 (Canada: C$5,000) (Tokyo: ¥280,000)

Work with the experts and land a consulting offer Resume Edit 2 rounds of edits on 1 Resume

Limited digital pass: 24 templates Learn More $295 Add to cart Resume + Cover Letter Edits 30min 1:1 Zoom session with MBB coach of your choice

1 Resume and 1 Cover Letter edit

Limited digital pass: 24 templates, 6 e-books Learn More $495 Add to cart Black Belt Deluxe 8 hours 1:1 Zoom sessions with MBB coach of your choice

1 Resume and 1 Cover Letter edit

All digital pass: 500 cases, 10K+ math/structure drills, 8 video courses

Access to all MC 2020 intensives Learn More $1850 Add to cart

Download our free Consulting Salary Report Name * First Last

Email *

Consent * I confirm that I am not an EU citizen or downloading this from an EU territory. I recognize that I will be sent MC's weekly consulting newsletter, and can unsubscribe at any time. I agree

CAPTCHA

Phone This field is for validation purposes and should be left unchanged.

Summary of Salaries for Incoming Undergraduate & Master’s Full-Time Hires

Overall, salaries for incoming undergraduate & master’s students have gone up, but at nowhere near the same level as incoming MBA & PhD full-time hires. If compensation is the most important factor in your firm preferences, look at firms like Parthenon-EY, McKinsey, Bain, BCG, Deloitte S&O, and Strategy&. However, we recommend considering other factors as well, including exit opportunities, firm culture, travel, and more.

Salaries for Incoming MBA & PhD Full-Time Hires

Bain, BCG, and McKinsey Consulting Salaries Bain & Company MBA & PhD Full-Time Hires Base: $165,000 (UK: £90,000) Performance Bonus: up to $41,250 (UK: up to £20,000) Total Cash: up to $206,250 Relocation: $8,000 for under 400 miles; $16,000 for over 400 miles Retirement: 401k contribution up to $8,000 (UK: £10,000) Signing Bonus: $30,000 (UK: £15,000) Boston Consulting Group (BCG) MBA & PhD Full-Time Hires Base: $165,000 (UK: £90,000) (Australia: A$160,000) Performance Bonus: up to $41,250 (UK: up to £25,000) (Australia: up to A$61,600) Total Cash: up to $206,250 PTO Vacation: 15 days Relocation: $2-8,000 (Australia: up to A$7,500) Retirement: $10,312 into 401k (UK: up to 9% match) (Australia: A$16,000) Signing Bonus: $30,000 (UK: £15,000) (Australia: up to A$40,000) McKinsey & Company MBA & PhD Full-Time Hires Base: $165,000 (UK: £84,000; £90,000 for Year 2 Associate) (Beijing: $116,000) Performance Bonus: up to $35,000 Total Cash: up to $200,000 PTO Vacation: 19 days Relocation: $2-9,000 Retirement: 7.5% into 401k Signing Bonus: $30,000 Stock: 50% of MBA tuition for returning interns

Big 4 Consulting Salaries Deloitte Consulting MBA & PhD Full-Time Hires Base: $125,000 (UK: £79,900) Performance Bonus: up to $28,000 Total Cash: up to $153,000 Relocation: up to $5,000 Retirement: 25% match of first 6% into 401k (a total of 1.5%) Signing Bonus: $20,000 Deloitte Federal MBA & PhD Full-Time Hires Base: $128,000 Performance Bonus: up to $7,600 Total Cash: up to $135,600 Signing Bonus: $15,000 Deloitte Human Capital MBA & PhD Full-Time Hires Base: $160,000 Performance Bonus: up to $32,200 Total Cash: $192,200 Retirement: 1.5% match of first 6% into 401k Deloitte S&O MBA & PhD Full-Time Hires Base: $160,000 (Toronto: C$105,000) (Calgary: C$100,000) (Mexico City: MXN700,000) Performance Bonus: up to $40,000 (Mexico City: up to MXN35,000) Total Cash: $200,000 Relocation: up to $10,000 Retirement: 25% match of first 6% into 401k (a total of 1.5%) Signing Bonus: $30,000 ($20,000 contingent on signing early) (Canada: C$15,000) Stock: Full 2nd year tuition for returning interns Deloitte Tech MBA & PhD Full-Time Hires Base: $160,000 Total Cash: $160,000 Ernst & Young MBA & PhD Full-Time Hires Base: $155,000 (UK: £85,000) (Switzerland: CHF140,000) Performance Bonus: up to $10,000 (UK: up to £17,000) (Switzerland: up to CHF20,000) Total Cash: up to $165,000 Relocation: up to $5,000 Retirement: Match up to 6% Signing Bonus: up to $25,000 (UK: £15,000) KPMG MBA & PhD Full-Time Hires Base: $160,000 Performance Bonus: up to $25,000 Total Cash: up to $185,000 Relocation: up to $5,000 Retirement: Match 50% (2.5%) if deposit 5% + pension contribution Signing Bonus: up to $45,000 Parthenon Group (EY) MBA & PhD Full-Time Hires Base: $170,000 (Dubai: $65,000) Performance Bonus: up to $10,000 Total Cash: up to $180,000 PTO Vacation: 22 days Relocation: up to $2,000 Signing Bonus: $35,000 PricewaterhouseCoopers (PwC) MBA & PhD Full-Time Hires Base: $150,000 Performance Bonus: up to $35,000 Total Cash: up to $185,000 Relocation: up to $2,000 Retirement: 25% match up to 6%; 1% immediate separate contribution Signing Bonus: $30,000 (paid at start of work) Strategy& MBA & PhD Full-Time Hires Base: $168,000 Performance Bonus: up to $55,400 (33% of base) Total Cash: up to $223,400 Relocation: up to $3,000 Retirement: 4% automatic (no match required); 25% match up to 6% in a separate account Signing Bonus: $30,000

Notable Boutique Consulting Salaries Accenture MBA & PhD Full-Time Hires Base: $105,000 Total Cash: up to $105,000 Retirement: 6% match for 401k Signing Bonus: $5,000 Accenture Strategy MBA & PhD Full-Time Hires Base: $155,000 (Canada: C$135,000) (UK: £83,000) Performance Bonus: $30,000 (all 1st years out of MBA) + $15,000 for top performers (UK: £10,000) Total Cash: up to $200,000 Relocation: up to $10,000 Retirement: 6% match for 401k Signing Bonus: $35,000 + $17,500 early sign on for returning interns (Canada: C$25,000) (UK: £31,500) AlixPartners MBA & PhD Full-Time Hires Base: $160-165,000 Performance Bonus: up to $60,000 Total Cash: up to $225,000 Signing Bonus: $25,000 (Canada: C$25,000) Altman Solon MBA & PhD Full-Time Hires Base: $160,000 Performance Bonus: $40,000 (up to 25% of base) Total Cash: up to $200,000 Signing Bonus: $25,000 Alvarez & Marsal MBA & PhD Full-Time Hires Base: $125,000 Performance Bonus: up to $50,000 (40% of base) Total Cash: up to $175,000 Signing Bonus: $10,000 Analysis Group MBA & PhD Full-Time Hires Base: $160,000 Performance Bonus: up to $30,000 Total Cash: up to $190,000 Booz Allen Hamilton MBA & PhD Full-Time Hires Base: $130,000 (Middle East) Fixed Allowance: 40% of base ($52,000; Middle East) Performance Bonus: up to $32,500 (25% of base; Middle East) Total Cash: up to $214,500 Raises: $10K base salary bump after Year 1; another $10K base salary bump after Year 2 (Middle East) Relocation: up to $25,000 (Middle East) Kearney MBA & PhD Full-Time Hires Base: $158,000 (Canada: C$153,000) (Germany: €85,000) (Dubai: AED570,000) Performance Bonus: up to $44,100 (Canada: up to C$45,900) (Germany: up to €16,000) (Dubai: up to AED90,000) Total Cash: $202,100 Relocation: up to $10,000 (Canada: C$5,000) (Germany: up to €5,000) Retirement: 401k contribution up to $8,000 Signing Bonus: $25,000 (plus $10,000 for summer interns). Canada: C$20,000. Dubai: AED90,000 L.E.K. Consulting MBA & PhD Full-Time Hires Base: $165,000 Performance Bonus: up to $25,000 Total Cash: up to $190,000 Profit Sharing: up to $27,000 Relocation: up to $5,000 Signing Bonus: $25,000 (additional $25,000 for returning interns) OC&C Strategy Consultants MBA & PhD Full-Time Hires Base: $165,000 Performance Bonus: up to $57,750 Total Cash: up to $222,750 Relocation: up to $7,500 Retirement: 50% match for first 6% (max 3% match) Signing Bonus: $25,000 Oliver Wyman MBA & PhD Full-Time Hires Base: $145,000 (Doha: $144,000) Performance Bonus: up to $36,250 Total Cash: up to $181,250 Retirement: 401k – up to 3.5% match at start of 2nd year Signing Bonus: up to $45,000 (Doha: $1,500) Putnam Associates MBA & PhD Full-Time Hires Base: $120,000 Performance Bonus: up to $25,000 Total Cash: up to $145,000 Signing Bonus: $10,000 Roland Berger Strategy Consultants MBA & PhD Full-Time Hires Base: $160,000 (UK: £78,000) Performance Bonus: up to $32,000 (UK: up to £23,400) Total Cash: up to $192,000 (UK: up to £111,400) Signing Bonus: $35,000 ZS Associates MBA & PhD Full-Time Hires Base: $150,000 Performance Bonus: up to $18,000 (12% of base) Total Cash: up to $168,000 Relocation: up to $5,000 Signing Bonus: $30,000 Stock: 2nd Year Tuition Reimbursement for returning interns

Summary of Salaries for Incoming MBA & PhD Full-Time Hires

Salaries for incoming MBA & PhD hires continue to skyrocket. Outside of finance, post-MBA compensation packages are the highest in consulting out of any industry. While Big Tech continues to compete with consulting for top talent, consulting continues to offer faster promotion cycles, broader industry exposure, and a better path to business leadership. The highest paying firms at the post-MBA/PhD level are Parthenon-EY, McKinsey, Bain, BCG, LEK, and Strategy&.

Internship Salaries

Internships are a standard 10 weeks in the United States (early June through first or second full week of August) but the range is 8-12 weeks in Canada and the EMEA. Monthly internship salaries are typically prorated based on starting salaries for new hires. Here are the 2020 internship salaries:

Undergraduate & Master’s Program Internship Salaries Accenture Strategy: $32/hr ($48/hr overtime) + $2,500 signing bonus

$32/hr ($48/hr overtime) + $2,500 signing bonus Bain & Company: $15,000

$15,000 Booz Allen Hamilton: $24/hr

$24/hr Boston Consulting Group (BCG): $18,000

$18,000 Cornerstone Research: $5,950/month

$5,950/month Deloitte Consulting: $35/hour + overtime. $30.77/hr + overtime (Atlanta). C$16,000 (Toronto)

$35/hour + overtime. $30.77/hr + overtime (Atlanta). C$16,000 (Toronto) Huron Consulting: $21/hour + $2,000 signing bonus

$21/hour + $2,000 signing bonus IQVIA Consulting Services: $12,000

$12,000 Kearney: up to $10,000 (Canada: C$5,000) (Germany: up to €5,000)

up to $10,000 (Canada: C$5,000) (Germany: up to €5,000) KPMG: $17,000

$17,000 L.E.K. Consulting: $12,000

$12,000 McKinsey & Company: $15,000

$15,000 Mercer Management and HR Consulting: $27/hr with $1,000 housing assistance

$27/hr with $1,000 housing assistance Oliver Wyman: $11,750 + $2500 signing bonus (9 weeks)

$11,750 + $2500 signing bonus (9 weeks) Parthenon Group (EY): $13,750 + $47.60/hr overtime

$13,750 + $47.60/hr overtime Strategy&: $41/hour + overtime

$41/hour + overtime West Monroe Partners: $28/hour

$28/hour ZS Associates: $5,000/month

MBA & PhD Program Internship Salaries Accenture Strategy: $30,000 + $5,000 relocation. Up to $80,000 tuition reimbursement for returning interns ($50,000 after taxes)

$30,000 + $5,000 relocation. Up to $80,000 tuition reimbursement for returning interns ($50,000 after taxes) Bain & Company: $32,000

$32,000 Boston Consulting Group (BCG): $32,000 (Canada: C$4000/week)

$32,000 (Canada: C$4000/week) Deloitte S&O: $30,000 + full 2nd year MBA tuition for returning interns

$30,000 + full 2nd year MBA tuition for returning interns IQVIA Consulting Services: $11,500/month + $5,000 signing bonus

$11,500/month + $5,000 signing bonus Kearney: $12,300/month

$12,300/month KPMG: $66/hour ($99/hour for overtime)

$66/hour ($99/hour for overtime) L.E.K. Consulting: $28,125 (9 weeks) + up to $25,000 tuition reimbursement for returning MBA interns

$28,125 (9 weeks) + up to $25,000 tuition reimbursement for returning MBA interns McKinsey & Company: $32,000. UK: £8,400 + up to £8,000 performance bonus + up to £5,000 relocation bonus

$32,000. UK: £8,400 + up to £8,000 performance bonus + up to £5,000 relocation bonus NERA Economic Consulting: $7,500/month + $1,250 bonus

$7,500/month + $1,250 bonus Parthenon Group (EY): $28,000 ($2,800/week) + $5,000 signing bonus

$28,000 ($2,800/week) + $5,000 signing bonus Strategy&: $13,750/month

$13,750/month ZS Associates: $11,500/month + $5,000 signing bonus

Management Consulting Salary Insights

Management Consulting Bonuses

Full-time consulting offers are nice, but bonuses have the potential to take your comp from good to great. Generally, consulting full-time hires receive signing bonuses, relocation bonuses, end-of-year performance bonuses, and more. Consulting interns are less likely to receive bonuses, although some firms do offer relocation or signing bonuses.

More firms are starting to offer returning interns a larger signing bonus than full-time counterparts who interned somewhere else. The most extravagant of these include MBA second-year tuition coverage plus signing bonuses (here’s looking at you, Deloitte).

When analyzing these bonuses, there are 5 things you should keep in mind:

Value base salary, more than signing and relocation bonuses. Your salary during your 2nd (and sometimes 3rd) year at the firm is often a function of your initial base salary. All else held equal, we would recommend choosing a base salary of $82,000 with a $5,000 signing bonus over base salary of $80,000 with a $7,500 signing bonus. On your offer letter, the listed maximum amount of the performance bonus typically goes to the top 5-10% of performers. Average performers often receive bonuses closer to half of the maximum amount, while poor performers typically only receive a small bonus if any. Also, firms that pay overtime may choose not to offer a performance bonus. The size of the relocation bonus is primarily driven by the distance from your university to the office location. If you live in the same city as the office, you are sometimes offered no bonus or a smaller bonus (~$2,000 in the U.S.). However, if you live in a distant state or country, you are typically offered the firm’s maximum relocation bonus amount. Relocation and signing bonuses are commonly distributed soon after signing your contract. However, they may be distributed on your start date (e.g. at IBM GBS) or given in increments over several years (e.g. L.E.K.). Bonuses are usually taxed. Uncle Sam loves your bonuses and will make sure to get his share. So don’t forget to account for taxes when planning your bonus spending (or saving). Taxes may be deducted when receiving bonus payments or they may be withdrawn from future paychecks, putting a small temporary dent in your future monthly income.

Salary Growth Along the Management Consulting Career Path

The salaries above are for full-time hires and interns coming straight from an educational program. Before deciding on a final offer, consider how your salary will grow across time. Often, our interview prep clients will receive slightly higher job offers in tech than in consulting. However, the salary growth in management consulting outpaces many industry positions. Because of that, the net income after a few years in consulting can exceed those in other industries, despite an initially lower base pay.

In top consulting firms, you can typically expect a 10-20% increase in your base pay and/or performance bonuses each year. Additionally, when promoted to the next level (usually every 2-3 years), the increase in your income is substantially larger. For instance, when promoted from Associate to Consultant at BCG, your base salary almost doubles. Here’s the potential salary growth trajectory of someone working at a top consulting firm (McKinsey, Bain, or BCG) in the U.S.:

Consultant Salary Growth Trajectory:

First-year out of Undergrad/Master’s program:

Base: ~$90k

Signing Bonus: ~$5k

Performance Bonus: up to ~$13.5k

First year out of MBA/PhD program:

Base: ~$165k

Signing Bonus: ~$30k

Performance Bonus: up to ~$45k

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

Base: $200-220k

Bonus: $90-130k

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

Base: $250-320k

Bonus: $120-220k

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

Base: $350-420k

Bonus: $350-550k

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

Base: $450-650k

Bonus: $500k+

Keep in mind that most full-time hires will not make it to Partner. Many consulting firms have an “up-or-out” promotion structure – and many consultants choose to leave. Those who perform exceptionally are given the chance to be promoted, while poor performers are encouraged to seek employment elsewhere. Because of the up-or-out structure and the attractive exit opportunities, only a small percentage of consulting recruits make it all the way to Senior Partner. Regardless, salary growth is substantial for each promotion you receive at a consulting firm.

Salaries When Exiting Management Consulting

Although your salary increases relatively rapidly within a top consulting firm, you typically receive a pay increase when leaving, as well as a bump in lifestyle. In the U.S., the average consultant who accepts an industry position receives a 12-20% increase in pay and a better work-life balance. Those entering the financial services industry receive a 30%+ increase in compensation—but work/life balance often takes a hit.

Although your salary increases relatively rapidly within a top consulting firm, you typically receive a pay increase when leaving, as well as a bump in lifestyle.

Large Consultant Salary Variation Across International Offices

There is a large variation in management consulting salaries within firms across different countries. Management consulting salaries are highest in the U.S. due to the aforementioned competition with Silicon Valley and Wall Street. Compared to the rest of the world, the United Arab Emirates, Singapore, Switzerland, and Canada also boast relatively high consultant salaries. Most surprisingly, consultant salaries in London are relatively lower given its high cost of living.

Overall, consulting salaries are competitive within their country, often offering salaries 20%+ above the average for other professional service firms. If you accept a consulting offer in any country, you will likely be paid more than the average local employee with a similar tenure in professional service industries.

Small Consultant Salary Variation Across Domestic Offices

At McKinsey, Bain, and BCG, management consulting salaries are relatively flat across all offices within a country. This has two important implications. First, there is often little room for salary negotiation unless you are an experienced hire. Second, you can increase your take-home income by choosing an office location where the cost of living is lower (e.g. choosing Atlanta over San Francisco).

In other firms, salaries are sometimes adjusted to account for living costs. For example, a Big 4 consultant working in New York often receives a slightly higher salary than a Big 4 consultant in Dallas.

Consultant Salaries for Master’s and PhD Students

Many consulting firms offer master’s students the same positions as undergraduate students. Because of that, master’s students often receive the same compensation as undergraduates. However, when a master’s student applies for a relevant technical position (e.g. data scientist), they can receive more compensation than an undergraduate counterpart. Likewise, PhDs often receive the same compensation as MBAs. This is important to note, as you should be applying for the position the firm wants to hire you for.

Conclusion

This year has seen some upheaval in the management consulting industry. However, we see no sign that management consulting salary growth is slowing. Both at the undergraduate/master’s level and post-MBA/PhD, management consultant salaries continue to rise to compete with Banking and Big Tech, as well as keep up with industry demand.

Overall, consulting salaries are highly competitive compared to other industries. One notable exception is finance, where salaries are higher but work-life balance is often worse. Technology firms also compete with consulting firms for talent. They often offer higher base salaries but the roles are more siloed and the promotion trajectory is slower.

Do you have any consulting salary data or comments that you would like to share? You can fill out this anonymous form, add a comment below, or send us an email. As we attempt to provide quality compensation data to our readers, we appreciate any data that you share. As always, your anonymity is guaranteed.

Looking to land a position in management consulting? Check out the world-class interview prep and resume prep services that have helped land thousands of readers (like you) positions at top management consulting firms.

More Reading