This is a topic many people are dying to learn more about.
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.
Two resources Ive found valuable are my site - Management Consulted - and wallstreetoasis.com
Here are the salary numbers.
1st year out of college undergraduate:
Base salaries: $50-65K Signing bonuses: $5-10K Relocation/moving expenses: $5-10K Year-end bonus: $5-10K depending on firm
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 depending on firm
Thats an average of $160-200K in first year compensation. This does not include retirement contributions.
Upward track through partner:
My numbers have a higher risk of being inaccurate as this is only from personal anecdotes, so if you have better information, 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 is 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, etc Retirement contributions - this one is important because at McKinsey/Bain/BCG, 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 reimbursement policies, travel perks, etc
Hope you found that informative. Good luck breaking into consulting. - 16036
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.
Two resources Ive found valuable are my site - Management Consulted - and wallstreetoasis.com
Here are the salary numbers.
1st year out of college undergraduate:
Base salaries: $50-65K Signing bonuses: $5-10K Relocation/moving expenses: $5-10K Year-end bonus: $5-10K depending on firm
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 depending on firm
Thats an average of $160-200K in first year compensation. This does not include retirement contributions.
Upward track through partner:
My numbers have a higher risk of being inaccurate as this is only from personal anecdotes, so if you have better information, 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 is 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, etc Retirement contributions - this one is important because at McKinsey/Bain/BCG, 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 reimbursement policies, travel perks, etc
Hope you found that informative. Good luck breaking into consulting. - 16036
About the Author:
Management Consulted is a one-stop shop for prospective management consultants. Written by a former McKinsey consultant, it covers topics including recruiting, resumes, interviews, and case studies. Read the comprehensive guide to consulting today!
