Do you have a passion for healthcare consulting and want to understand what a healthcare consultant salary might be? If yes, keep reading! This article will go through the ins and outs of healthcare consultants’ salaries and compare the salaries to generalist consulting firms.
Taking a step back, a career in healthcare consulting encompasses all of the main aspects of a career in consulting. For example, you will be able to build out your critical thinking skills, your analytical skills (both quantitative and qualitative analysis), and client management skills. As a healthcare consultant, your projects will have a narrower focus than those of generalist consultants. Specifically, as a healthcare consultant, you will only work within the healthcare sector, whether that be pharmaceuticals and life sciences, health insurance, and healthcare providers.
As you advance within the healthcare consulting firm, you will eventually become a subject matter expert within a specific niche in healthcare. For example, you can be a healthcare consultant focused on life sciences strategy or a healthcare consultant focused on value-based care. To learn more about what healthcare consulting entails, please see Management Consulted’s full overview on healthcare consulting here. You can also read more about the Management Consulted’s view of the top 10 healthcare consulting firms here.
Keep reading to better understand healthcare consultants’ salaries and how they compare to generalist consultants.
How Much Do Healthcare Consultants Make
When thinking about healthcare consultants salaries, it is helpful to look at two groups:
- Working as a healthcare consultant at a large, generalist firm (for example Deloitte, Accenture, McKinsey & Company, Boston Consulting Group (BCG), and Bain)
- Working as a healthcare consultant at a specialized boutique (for example Putnam, LEK, ZS Associates, ClearView Healthcare Partners)
For the first group, salaries for healthcare consultants will generally equal the salaries for generalist consultants. For the second group, salaries at specialized boutiques may be lower than salaries for MBB firms. However, healthcare boutiques generally pay their consultants at levels similar to tier 2 / tier 3 consulting firms (e.g., Accenture).
The salaries across the top ten healthcare consulting firms are as follows:
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Boston Consulting Group (BCG) healthcare consultant salaries:
Undergrad:
Base: $110,000
Total cash: Up to $135,000
Post-MBA:
Base: $190,000
Total cash: Up to $240,000
Management Consulted’s firm profile here.
McKinsey & Company healthcare consultant salaries:
Undergrad:
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- Base: $112,000
- Total cash: Up to $142,000
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Post-MBA:
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- Base: $192,000
- Total cash: Up to $237,000
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Management Consulted’s firm profile here.
Bain healthcare consultant salaries:
Undergrad:
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- Base: $112,000
- Total cash: Up to $134,500
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Post-MBA:
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- Base: $192,000
- Total cash: Up to $255,000
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Management Consulted’s firm profile here.
L.E.K. Consulting healthcare consultant salaries:
Undergrad:
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- Base: $95,000
- Total cash: Up to $98,000
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Post-MBA:
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- Base: $185,000
- Total cash: Up to $210,000
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Management Consulted’s firm profile here.
ZS Associates healthcare consultant salaries:
Undergrad:
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- Base: $90,000
- Total cash: Up to $99,000
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Post-MBA:
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- Base: $175,000
- Total cash: Up to $205,000
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Management Consulted’s firm profile here.
ClearView Healthcare Partners healthcare consultant salaries:
Undergrad:
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- Base: $85,000
- Total cash: Up to $95,000
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Post-MBA:
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- Base: $115,000
- Total cash: Up to $132,500
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Management Consulted’s firm profile here.
IQVIA healthcare consultant salaries:
Undergrad:
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- Base: $90,000
- Total cash: Up to $96,300
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Post-MBA:
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- Base: $135,000
- Total cash: Up to $162,000
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Management Consulted’s firm profile here.
Deloitte Consulting healthcare consultant salaries:
Undergrad:
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- Base: $100,000
- Total cash: Up to $100,000
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Post-MBA:
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- Base: $175,000
- Total cash: $218,750
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Management Consulted’s firm profile here.
Huron healthcare consultant salaries:
Undergrad:
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- Base: $75,000
- Total cash: Up to $82,500
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Post-MBA:
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- Base: $125,000
- Total cash: Up to $150,000
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Management Consulted’s firm profile here.
Putnam healthcare consultant salaries:
Undergrad:
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- Base: $75,000
- Total cash: Up to $82,500
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Post-MBA:
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- Base: $120,000
- Total cash: Up to $145,000
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Management Consulted’s firm profile here.
For a comprehensive overview of healthcare consulting firms’ salaries, please see Management Consulted’s full report here.
Conclusion
Therefore, working as a healthcare consultant is a great career choice, if you want to build out your consulting toolkit and gain healthcare subject matter expertise. You can work as a healthcare consultant at a generalist firm (for example McKinsey, Bain, BCG) or at a specialized healthcare firm (for example Putnam, ZS, Huron). The salaries for healthcare consultants are highest at MBB firms, with undergrad’s total comp ranging from $130,000 to $140,000. Specialized healthcare consulting firms’ salaries are lower than MBB consulting firms’ salaries. For example, undergrad’s total comp can range from ~$80,000 to $100,000.
To prepare for a healthcare consulting interview with an ex-MBB consultant, please see here.
Additional Reading:
- Management Consultant Salary Report
- Consultant Salary UK
- Consulting Salary Structure
- Best Consulting Firms for Undergrad Salary
- Best Consulting Firms For MBA Consultant Salary