All About Management Consulting Salaries - Career in Consulting (2022)

All About Management Consulting Salaries - Career in Consulting (1)

3 Comments / Popular, Recruitment Process / By Sébastien Ritter

Management consulting salaries are a critical factor when you’re considering job offers.

Whether you’re a student or recent graduate who’s looking for their first job in consulting or you’ve already got some experience under your belt and are seeking career progression, there are certain aspects of management consulting that you need to be aware of.

With so many consulting firms, all offering different remuneration packages and career path, your decision becomes much harder.

Turning to Google might seem like the logical step to take but expect to be overwhelmed by the amount of arbitrary information that is presented to you.

That is why I’ve put together a comprehensive guide that compares management consultant salaries at some of the most prestigious consulting firms in the world.

This includes McKinsey, the Boston Consulting Group (BCG), Bain & Company, Deloitte, and Accenture.

Hereafter, you can find a synthesis for MBB.

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Table of Contents

Do you want to stand out and get offers?

Landing a job in Consulting can be a daunting task.

Maybe you don’t know where to start, or you want to optimize your preparation time with an efficient plan.

That’s why I’ve created this free course (4+ hours of videos and 10+ templates to download) to help you land a job offer in consulting.

Management Consulting Career Path

In general, careers in management consulting have similar pathways across industries and companies.

However, titles might differ from a firm to another.

Thus, the table below illustrates the management consulting career path you can expect to take on your journey from an entry-level analyst all the way through to making partner at five of the most respected management consulting firms.

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Next, how long can you expect to stay at the same level?

Of course, it depends on your performance.

For example, if you are a rockstar, you can make it from Analyst to Partner in less than 8 years.

On the other hand, if you are on the other side of the spectrum, you can face the “up or out” policy. This means that if the firm isn’t ready to promote you to the next level at the end of the generally accepted time frame, they’ll ask you to leave the firm.

But, these are extreme situations. Here is a table that summarizes the average number of years you should expect per role.

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Roles & Responsibilities

Next, let’s see the responsibilities per role.

The responsibilities below are broad strokes and will give you a basic sense of what type of activities you’d be primarily responsible for at each level.

Business Analyst Responsibilities

Business Analyst (BA) is the typical entry-level position for management consultants with an undergraduate degree.

The role involves extensive research and data gathering of client problems together with the suggested solutions. This information is organized and presented to internal senior consultants in a compelling format such as a slide deck or PowerPoint presentation.

Furthermore, BAs will often be tasked with building financial models using tools like Excel to reinforce any recommendations as well.

For instance, here is a McKinsey Business Analyst job description:

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Check your target firm’s website for job opportunities. Or, alternatively, You may also find entry level consultant jobs with Jooble.

Consultant Responsibilities

The role of Consultants and BAs overlap in many ways. Gathering data in some capacity is just one of them.

However, once given an assignment, junior consultants are expected to work independently with minimal oversight to get the job done.

Senior Consultant Responsibilities

Senior consultants are more specialized than junior consultants and carry out more of a leadership role. As such, they are generally responsible for leading BA and junior consultant teams.

Furthermore, due to the greater responsibility and the fact that they’re much ‘closer to the action’, senior consultants have more of a voice when it comes to internal discussions with senior leadership.

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Manager Responsibilities

Managers carry out a project management role.

In consulting, this means Managers spend most of their time problem structuring, managing the analysts’ individual workstreams, and synthesizing them into a cohesive analysis.

In other words, they must organize the tasks that BAs, junior consultants, and senior consultants need to carry out, ensure that work is delivered on time and that the proposed solutions are effective.

Besides, they are the bridge between the higher up principals and partners and the BAs, junior consultants, and senior consultants.

For instance, they will then report to their principal and partner superiors on progress and outcomes.

Principal Responsibilities

There’s a saying – the closer you get to the top, the more challenging it often becomes. This rings true for principals.

One step away from making partner, the first year in this position is touted as the most challenging in management consulting.

Principals have established themselves as experts in their field or specialized industry. The role consists of plenty of travel and meetings with clients.

The reason?

To foster strong relations and create new business opportunities that drive growth for the company.

Partner Responsibilities

Atop the typical management consulting tree sits the partner or director.

Most of their work revolves around building new business relationships and maintaining existing ones.

Partners are often the first point of contact during discovery calls and they will also follow-up on active cases and conduct the final meetings to wrap up cases.

Management Consulting Salaries

You now have a firm understanding of management consulting, including the typical career progression pathways, and the standard job descriptions at each level.

Now, let’s see the salary range that you can get as a consultant.

However, before you look at the numbers, remember that management consulting salaries can vary significantly by location, and job titles can differ across companies.

Therefore, I decided to focus my analysis of management consulting salaries on 2x regions: the US and France.

Management Consulting Salaries In The US

Business Analyst Salaries

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McKinsey Business Analyst Salary

The average base salary for a BA in the United States is $85,000 and the average total salary is $95,000. The additional pay consists of cash bonuses.

BCG Associate Salary

The average based salary that BAs in the United States can expect to receive is $85,000, with the total average salary being $95,000. The additional pay consists of cash bonuses, stock bonuses, profit sharing, and commission sharing.

Bain & Company Associate Salary

In the US, BAs working for Bain & Co can expect to make $86,000 annually in base salary. The total average salary comes in at $98,000 with the additional pay consisting of cash bonuses, profit sharing, and commission sharing.

Deloitte Analyst Salary

The average base salary for a BA working at Deloitte in the US is $76,000. The average total salary is $77,000 and the additional pay consists of cash bonuses, stock

Accenture Analyst Salary

Accenture offers BAs $78,000 in average base salary in the US. The average total salary is $79,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Consultant Salaries

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McKinsey Senior Business Analyst Salary

The average base salary for a junior consultant in the United States is $107,000 and the average total salary is $124,000. The additional pay consists of cash bonuses.

BCG Senior Associate Salary

The average based salary that junior consultants in the United States can expect to receive is $112,000, with the total average salary being $125,000. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

Bain & Company Senior Associate and Consultant Salary

In the US, junior consultants working for Bain & Co can expect to make $103,000 annually in base salary. The total average salary comes in at $130,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Deloitte Consultant Salary

The average base salary for a junior consultant working at Deloitte in the US is $88,000. The average total salary is $91,000 and the additional pay consists of cash bonuses.

Accenture Consultant Salary

Accenture offers junior consultants $100,000 in average base salary in the US. The average total salary is $104,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit sharing.

Senior Consultant Salaries

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McKinsey Associate Salary

The average base salary for a senior consultant in the United States is $154,000 and the average total salary is $181,000. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

BCG Consultant Salary

The average based salary that senior consultants in the United States can expect to receive is $157,000, with the total average salary being $186,000. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

Bain & Company Case Team Leader Salary

In the US, senior consultants working for Bain & Co can expect to make $158,000 annually in base salary. The total average salary comes in at $186,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Deloitte Senior Consultant Salary

The average base salary for a senior consultant working at Deloitte in the US is $110,000. The average total salary is $119,000 and the additional pay consists of cash bonuses and profit sharing.

Accenture Senior Consultant Salary

Accenture offers senior consultants $108,000 in average base salary in the US. The average total salary is $113,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Manager Salaries

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McKinsey Engagement Manager Salary

The average base salary for a manager in the United States is $180,000 and the average total salary is $233,000. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

BCG Project Leader Salary

The average based salary that managers in the United States can expect to receive is $193,000, with the total average salary being $234,000. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

Bain & Company Manager Salary

In the US, managers working for Bain & Co can expect to make $165,000 annually in base salary. The total average salary comes in at $222,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Deloitte Manager Salary

The average base salary for a manager working at Deloitte in the US is $141,000. The average total salary is $152,000 and the additional pay consists of cash bonuses, profit sharing, and commission sharing.

Accenture Manager Salary

Accenture offers managers $135,000 in average base salary in the US. The average total salary is $143,000 with the additional pay consisting of cash bonuses, profit sharing, and commission sharing.

Principal Salaries

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McKinsey Associate Principal Salary

The average base salary for a principal in the United States is $225,000 and the average total salary is $402,000. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

BCG Principal Salary

The average based salary that principals in the United States can expect to receive is $231,000, with the total average salary being $363,000. The additional pay consists of cash bonuses and profit sharing.

Bain & Company Principal Salary

In the US, principals working for Bain & Co can expect to make $219,000 annually in base salary. The total average salary comes in at $427,000 with the additional pay consisting of cash bonuses and profit sharing.

Deloitte Senior Manager Salary

The average base salary for a principal working at Deloitte in the US is $186,000. The average total salary is $209,000 and the additional pay consists of cash bonuses and profit sharing.

Accenture Senior Manager Salary

Accenture offers principals $183,000 in average base salary in the US. The average total salary is $196,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Partner Salaries

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McKinsey Partner Salary

The average base salary for a partner at McKinsey & Co in the United States is $477,000 and the average total salary is between $1m and $1.5m. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

BCG Partner Salary

The average based salary that partners in the United States can expect to receive is $344,000, with the total average salary being between $1m and $1.2m. The additional pay consists of cash bonuses and profit sharing.

Bain & Company Partner Salary

In the US, partners at Bain & Co can expect to make $324,000 annually in base salary. The total average salary comes in at $0.9m – $1.2m range with the additional pay consisting of cash bonuses.

Deloitte Partner Salary

The average base salary for a partner working at Deloitte in the US is $333,000. The average total salary is $388,000 and the additional pay consists of cash bonuses and profit sharing.

Accenture Director Salary

Accenture pays partners $297,000 in average base salary in the US. The average total salary is $332,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Management Consulting Salaries In France

Business Analyst Salaries

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McKinsey Business Analyst Salary

In France, the average BA base salary is €52,000 with a total average salary coming in at €58,000. The additional pay consists of cash bonuses.

BCG Associate Salary

BCG in France pays BAs an average base salary of €55,000 and a total average salary of €62,000. Cash bonuses and profit sharing make up the additional pay.

Bain & Company Associate Salary

Bain & Co in France offers its business analysts an average base salary of €51,000 and a total average salary of €57,000. Cash bonuses and profit sharing make up the additional pay.

Deloitte Analyst Salary

BAs working at Deloitte in France receive an average base salary of €42,000 and an average total salary of €43,000. The additional pay consists of cash bonuses.

Accenture Analyst Salary

The average base salary for a BA working at Accenture in France is €40,000 and the average total salary is €41,000. The additional pay is made up of cash bonuses, stock bonuses, and profit-sharing.

Consultant Salaries

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McKinsey Senior Business Analyst Salary

In France, the average junior consultant base salary is €75,000 with a total average salary coming in at €94,000. The additional pay consists of cash bonuses.

BCG Senior Associate Salary

BCG in France pays junior consultants an average base salary of €80,000 and a total average salary of €101,000. Cash bonuses, stock bonuses, and profit-sharing make up the additional pay.

Bain & Company Senior Associate and Consultant Salary

Bain & Co in France offers its junior consultants an average base salary of €78,000 and a total average salary of €95,000. Cash bonuses, stock bonuses, and profit-sharing make up the additional pay.

Deloitte Consultant Salary

Junior consultants working at Deloitte in France receive an average base salary of €46,000 and an average total salary of €51,000. The additional pay consists of cash bonuses.

Accenture Consultant Salary

The average base salary for consultants working at Accenture in France is €52,000 and the average total salary is €54,000. The additional pay is made up of cash bonuses, stock bonuses, and profit-sharing.

Senior Consultant Salaries

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McKinsey Associate Salary

In France, the average senior consultant base salary is €90,000 with a total average salary coming in at €114,000. The additional pay consists of cash bonuses and profit sharing.

BCG Consultant Salary

BCG in France pays senior consultants an average base salary of €96,000 and a total average salary of €116,000. Cash bonuses, stock bonuses, and profit-sharing make up the additional pay.

Bain & Company Case Team Leader Salary

Bain & Co in France offers its senior consultants an average base salary of €89,000 and a total average salary of €109,000. Cash bonuses and profit sharing make up the additional pay.

Deloitte Senior Consultant Salary

Senior consultants working at Deloitte in France receive an average base salary of €53,000 and an average total salary of €59,000. The additional pay consists of cash bonuses.

Accenture Senior Consultant Salary

The average base salary for a senior consultant working at Accenture in France is €56,000 and the average total salary is €59,000. The additional pay is made up of cash bonuses, stock bonuses, and profit-sharing.

Manager Salaries

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McKinsey Engagement Manager Salary

In France, the average manager base salary is €118,000 with a total average salary coming in at €146,000. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

BCG Project Leader Salary

BCG in France pays managers an average base salary of €142,000 and a total average salary of €181,000. Cash bonuses and profit sharing make up the additional pay.

Bain & Company Manager Salary

Bain & Co in France offers its managers an average base salary of €112,000 and a total average salary of €142,000. Cash bonuses and profit sharing make up the additional pay.

Deloitte Manager Salary

Managers working at Deloitte in France receive an average base salary of €68,000 and an average total salary of €78,000. The additional pay consists of cash bonuses and profit sharing.

Accenture Manager Salary

The average base salary for a manager working at Accenture in France is €74,000 and the average total salary is €81,000. The additional pay is made up of cash bonuses, profit sharing, and commission sharing.

Principal Salaries

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McKinsey Associate Principal Salary

In France, the average Associate Principal base salary is €181,000 with a total average salary coming in at €226,000. The additional pay consists of cash bonuses.

BCG Principal Salary

BCG in France pays Principals an average base salary of €165,000 and a total average salary of €208,000. Cash bonuses and profit sharing make up the additional pay.

Bain & Company Principal Salary

Bain in France pays Principals an average base salary of €169,000 and a total average management consulting salary of €219,000. Cash bonuses and profit sharing make up the additional pay.

Deloitte Senior Manager Salary

Principals working at Deloitte in France receive an average base salary of €87,000 and an average total management consulting salary of €102,000. The additional pay consists of cash bonuses.

Accenture Senior Manager Salary

The average base salary for a principal working at Accenture in France is €96,000 and the average total salary is €111,000. The additional pay is made up of cash bonuses, stock bonuses, and profit-sharing.

Partner Salaries

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McKinsey Partner Salary

The average base salary for a partner at McKinsey & Co in France is €250,000 and the average total salary is between €1m and €1.5m. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

BCG Partner Salary

The average based salary that partners in France can expect to receive is €240,000, with the total average salary being between €1m and €1.2m. The additional pay consists of cash bonuses and profit sharing.

Bain & Company Partner Salary

In France, partners at Bain & Co can expect to make €301,000 annually in base salary. The total average salary comes in at €0.9m – €1.2m range with the additional pay consisting of cash bonuses.

Deloitte Partner Salary

The average base salary for a partner working at Deloitte in France is €210,000. The average total salary is €310,000 and the additional pay consists of cash bonuses and profit sharing.

Accenture Director Salary

Accenture pays Partners €150,000 in average base salary in France. The average total salary is €300,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Entry Points Into Management Consulting

There are 3x entry points into consulting:

  • After graduating from an undergraduate program
  • Transitioning from industry, and joining as a senior industry hire
  • After graduating from a graduate program

Furthermore, if you want to learn more about the McKinsey recruitment process, check this article. Plus, these 2x articles to write a winning resume, and a persuasive and customized cover letter.

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Undergraduate Students

First, consulting firms are competing with other industries to attract the best undergraduate students.

For instance, companies such as Google, Amazon, Facebook, or Apple offer a good salary range, and lots of other perks (e.g. cool offices).

Therefore, management consulting salaries tend to go up over the years.

MBA Students

According to Bloomberg, the best business schools for the consulting industry by the number of students who get hired upon completion of their MBA are provided below. The percentage of hires and median graduate management consulting salaries for 2019-2020 are also presented for the purpose of this analysis.

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Furthermore, depending on your performance and potential, some consulting firms will offer to sponsor your MBA studies. This allows for seamless re-entry into the firm once you’ve acquired your Masters in Business Administration.

Experienced Professionals

To begin with, experienced hire simply means hiring candidates that have worked and held a full-time job before.

Consulting firms serve a broad range of industries and clients, so the expertise and insights that experienced hires bring are invaluable to their work.

So, great minds and diverse perspectives help them solve some of the world’s toughest business problems.

Thus, they actively recruit talented experienced professionals from a wide array of industries and backgrounds, including finance, law, consulting, teaching, military, healthcare, government, and many others.

To conclude, here are key differences between graduate hires and experienced hires:

  • Experience hires can enter at many different levels based on experience. For very senior hires, they may enter as a Principal or even as a Partner (e.g. if you hired the COO of a division at a client). More junior hires could enter at various levels, based on both their experience and their ability to negotiate. In some cases, hires might be hired at a very junior level, but with the possibility of “fast track promotion” if they perform strongly
  • Depending on specific experience, experienced hires are more likely to align to a practice right away vs. graduates
  • Experienced hire recruiting goes on year-round, graduate recruiting generally happens once a year

Conclusion

There you have it.

You now have a firm understanding of management consulting, including the typical career progression pathways, average management consulting salaries at leading global organizations, and the standard job descriptions at each level.

Remember that management consulting salaries can vary significantly by location and job titles can differ across companies.

Furthermore, it’s always good practice to look beyond the management consulting salary alone to determine the best offers such as your fit with the firm’s culture, the types of projects or the exit opportunities

Management consulting can be a very rewarding career.

At the end of the day your performance will dictate how far and how fast you climb up the corporate ladder.

If you found this post useful or have a question about management consulting salaries, leave a comment below.

Sébastien

Do you want to stand out and get offers?

Landing a job in Consulting can be a daunting task.

Maybe you don’t know where to start, or you want to optimize your preparation time with an efficient plan.

That’s why I’ve created this free course (4+ hours of videos and 10+ templates to download) to help you land a job offer in consulting.

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