Management Consultant Salary Report

2024 Management Consulting Salaries Overview

Welcome to 2024, and our updated management consulting salaries report!

This is a big year: The United States will elect (or re-elect) a president, the Summer Olympics take place in Paris, and a total solar eclipse will be visible in much of North America.

It’s a big year for the consulting industry as well, as firms look to bounce back from a difficult year marked by declining demand, hiring freezes, layoffs, and starting salaries remaining flat.

What does this mean for you? If you can make it through the gauntlet that is consulting recruiting, it’s a great time to break into the industry. Comp should be on the rise in 2025, and the lifestyle is actually better than it was 5-10 years ago. How? Travel is down, utilization is coming down from pre-pandemic highs, and salaries are still significantly higher than 2019. Put it all together, on top of the professional development and exit opportunities, and that’s a pretty great value proposition for consulting.

Nervous about the consulting recruiting process, yet convinced the career path is right for you? We can help (and do help thousands of candidates per year). Work with us through our editing package – we’ll rewrite your resume and build you a networking strategy. Already have an interview? Let’s execute a personalized prep plan through 1:1 coaching.

Now, let’s get into some of the consulting salary trends we identified this year.

At both the pre-MBA and post-MBA entry levels, 2024 consulting salaries stayed flat compared to 2023. There are exceptions to the rule, as you’ll see in the report, but this is the first time in years we have seen overall starting salaries not increase at all from year-to-year.

This news is noteworthy for two reasons: first, this salary stagnation came amidst still elevated global inflation, delivering a purchasing power decrease to new consultants in 2024 compared to 2023. Second, salaries and bonuses stayed flat industry-wide, increasing the allure of “brand-name” firms who can offer candidates intrinsic career value beyond total compensation.

As we predicted last year, this year’s compensation inertia took place at both the pre-MBA and post-MBA entry levels and was most pronounced in the U.S. market. We did see salary growth in markets outside of the U.S., as many markets (e.g., Europe) begin to catch up to U.S. salaries, which have far outpaced global peers in recent years. Still, while many firms aim to achieve parity in purchasing power for employees across geographies, this isn’t often achieved, and the purchasing power of U.S. consultants is still stronger in 2024.

While firms kept base compensation flat, many went further – decreasing the total earning power of new consultants by decreasing the maximum performance bonuses they could earn. In addition, after recent updates to top-down compensation structures, raises this year were also lower. This tells us two things: first, many firms are using depressed raises as a tool to increase attrition, which has been lower than historical averages over the last year. Second, with slowdowns in traditional exit sectors (e.g., corporate strategy, PE), firms aren’t worried about too much talent leaving at once.

What do you get when you put it all together?

The Gap Between Top Firms and the Rest Remains Wide…

Established consulting firms drive a lion’s share of the overall industry growth through organic and inorganic means. This in turn allows them to dramatically outpace the competition in terms of the max compensation they offer (e.g., through performance bonuses and profit sharing), as well as extend lifestyle perks like unlimited PTO and limited travel. At the same time, boutique firms were hit harder by last year’s declining demand for services, and the proliferation of in-house strategy groups at large corporations continues to limit the growth of a fragmented market of boutique players.

…and the Staff are Less Busy…

Overall consultant utilization declined in 2023, which is why many firms conducted hiring freezes and layoffs, as well as lowering available performance bonuses.

Due to rebounding demand and greater consultant attrition, we expect utilization to increase in 2024. This should lead to decreased retention and a slight increase in hiring in 2025.

…yet Competition for Open Roles will be Fierce in 2024

As consultant utilization increases, services demand rebounds, and competition for talent heats back up between consulting and Wall Street/Silicon Valley, we should see more open roles and higher salary growth this year.

However, the competition for these open roles will be fierce. Demand for open consulting roles will far outpace the supply of open roles, as hiring is not going back to the frothy environment of 2021 and 2022. Combine this with the fact that consulting is still a “safer” option than banking and tech; with more eager candidates than ever before chasing the prestige, pay, and relative stability of a consulting job, the consulting job market will be even more competitive this year.

However, if you can make it through the gauntlet that is consulting recruiting, there are rewards on the other side. Rising demand, increase competition for talent, and increasing consultant utilization should put upward pressure on salary raises headed into the 2025 cycle.

How has this impacted consulting salary trends?

In the 16 years we have been covering salaries, this is the only the 2nd year that starting salaries did not increase.

While most historical consulting salary increases are in the 2-4% growth range, the last three years have brought us increases of ~10% YoY, signaling the effects of a tightening labor market and increased demand.

Accelerating a trend we first noticed five years ago, consulting firms have continued to increase hiring of specialists (bonus points if you have technical expertise), experienced hires, and candidates from non-target schools.

In fact, less than 20% of McKinsey’s most recent intake was made up of direct MBA hires, and the firm hired analysts from over 370 universities. Still, targets drove most hiring, so if you’re from a non-target school, network now and apply early.

Below are salary figures for those joining management consulting positions in 2024. The data comes from our interview prep clients who received written job offers and firm representatives. The salary data is for those recruited straight from an undergraduate, master’s, MBA, or PhD program or those that were hired at the same level. All salary figures are in U.S. dollars unless otherwise stated.

This is the only originally sourced data available in the industry. Everyone else uses ours or uses outdated or arbitrarily averaged Glassdoor salary data, PayScale salary information, or Indeed salaries. Use or republication of this data is prohibited without the express written consent of Management Consulted.

All of the data and our expanded insights are included in the full downloadable report – get a copy for free below.

Salaries for Incoming Undergraduate & Master’s Full-Time Hires

Summary

Overall, salaries for incoming undergraduate & master’s students have remained flat compared to last year. When comparing consulting roles to those in industry at the same level, there are few better options when it comes to total comp. If compensation is the most important factor in your firm preferences, look at firms like Alvarez & Marsal, Accenture Strategy, OC&C, Capital One Strategy Group, Bain, Oliver Wyman, IGS, BCG, McKinsey, and Analysis Group. However, we recommend considering other factors in your search as well, including exit opportunities, firm culture, travel, and more.

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Salaries for Incoming MBA & PhD Full-Time Hires

Summary

Starting salaries for incoming MBA & PhD hires also remained flat. Outside of finance, post-MBA compensation packages are the highest in consulting out of any industry. Not only is hiring in finance and tech only slowly picking up, but consulting continues to offer faster promotion cycles, broader industry exposure, and a better path to business leadership. The highest paying firms at the post-MBA/PhD level are Kearney, Alvarez & Marsal, AlixPartners, Bain, Accenture Strategy, Analysis Group, PwC Strategy&, Oliver Wyman, BCG, and EY-Parthenon.

Internship Salaries

Internships are a standard 10 weeks in the United States (early June through first or second full week of August) but the range is 8-12 weeks in Canada and the EMEA. Monthly internship salaries are typically prorated based on starting salaries for new hires. Here are 2024 internship salaries:

Management Consulting Salary Insights

Management Consulting Bonuses

Full-time consulting offers are nice, but bonuses have the potential to take your comp from good to great. Generally, consulting full-time hires receive signing bonuses, relocation bonuses, end-of-year performance bonuses, and more. Consulting interns are less likely to receive bonuses, although some firms do offer relocation or signing bonuses.

More firms are starting to offer returning interns a larger signing bonus than full-time counterparts who interned somewhere else. The most extravagant of these include MBA second-year tuition coverage plus signing bonuses (here’s looking at you, Deloitte).

When analyzing these bonuses, there are 5 things you should keep in mind:

1. Value base salary more than signing and relocation bonuses. Your salary during your 2nd (and sometimes 3rd) year at the firm is often a function of your initial base salary. All else held equal, we would recommend choosing a base salary of $92,000 with a $5,000 signing bonus over base salary of $90,000 with a $7,500 signing bonus.
2. On your offer letter, the listed maximum amount of the performance bonus typically goes to the top 5-10% of performers. Average performers often receive bonuses closer to half of the maximum amount, while poor performers typically only receive a small bonus if any. Also, firms that pay overtime may choose not to offer a performance bonus.
3. The size of the relocation bonus is primarily driven by the distance from your university to the office location. If you live in the same city as the office, you are sometimes offered no bonus or a smaller bonus (~$2,000 in the U.S.). However, if you live in a distant state or country, you are typically offered the firm’s maximum relocation bonus amount.
4. Relocation and signing bonuses are commonly distributed soon after signing your contract. However, they may be distributed on your start date (e.g., at IBM GBS) or given in increments over several years (e.g., L.E.K.).
5. Bonuses are usually taxed. Uncle Sam loves your bonuses and will make sure to get his share. So don’t forget to account for taxes when planning your bonus spending (or saving). Taxes may be deducted when receiving bonus payments or they may be withdrawn from future paychecks, putting a small temporary dent in your future monthly income.

Salary Growth Along the Management Consulting Career Path

The salaries above are for full-time hires and interns coming straight from an educational program. Before deciding on a final offer, consider how your salary will grow across time. Often, our interview prep clients will receive slightly higher job offers in tech than in consulting. However, the salary growth in management consulting outpaces many industry positions. Because of that, the net income after a few years in consulting can exceed those in other industries, despite an initially lower base pay.

In top consulting firms, you can typically expect a 10-20% increase in your base pay and/or performance bonuses each year. Additionally, when promoted to the next level (usually every 2-3 years), the increase in your income is substantially larger. For instance, when promoted from Associate to Consultant at BCG, your base salary almost doubles. Here’s the potential salary growth trajectory of someone working at a top consulting firm (McKinsey, Bain, or BCG) in the U.S.:

Consultant Salary Growth Trajectory:

First-year out of Undergrad/Master’s program:

• Base: ~$110k
• Signing Bonus: ~$5k
• Performance Bonus: up to ~$30k

First year out of MBA/PhD program:

• Base: ~$190k
• Signing Bonus: ~$35k
• Performance Bonus: up to ~$60k

Manager/Project Leader (2-3 years out of MBA/PhD) program:

• Base: $220-240k
• Bonus: $100-140k

Associate Principal/Senior Project Leader (4-5 years out of MBA/PhD) program:

• Base: $275-350k
• Bonus: $150-250k

Junior Partner/Principal (6-8 years out of MBA/PhD) program:

• Base: $375-450k
• Bonus: $375-575k

Senior Partner/Director (10+ years out of MBA/PhD) program:

• Base: $500-700k
• Bonus: $500k+

Keep in mind that most full-time hires will not make it to Partner. Many consulting firms have an “up-or-out” promotion structure – and many consultants choose to leave. Those who perform exceptionally are given the chance to be promoted, while poor performers are encouraged to seek employment elsewhere. Because of the up-or-out structure and the attractive exit opportunities, only a small percentage of consulting recruits make it all the way to Senior Partner. Regardless, salary growth is substantial for each promotion you receive at a consulting firm.

Salaries When Exiting Management Consulting

Although your salary increases relatively rapidly within a top consulting firm, you typically receive a pay increase when leaving, as well as a bump in lifestyle. In the U.S., the average consultant who accepts an industry position receives a 12-20% increase in pay and a better work-life balance. Those entering the financial services industry receive a 30%+ increase in compensation—but work/life balance often takes a hit.

Large Consultant Salary Variation Across International Offices

There is a large variation in management consulting salaries within firms across different countries. Management consulting salaries are highest in the U.S. due to the aforementioned war for talent with Silicon Valley and Wall Street, heightened U.S. demand for consulting services, and a generally tighter domestic labor market. Compared to the rest of the world, the United Arab Emirates, Singapore, Switzerland, and Canada also boast relatively high consultant salaries. Most surprisingly, consultant salaries in London are relatively lower given its high cost of living.

Overall, consulting salaries are competitive within their country, often offering salaries 20%+ above the average for other professional service firms. If you accept a consulting offer in any country, you will likely be paid more than the average local employee with a similar tenure in professional service industries.

Small Consultant Salary Variation Across Domestic Offices

At McKinsey, Bain, and BCG, management consulting salaries are relatively flat across all offices within a country. This has two important implications. First, there is often little room for salary negotiation unless you are an experienced hire. Second, you can increase your take-home income by choosing an office location where the cost of living is lower (e.g. choosing Atlanta over San Francisco).

In other firms, salaries are sometimes adjusted to account for living costs. For example, a Big 4 consultant working in New York often receives a slightly higher salary than a Big 4 consultant in Dallas.

Consultant Salaries for Master’s and PhD Students

Many consulting firms offer master’s students the same positions as undergraduate students. Because of that, master’s students often receive the same compensation as undergraduates (Deloitte is a notable exception to this). However, when a master’s student applies for a relevant technical position (e.g. data scientist), they can receive more compensation than an undergraduate counterpart. Likewise, PhDs often (though not always) receive the same compensation as MBAs. This is important to note, as you should be applying for the position the firm wants to hire you for.

2024 Consultant Salary Summary

Staff compensation stayed flat across consulting firms while project rates did the same. Due to this, we draw 5 main conclusions about 2024 compensation.

• Firms responded to weaker market demand for their services by conducting layoffs and eliminating starting salary increases. This was made possible by the commensurate slowdown in Big Tech and Finance, but also in Fortune 1000 internal strategy practices – who were also impacted by cost-cutting.
• Growth declined, but margins did not. As project rates and salaries stayed steady while firms conducted layoffs, margins remained constant. This insulated partners from the pain that junior folks experienced and bodes well for a rebound in hiring investment in 2024.
• Consulting firms are continuing to differentiate using comp packages as a tool. More generous profit-sharing plans and unlimited PTO are becoming more widespread, and the firms who offer these benefits have a decided advantage over those who don’t.
• The total comp gap between the top firms and everyone else remains large. While most firms kept base salaries flat this year, the top firms (who drive outsized industry growth) still offer dramatically higher variable compensation, more generous benefits, and less travel. With more attractive comp and lifestyle perks, there may be less reasons than ever for top candidates to choose smaller firms.
• Consultant utilization will rebound. Consultant utilization decreased from a pandemic-era peak in 2023. Due to rebounding demand and smaller headcount, we expect utilization to increase in 2024. This should lead to decreased retention and a slight increase in hiring in 2025.

Although global macroeconomic activity is projected to pick up in 2025, there are no signs that the labor market will return to a white-hot state. This will incentivize consulting firms to increase starting salaries only slightly in 2025.

Overall, consulting salaries are highly competitive compared to other industries. One notable exception is finance, where salaries are higher but work-life balance is often worse. Technology firms also compete with consulting firms for talent. They often offer higher base salaries but the roles are more siloed and the promotion trajectory is slower.

Do you have any consulting salary data or comments that you would like to share? You can fill out this anonymous form, add a comment below, or send us an email. As we attempt to provide quality compensation data to our readers, we appreciate any data that you share. As always, your anonymity is guaranteed.

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