Management Consultants Salary

Management Consultants Salary – Best of 2022

by | May 16, 2022 | Clients, Consulting Career, Why Consulting

We all know this one fact: those six-digit figures are pretty tempting no matter what you say in a consulting interview. Here, you’ll explore and compare the management consultants salary at the top management consulting firms.

Suppose you’re looking for an exact up-to-date figure of various levels of consultants from an entry-level to A Partner, of MBB, the Big 4s! You’ve come to the right page where we keep it fresh and juice with all the recent news and information: Everything you need to know about Consulting.

In this article, we’ll just cut to the chase and show you guys the numbers and figures of what the Undergrads (entry-level) to MBAs (manager level) to Partners at the firm are earning at the top consulting firms.

What are the different components of a management consultants salary?

Consulting salaries are generally divided into the following components:

Base Salary:

Base salary is the biggest component of a management consultant’s earnings, making up the lion’s share of their pay. Base salary typically increases with experience and responsibilities, so it’s important to keep tabs on your Base salary as you advance in your career. Base salary also varies depending on the location of the consulting firm, with firms in larger cities paying higher salaries than those in smaller towns.

Performance Bonus:

At performance review time, many consultants receive a performance bonus in addition to their usual salary. This bonus is usually calculated as a percentage of the consultant’s base salary and is paid out based on the consultant’s performance during the review period. In some cases, the performance bonus may be paid out in multiple installments, with each installment being tied to specific milestones or objectives.

Additional Perks:

Additional benefits and perks are often an important part of a consultant’s salary. For example, many consultants receive reimbursement for travel and other business expenses. In addition, consultants may also receive bonuses for completing projects on time or achieving certain goals.

While the base salary for a consultant may be lower than that of a salaried employee, the total compensation package can be quite high. As a result, consultants typically command a higher rate when they are hired by companies.

Sign-in Bonus:

A sign-in bonus is a one time bonus primarily used to lure high-demand candidates who may have multiple job offers. Sign-in bonuses are also used as an enticement for current employees to transfer to new positions within the company  This bonus is also paid at the beginning and is in addition to the consultant’s salary.

In order to qualify for the sign-in bonus, the consultant must stay with the company for a certain amount of time, usually six months to one year. If the consultant leaves the company before this time period, they may be required to repay all or part of the bonus. Signing bonuses can range from a few hundred dollars to tens of thousands, depending on the position and the company

Career Progression in Management Consulting Firms:

Management Consultants Salary

Management consulting firms are often structured in a way that promotes career progression. In most firms, consultants start out as junior associates and then move up to senior associate or manager positions. From there, they may eventually become partners in the firm.

This promotion system encourages consultants to develop their skills and knowledge over time, which helps to ensure that FirmX provides high-quality services to its clients.

The specific timeline will vary from firm to firm, but most consultants can expect to be promoted to a senior position within 3-5 years of starting their careers.

There are several factors that contribute to career progression in management consulting. Firstly, consultants who produce high-quality work and obtain positive feedback from clients are more likely to be promoted than those who do not.

Secondly, consultants who display leadership qualities and take on additional responsibilities are also more likely to be promoted. Finally, consultancies often promote based on merit, so those who have worked hard and achieved results are typically rewarded with promotions.

Overall, management consulting is a profession with clear opportunities for career progression. Those who excel in their work can expect to be rewarded with promotions and increased responsibility over time.

How much do management consultants make?

Management consultants are some of the highest-paid professionals in the world. In the United States, the average salary for a management consultant is $104,000.

However, top-tier management consultants can earn much more than this. In fact, the highest-paid management consultants can earn over $1 million per year. This high salary is due to the immense amount of responsibility that management consultants have.

They are responsible for advising companies on how to improve their operations and make more money.

As a result, they must be erudite and have a deep understanding of business. Consequently, management consultants are very well compensated for their skills and knowledge.

At, entry-level management consultants may earn $100,000 each year (bonuses and profit sharing included), while senior consultants may earn up to $200,000.

Project leaders/managers are typically paid $200,000-$250,000. Partner-level managers (partners, directors, principals) can earn up to $1,000,000-$1,300,000.

Management Consultants Salary

 

Below are some of the big names in the management consulting industry and the salaries they give to various consultants.

1. McKINSEY & COMPANY:

Management Consultants Salary

McKinsey salary for entry-level consultants (analysts) ranges from $90,000 to $110,000 per year. MBA-level/experienced associates can go up to $233,000. Engagement managers usually earn around $250,000, while Partners and Directors can earn up to $1,300,000.

 

McKinsey Analyst Salary (Undergraduate/Entry-Level)

∙ Base: $88,000

∙ Performance Bonus: up to $15,000

∙ Profit Sharing: up to $10,000

∙ Retirement: 7% annual contribution every year to 401K plan

∙ Signing Bonus: $5,000

∙ Relocation: $2,000-10,000

∙ Total Annual Salary: up to $113,000

 

McKinsey Associate Salary (MBA/Experienced-Level)

∙ Base: $168,000

∙ Performance Bonus: up to $35,000

∙ Profit Sharing: up to $30,000

∙ Retirement: 7.5% into 401k

∙ Signing Bonus: $30,000

∙ Relocation: $2,000-9,000

∙ Total Annual Salary: up to $233,000

 

McKinsey Engagement Manager Salary (Manager-Level)

∙ Base: $215,000

∙ Performance Bonus: Up to $77,000

∙ Profit Sharing: $30,000

∙ Total Annual Salary: up to $282,000

 

McKinsey Associate Partner/Partner/Director Salary (Partner-Level)

∙ Base: $572,000 – $1,000,000

∙ Performance Bonus: Up to $252,000 – $300,000

Total Annual Salary: $1,300,000+

Management Consultants Salary

 

2. BOSTON CONSULTING GROUP (BCG):Management Consultants Salary

At BCG, junior Associates earn around $90,000 to $110,000 per year, while the more senior Consultants can earn up to $215,000. Project Leaders have an even higher income – around $200,000-$260,000, while Principals and Partners top the scale at $1,150,000.

 

BCG Consultant Salary (Undergraduate/Entry-Level)

∙ Base: $90,000

∙ Performance Bonus: up to $18,000

∙ Profit Sharing: up to $4,500

∙ Retirement: Profit-sharing deposited into 401k account

∙ Signing Bonus: $5,000

∙ Relocation: $5,000-8,000

∙ Total Annual Salary: up to $112,500

 

BCG Associate Salary (MBA/Experienced-Level)

∙ Base: $155,000

∙ Performance Bonus: up to $41,500

∙ Profit Sharing: up to $9,000

∙ Retirement:$10,000 into 401k

∙ Signing Bonus: $30,000

∙ Relocation: $5,000-8,000

∙ Total Annual Salary: up to $205,500

 

BCG Project Leader Salary (Manager-Level)

∙ Base: $240,000

∙ Performance Bonus: Up to $60,000

∙ Profit Sharing: $28,000

∙ Total Annual Salary: up to $336,000

 

BCG Principal/Partner Salary (Partner-Level)

∙ Base: $600,000-850,000

∙ Performance Bonus: up to $300,000

∙ Total Annual Salary:  $1,150,000+

Management Consultants Salary

 

3. Bain & Company:Management Consultants Salary

Bain consultant salary ranges from a maximum of $122,500 for junior Associate Consultants, to a $226,500 for senior Consultants. Case Team Leaders can make up to $242,000 per year, while Managers, Partners and Principals may earn as much as $1,000,000.

 

Bain Associate Consultant Salary (Undergraduate/Entry-Level)

∙ Base: $90,000

∙ Performance Bonus: up to $22,500

∙ Profit Sharing: up to $10,000

∙ Retirement: 4.5% of base + bonus into 401k, no contribution required

∙ Signing Bonus: $5,000

∙ Relocation: $5,000

∙ Total Annual Salary: up to $122,500

 

Bain Consultant Salary (MBA/Experienced-Level)

∙ Base: $155,000

∙ Performance Bonus: up to $41,250

∙ Profit Sharing: up to $20,000

∙ Retirement: 401k contribution up to $8,000

∙ Signing Bonus: $30,000

∙ Relocation: $8,000 for under 400 miles; $16,000 for over 400 miles

∙ Total Annual Salary: up to $226,500

 

Bain Case Team Leader Salary (Manager-Level)

∙ Base: $165,000

∙ Performance Bonus: up to $37,000

∙ Profit Sharing: $30,000

∙ Total Annual Salary: up to $242,000

 

Bain Manager Salary (Manager-Level)

∙ Base: $245,000

∙ Performance Bonus: up to $60,000

∙ Profit Sharing: $40,000

∙ Total Annual Salary: up to $315,000

 

Bain Principal/Partner Salary (Partner-Level)

∙ Base: $400,000

∙ Performance Bonus: $400,000-600,000

∙ Total Annual Salary: $1,000,000+

Management Consultants Salary

 

4. Deloitte Consulting:Management Consultants Salary

Deloitte junior consultants have a maximum annual salary of $98,000, with $85,000 as the base. Senior consultants can make up to $201,000 per year.

 

Deloitte Analyst Salary (Undergraduate/Entry-Level)

∙ Base: $85,000

∙ Performance Bonus: $13,000

∙ Retirement: 25% match for the first 6% of individual contributions in 401k

∙ Signing Bonus: $12,500

∙ Total Annual Salary: up to $98,000

 

Deloitte Consultant Salary (MBA/Experienced-Level)

∙ Base: $140,000

∙ Performance Bonus: up to $41,000

∙ Retirement: 25% match of first 6% into 401k (a total of 1.5%)

∙ Signing Bonus: $30,000 ($20,000 contingent on signing early)

∙ Relocation: up to $10,000

∙ Total Annual Salary: up to $201,000

 

Deloitte Senior Auditor (Manager Level)

 Base: $245,000

 Performance Bonus: up to $50,000

 Profit Sharing:  $20,000

 Total Annual Salary: up to $ 250,000

 

Deloitte Equity Partner Salary (Partner Level)

 Base: $400,000-$600,000

 Performance Bonus: $250,000

 Total Annual Salary:  $950,000+

Management Consultants Salary

 

5. KPMG Consulting:

Management Consultants Salary

KPMG junior consultants have a maximum annual salary of $83,000, with $75,000 as the base. Senior consultants can make up to $185,000 per year.

 

KPMG Analyst Salary (Undergraduate/Entry-Level)

∙ Base: $75,000

∙ Performance Bonus: up to $8,000

∙ Retirement: up to $7,500

∙ Signing Bonus: up to $2,000

∙ Total Annual Salary: up to $83,000

 

KPMG Consultant Salary (MBA/Experienced-Level)

∙ Base: $150,000

∙ Performance Bonus: up to $25,000

∙ Retirement: Match 50% (2.5%) if deposit 5% + pension contribution

∙ Signing Bonus: up to $15,000

∙ Relocation: up to $5,000

∙ Total Annual Salary: up to $185,000

 

KPMG Senior Auditor Salary (Manager Level)

∙ Base: $ 265,000

∙ Performance Bonus: $35,000

∙ Profit sharing: $30,000

 Total Annual Salary: up to $230,000

 

KPMG Equity Partner Salary (Partner Level)

 Base: $ 590,000

 Profit Sharing: $ 108,000

 Total Annual Salary: $700,000+

Management Consultants Salary

 

 

6. PwC Consulting:

Management Consultants Salary

PwC junior consultants have a maximum annual salary of $108,000, with $90,000 as base. Senior consultants can make up to $185,000 per year.

 

PwC Associate Salary (Undergraduate/Entry-Level)

∙ Base: $90,000

∙ Performance Bonus: up to $18,000 (20% of base)

∙ Signing Bonus: $5,000

∙ Relocation: up to $2,000

∙ Total Annual Salary: up to $108,000

 

PwC Senior Associate Salary (MBA/Experienced-Level)

∙ Base: $130,000

∙ Performance Bonus: up to $35,000

∙ Retirement: 25% match up to 6%; 1% immediate separate contribution

∙ Signing Bonus: $30,000

∙ Relocation: up to $2,000

∙ Total Annual Salary: up to $185,000

 

PwC Senior Auditor Salary (Manager level)

∙ Base: $210,000

∙ Performance Bonus: $40,000

∙ Profit Sharing: $30,000

∙ Total Annual Salary: up to $235,000

 

PwC Partner Salary (Partner Level)

 Base: $585,000

 Performance Bonus: $215,000

 Total Annual Salary:  $800,000+

Management Consultants Salary

 

7. EY Consulting: (EY-Parthenon)

Management Consultants Salary

 

EY junior consultants have a maximum annual salary of $101,000, with $92,000 as the base. Senior consultants can make up to $180,000 per year.

 

EY Associate Salary (Undergraduate/Entry-Level)

∙ Base: $92,000

∙ Performance Bonus: up to $9,000 (10% of base)

∙ Signing Bonus: $10,000

∙ Relocation: up to $2,000 (local)

∙ Total Annual Salary: up to $101,000

 

EY Senior Associate Salary (MBA/Experienced-Level)

∙ Base: $120,000

∙ Performance Bonus: up to $10,000

∙ Signing Bonus: $35,000

∙ Relocation: up to $2,000

∙ Total Annual Salary: up to $180,000

 

EY Manager Salary (Manager Level)

 Base: $175,000

 Performance Bonus: $30,000

 Profit Sharing: $40,000

 Total Annual Salary: up to $220,000

 

EY Partner Salary (Partner Level)

∙ Base: $540,000

∙ Performance Bonus: $160,000

 Total Annual Salary:  $700,000+

Management Consultants Salary

 

8. Accenture Consulting:

Management Consultants Salary

Accenture junior consultants have a maximum annual salary of $113,000, with $87,000 as base. Senior consultants can make up to $200,000 per year.

 

Accenture Analyst Salary (Undergraduate/Entry-Level)

∙ Base: $87,000

∙ Performance Bonus: up to $26,000 (30% of base)

∙ Retirement: 6% match for 401k after 1st year

∙ Signing Bonus: $12,500

∙ Relocation: up to $5,000

∙ Total Annual Salary: up to $113,000

 

Accenture Consultant Salary (MBA/Experienced-Level)

∙ Base: $105,000

∙ Performance Bonus: $30,000 + $15,000 for top performers

∙ Retirement: 6% match for 401k after

∙ Signing Bonus: $35,000 + $17,500 early sign on for returning interns

∙ Relocation: up to $10,000

∙ Total Annual Salary: up to $180,000

 

Accenture Team Lead (Manager Level)

∙ Base: $160,000

∙ Performance Bonus: $35,000

∙ Profit sharing: $40,000

 Total Annual Salary: up to $220,000

 

Accenture Partner Salary (Partner Level)

∙ Base: $300,000

∙ Performance Bonus: $200,000

 Total Annual Salary: $500,000+

Management Consultants Salary

 

 

How to maintain work-life balance

So, as mentioned above. Salaries of consultants differ widely. It is essential to keep in mind that including the remunerations and other bonuses that they get, contracts also include other financial aspects such as holidays allowances, private health coverage, pension contribute schemes ( which are already mentioned), and lease agreement.

To benefit their employees and retain them, firms adopt non-financial incentives such as flexible mobility budgets, part-time working, sabbatical arrangements, more holidays, career customization, and training budgets. Such incentives can make a real difference down the line, making it essential to consider these when choosing a firm.

More than just salary!

The above figures might have made you think about your career choices! Well, those are the benefits of consulting industry. When people see your success, they often miss seeing the times when you were up all night to put in the work, had to skip parties to chase the deadline. You get the point. A coin always has two faces; the other side of Consultancy is intense working hours.

Over the past decade, consultancies have been increasingly implementing policies that provide consultants with the room to relax and recharge some time off from work. The most common measure to improve the work-life balance for consultants is to work part-time. 29% of the consultants surveyed by Consultancy. Indicate that they work less than 40 hours per week, of which 43% are women.

A significant portion of advisors works between 36-40 hours per week or 32-36 hours per week. Across the board, most junior consultants work full time, as illustrated by 87% of men and 73% of female juniors who have a contract of 40 hours per week. At the Director / Principal level, the average full-time rate stands at 76%.

But you can also become a consultant in a smaller consultancy. Many small to mid-sized consulting firms offer competitive compensation and often a better work-life balance.

 

Final Thoughts:

Management Consultants Salary is surely a high paying one, but it comes with its own drawbacks of working really hard to earn that spot in the organization and to move up in the career ladder.

Talking about management consultant salary, the exit salary is one such thing that draws attention for most the people trying to get into consulting. People often get 20%-50% hike from outside industries after working for the firms mentioned above. If you’re at a mid-senior level, you might even fetch a whopping 100%-200% salary hike.

However, there is a world of opportunities beyond the top 10 consulting firms. Our advice? Take the time to explore the industry and figure out where you want to work!

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Chairman and Co-founder at Consulting Quest | + posts

Laurent is the Chairman and Co-founder of Consulting Quest. Focused on greater value creation, and being thoroughly familiar with Consulting, Laurent has sourced and sold millions of dollars worth of Consulting over the course of his career. Prior to joining Consulting Quest, Laurent was Executive Vice President Oil and Gas at Solvay and Senior Partner Transformation at Oliver Wyman.

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