What are the salaries in Top Consulting Firms ?
Starting salaries in consulting positions with a bachelor’s degree (analyst position) typically range from $60,000 to $90,000. For a select number of firms, the salary can approach $100,000. Starting salaries with an MBA degree range after bonus (associate position) range from $90,000 to $180,000. Senior consultants (MBA + 2-5 years) on average make around $250,000. Junior partners/principals make around$400,000 while senior partners/Director make $550,000+.
Keep in mind that Consulting salary depends on a lot of factors: time, location, office, position, so there’s no 100% precise data. With that said, various consulting firms of the same class (i.e: McKinsey, Bain, and BCG; or KPMG, E&Y, and PwC) in the same location will pay roughly the same total package, even though specific package offerings may be varied. In addition, Consulting salary grows 5% per annum on average too, so old data is likely to be lower than new data.
With that said, here is an useful article on the latest salaries in Top consulting firms: 2018 Management Consulting Salaries
You can find the average salaries for each firm and position fairly easily by googling it (and Mantas above gave good estimates of what to expect). However, my personal opinion on this question is:
- It’s the wrong question to ask. If you’re focused on money and have the skills to be a top management consultant, you should instead become a banker/private equity investor. Lots more to be made there!
- Consulting jobs pay more than enough: more than almost all jobs in any given geography for people with similar skills, but less than some jobs (see point 1).
The rest are just details, I’d advise to focus on the bigger picture!
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