Something a lot of people are dying to know.
I've gathered this data through multiple sources - friends in the industry, public sources, comments from my blog. They may not be 100% accurate but should be close.
2 valuable resources on consulting include my blog - Management Consulted - and wallstreetoasis.com
Here are the salary numbers.
First year out of undergraduate:
Base salaries: $50-65K Signing bonuses: $5-10K Relocation/moving expenses: $5-10K Year-end bonus: $5-10K
Thats an average of $70-75K in first year compensation. As a summer intern, you can expect a comparable, pro-rated salary (minus the bonuses). This does not include retirement contributions.
First year out of business school/MBA:
Base salaries: $110-140K Signing bonuses: $20-40K Relocation/moving expenses: $10-20K Year-end bonus: $20-40K
Thats an average of $160-200K in first year compensation. This does not include retirement contributions. My original estimates were a bit lower, but have been adjusted upward based on emails and the comments below.
Progression track through partner:
My numbers have a higher risk of being inaccurate as this is only from personal anecdotes, so if you have more accurate numbers, please let me know.
Engagement manager/Project leader: $175-250K Associate principal/Senior project leader: $250-400K Partner/Principal: $500-800K Senior partner/Director: $1M plus At more senior levels the pay becomes increasingly variable and performance-based
How consulting salaries lose to finance:
At almost every position as a management consultant, your salary will be 30-50% lower than a comparable position in investment banking. This varies by year and median salaries in non-banking departments (such as research, asset management, sales & trading) are lower. The truth is simple: consulting is not a profession to make big bucks.
How consulting firms make up the lower salaries:
Better benefits - healthcare, life insurance Retirement contributions - this one is important because at places like Boston Consulting Group, theyll contribute an added 5-10% of your base salary to your retirement funds, effectively a 5-10% year-end bonus! (A reader just informed me that his MBB retirement contribution starting fulltime in 09 was 4.5%, which is lower than Id seen in previous years) More generous expense/reimbursement policies, travel perks, etc
Hope you found that helpful. Good luck breaking into consulting.
I've gathered this data through multiple sources - friends in the industry, public sources, comments from my blog. They may not be 100% accurate but should be close.
2 valuable resources on consulting include my blog - Management Consulted - and wallstreetoasis.com
Here are the salary numbers.
First year out of undergraduate:
Base salaries: $50-65K Signing bonuses: $5-10K Relocation/moving expenses: $5-10K Year-end bonus: $5-10K
Thats an average of $70-75K in first year compensation. As a summer intern, you can expect a comparable, pro-rated salary (minus the bonuses). This does not include retirement contributions.
First year out of business school/MBA:
Base salaries: $110-140K Signing bonuses: $20-40K Relocation/moving expenses: $10-20K Year-end bonus: $20-40K
Thats an average of $160-200K in first year compensation. This does not include retirement contributions. My original estimates were a bit lower, but have been adjusted upward based on emails and the comments below.
Progression track through partner:
My numbers have a higher risk of being inaccurate as this is only from personal anecdotes, so if you have more accurate numbers, please let me know.
Engagement manager/Project leader: $175-250K Associate principal/Senior project leader: $250-400K Partner/Principal: $500-800K Senior partner/Director: $1M plus At more senior levels the pay becomes increasingly variable and performance-based
How consulting salaries lose to finance:
At almost every position as a management consultant, your salary will be 30-50% lower than a comparable position in investment banking. This varies by year and median salaries in non-banking departments (such as research, asset management, sales & trading) are lower. The truth is simple: consulting is not a profession to make big bucks.
How consulting firms make up the lower salaries:
Better benefits - healthcare, life insurance Retirement contributions - this one is important because at places like Boston Consulting Group, theyll contribute an added 5-10% of your base salary to your retirement funds, effectively a 5-10% year-end bonus! (A reader just informed me that his MBB retirement contribution starting fulltime in 09 was 4.5%, which is lower than Id seen in previous years) More generous expense/reimbursement policies, travel perks, etc
Hope you found that helpful. Good luck breaking into consulting.
About the Author:
Management Consulted is a resource for understanding business and strategy consulting. Written by a former McKinsey consultant, its main purpose is to help readers find management consulting jobs. Read the guide to management and strategy consulting today!
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