Money Money Money. Money is why many of us wake up feeling motivated. Money is a key reason why we do the things that we do, spend the time that we spend, live the life how we live. Money makes people’s eyes shine with excitement and the money is why many people choose to go into management consulting with compensation going sky-high.
Consulting salaries typically consist of several components.
Base salary: If you don’t get fired. This part is guaranteed.
Sign on bonus: Only given once when you sign, so better use it wisely.
Year end bonus: Meant for quality performers.
Additional benefits: Retirement, Relocation, etc.
The table below shows consulting salaries for 11 major management consulting firms in the U.S. based on two levels: the fresh out of undergraduate level and the Post MBA slash Ph.D. level.
US Management Consulting Salaries
| Company Name | Undergraduate Level | Post Graduate/MBA |
| Mckinsey |
Base: $83,000 Performance Bonus: up to $18,000 Total Cash (sum of above): up to $101,000 Retirement: 7% of annual compensation Signing Bonus: $5,000 Relocation: $2-10,000 |
Base: $152,500 (UK: £90,000) Performance Bonus: up to $35,000 Total Cash (sum of above): up to $187,500 Retirement: up to $11,900 Signing Bonus: $25,000 Relocation: $2-9,000 |
| BCG |
Base: $84,000 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 Relocation: $2-8,000 |
Base: $147,000 Performance Bonus: up to $44,100 Total Cash (sum of above): up to $191,100 Retirement: No 401k match but profit sharing is deposited into 401k account Signing Bonus: $30,000 Relocation: $2-8,000 |
| Bain |
Base: $83,500 (UK: £45,500) Performance Bonus: up to $12,525 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 |
Base: $148,000
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 $8,000 |
| Deloitte | Base: $88,000
Performance Bonus: up to $13,200 (15% of base) Total Cash (sum of above): up to $101,200 Retirement: 6% match for 401k Signing Bonus: $12,500 Relocation: up to $2-5,000 |
Base: $145,000 (Canada MBA: C$125,000) Performance Bonus: up to $31,900 Total Cash (sum of above): $176,900 Retirement: 25% match of first 6% into 401k Tuition Reimbursement: Full 2nd year tuition for returning interns Signing Bonus: $25,000 Relocation: $2,500 if local; up to $10,000 otherwise |
| Oliver Wyman | Base Salary :$80,000
Performance Bonus: up to $16,000 Signing Bonus: $10,000 Relocation: up to $2,000 |
Base Salary: $135,000 |
| LEK | 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 |
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 Relocation: up to $5,000 |
| Parthenon | Base: $92,000 (UK: £46,000)
Performance Bonus: up to $10,000 Total Cash (sum of above): up to $102,000 Signing Bonus: $10,000 Relocation: up to $2,000 |
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 | Base: $72,000
Performance Bonus: up to $10,800 (15% of base) Total Cash (sum of above): up to $82,800 Signing Bonus: $5-10,000 Relocation: up to $2,000 |
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 |
| AT Kearney | Base: $75,000
Performance Bonus: up to $15,000 Total Cash (sum of above): up to $90,000 Retirement: 6% match for 401k Profit Sharing: up to $7,200 Signing Bonus: $5,000 Relocation: up to $10,000 |
Base: $147,000 Performance Bonus: up to $44,100 Total Cash (sum of above): $191,100 Retirement: 401k contribution up to $8,000 Signing Bonus: $25,000 Relocation: up to $10,000 |
| Accenture | Base: $77,500-85,000
Performance Bonus: up to $8,500 (10% of base) Total Cash (sum of above): up to $93,500 Retirement: 6% match for 401k after 1st year Stock: 15% discount of Accenture stock Signing Bonus: $10,000 Relocation: up to $5,000 |
Base: $147,500 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 Signing Bonus: $25,000 Relocation: up to $8,000 |
| KPMG | Base: $68,000
Performance Bonus: up to $8,160 Total Cash (sum of above): up to $76,160 Signing Bonus: Rare Relocation: up to $2,000 |
Base: $145,000 Performance Bonus: up to $25,000 Total Cash (sum of above): $170,000 Signing Bonus: $25,000 Relocation: up to $5,000 |
Source: https://managementconsulted.com/ https://www.glassdoor.com/Salary/
Consulting salaries are sky high. But money shouldn’t be the only reason you choose consulting. For many of my friends, they are deliberately choosing management consulting as a career rather than other more lucrative industries such as software or technical engineer at a big tech firm because of the challenge that consulting entails and because of the doors that management consulting opens.
If money were the only concern, there are many more lucrative options out there. Investment banking analysts straight out of undergrad can get up to 120k to 150k USD their first year. Entry level software engineer at 22 years old at Google can receive 50k sign on bonus, 115k base, 10k year end bonus, and 60-70 Google stock (valued at more than 1k each) that is cashable at the end of the year, all in the first year.
But why should you still choose management consulting? Because management consulting open stores and lets you see industries and career opportunities that being software engineers cannot see. But at the end of the day, compared to most positions that you can get straight out of undergrad, management consulting is not a bad option even on the money side.
