UPDATE: 2018 SALARIES ARE NOW AVAILABLE.
TO VIEW THE NEW, UPDATED FIGURES, CLICK HERE for 2018 salaries
Welcome to our Consulting Salary post – the kickoff to 2015!
As you’ve been busy popping bottles of champagne, watching the ball drop while fireworks shoot up in the background, or just flat-out ambitiously working through the New Year holiday, we here at Management Consulted have had our version of fun.
We’ve published new consulting videos, planned speaking tours to aid students and experienced hires for consulting recruiting, and created several surprises just for our MC subscribers. As done in previous years, we’ve also assembled salary information for those starting at consulting firms this year.
This year appears to be a promising year for the consulting industry in general as demand for consulting services around the world steadily increases. Revenues for the great majority of top consulting firms and for the consulting divisions within the Big 4 accounting firms has risen throughout the past year, and competition for talent beyond consulting is rising. With that, the compensation packages and demand for top-notch talent are on the rise as well.
Some consulting news quickly worth repeating is that PwC finalized their acquisition of Booz & Company in April 2014, renaming Booz & Company to Strategy& in the process. So far, Strategy& hasn’t integrated with the consulting division of PwC and operates as separate entity. EY also made a bold by acquiring Parthenon and, similar the aforementioned acquisition, Parthenon and EY operate separately.
Number hungry? Want to see the data for full-time consulting positions with offers starting in 2015? You’re in the right place! Over the past 6 months, we’ve accumulated compensation data from sources inside the following firms:
- Accenture
- A.T. Kearney
- Bain & Company
- The Boston Consulting Group (BCG)
- Deloitte
- Ernst & Young
- IBM Global Business Services (IBM GBS)
- IMS Consulting Group
- Infosys
- Kalypso
- KPMG
- L.E.K.
- McKinsey & Company
- Mercer
- Oliver Wyman
- PwC
- Strategy&
- ZS Associates
Our data is focused specifically on management consulting roles at the aforementioned firms which means the numbers for starting consulting roles are generally more accurate than those on Glassdoor, etc. (which often includes similar position titles but different functions in the same group).
If our figures don’t line up with your personal experience however, we’d love to hear from you. Add your comments at the end of the post with as much detail as you can share, or contact us directly. Your name will always be confidential.
The salary information is mostly for offices in the United States. We recognize, however, that a huge contingent of our subscribers are located around the globe – in India, Singapore, South Africa, Europe, and Asia Pacific. So if you’re you working at a major consulting firm in another part of the globe, we’d love to hear from you too! Again, all of our data is posted anonymously so feel free to share by posting a comment below or emailing us.
With that said, let’s get to the numbers you’ve patiently waited for:
= = = = = 1st Year Out of Undergraduate Program = = = = =
Accenture Undergraduate Salary
Signing Bonus: $3,000-10,000 (Canada: $10,000)
Base: $74,000 (Canada: $68,000)
Relocation: $2,000
Performance Bonus: up to $7,400 (10% of base)
– – – – –
Total Compensation: up to $93,400
Retirement: Match 6% for 401k
Tuition reimbursement: Available for MBA interns who go back full time, up to $50,000 per year.
A.T. Kearney Undergraduate Salary
Signing Bonus: $5,000 (Toronto: $5,000)
Base: $65,000 (Toronto: $70,000)
Relocation: $5-$10,000 (Toronto: $3-$10,000)
Performance Bonus: up to $9,750 (15% of base) (Toronto: up to 20% of base salary)
Profit Sharing: $6,500, up to 10% of base depending on firm performance
– – – – –
Total Compensation: up to $96,250
Retirement: Match 6% for 401k
Bain & Company Undergraduate Salary
Signing Bonus: $5-7,000
Base: $70-75,000
Relocation: $2-$8,000
Performance Bonus: up to $14,000
– – – – –
Total Compensation: up to $104,000
Retirement: 401k contribution of 4.5% of base + bonus, no contribution required.
Boston Consulting Group (BCG) Undergraduate Salary
Signing Bonus: $5,000 (Canada: $8,000) (Aus: $15,000)
Base: $72,000 (Canada: $75,000) (Aus: $64,900) (Germany: €65,000)
Relocation: $2-$8,000 (Germany: €3-€10,000)
Performance Bonus: up to $16,200 (22.5% of base salary)
Profit Sharing: up to $4,400
– – – – –
Total Compensation: up to $105,600
Retirement: 15% of your base + bonus into your 401k, with employee contribution required.
Deloitte Undergraduate Salary
Signing Bonus: $10,000 (Canada: $5,000) (NZ: $2,000)
Base: $72,500 (Canada: $60,000) (NZ: $44,000) (UK: £34,500) (Germany: €45,000)
Relocation: $2,000-$5,000
Performance Bonus: up to $10,875 (15% of base) (UK: up to 5% for 1st year analysts)
– – – – –
Total Compensation: up to $98,375
Retirement: Match 6% for 401k
Ernst & Young Undergraduate Salary
Signing Bonus: $3-5,000
Base: $70,000
Relocation: $1,000 (2,000 miles +)
Performance Bonus: up to $2,000
– – – – –
Total Compensation: up to $78,000
Retirement: 2.5% total compensation contributed to 401k
IBM Global Business Services Undergraduate Salary
Signing Bonus: $7,000 (Canada: $5,000)
Base: $75,000 (Canada: $60,000)
Relocation: $3,000
Performance Bonus: up to $9,000 (12% of base)
– – – – –
Total Compensation: up to $94,000
Retirement: Match 5% for 401k
KPMG Undergraduate Salary
Signing Bonus: rare
Base: $60,000
Relocation: $2,000
Performance Bonus: up to $8,000
– – – – –
Total Compensation: up to $70,000
L.E.K. Undergraduate Salary
Signing Bonus: $7,500
Base: $73,000
Relocation: $2,500
Performance Bonus: Worldwide bonus up to $14,600 (20% of base)
– – – – –
Total Compensation: Up to $97,600
McKinsey & Company Undergraduate Salary
Signing Bonus: $5,000 (Canada: $6,000)
Base: $70,000 (Canada: 70,000) (Germany: €65,000)
Relocation: up to $3,000 (Germany: €3-€10,000)
Performance Bonus: $15,000-$18,000 (Now offered consistently across most U.S. offices)
– – – – –
Total Compensation: up to $96,000
Retirement: 7% of total annual compensation (Canada: $10,000 to RRSP)
Mercer Undergraduate Salary
Signing Bonus: $3,000
Base: $60,000 (based on 40 hour/week)
Relocation: $2,000
Performance Bonus: No bonus, instead paid time and a half for all hours over 40
– – – – –
Total Compensation: $65,000 + overtime
Oliver Wyman Undergraduate Salary
Signing Bonus: $10,000 (Canada: $10,000)
Base: $75,000 (Canada: $75,000)
Performance Bonus: up to $15,000 (20% of base salary) for 1st year, 40% of base salary for 2nd year (guaranteed)
– – – – –
Total Compensation: up to $100,000
Parthenon Undergraduate Salary
Signing Bonus: $10,000
Base: $90,000
Performance Bonus: up to $10,000
– – – – –
Total Compensation: up to $110,000
PwC Undergraduate Salary
Signing Bonus: $3-5,000
Base: $65,000 (Canada: $55,000)
Relocation: included in signing bonus
Performance Bonus: up to $9,750 (10-15%) (Canada: 5-15% discretionary)
– – – – –
Total Compensation: up to $79,750
Strategy& Undergraduate Salary
Signing Bonus: $5,000
Base: $72,000
Relocation: $5-15,000
Performance Bonus: up to $14,400 (20% of base)
– – – – –
Total Compensation: up to $106,400
Retirement: $7,200/10% of base + up to $820/5.7% of bonus
ZS Associates Undergraduate Salary
Signing Bonus: $5,500 (Canada: $5,000)
Base: $60,000 (Canada: $75,000)
Relocation: $4,000 (Canada: $2,500)
Performance Bonus: up to $6,000 (Canada: 1st year capped at 10% then removed)
– – – – –
Total Compensation: up to $75,500
Retirement: Match 3% for 401k
Here are a few more pre-MBA consulting salaries in EMEA:
- For BCG in Amsterdam: €45,000 base, up to 15% bonus, €3,000 moving allowance
- For Bain in Amsterdam: €42,000 base, up to 25% bonus, €4,000 moving allowance
- For Booz in Amsterdam: €48,000 base, up to 15% bonus
- For M/B/B in Spain: €30-35,000
- For Deloitte and PwC in Spain: €20-25,000
- For McKinsey Research Analyst in Poland: €22,000 base
- For McKinsey Consultant in Poland: €50,000 base
- For Deloitte Consultant in Poland: €43-45,000 base
- For Deloitte/PwC Manager in Poland: €67,000 base
= = = = = 1st Year Out of MBA/Grad Program = = = = =
Accenture MBA Salary
Signing Bonus: $35,000 (Canada: $15,000)
Base: $135,000 (Canada: $140,000)
Relocation: $8,000
Performance Bonus: up to $43,500 ($30K of which is MBA bonus and is only available in for your 1st year)
– – – – –
Total Compensation: up to $221,500
Retirement: 6% Employee Match
Tuition Reimbursement: up to $80,000 ($50,000 after taxes)
Vacation: 5 Weeks
A.T. Kearney MBA Salary
Signing Bonus: $20,000
Base: $140,000 (Germany: €80,000)
Relocation: $5,000 (Germany: €3-€5,000)
Performance Bonus: up to $33,500 (Germany: up to €16,000)
– – – – –
Total Compensation: up to $198,500 (Germany: up to €101,000)
Retirement: 401k contribution up to $8,000
Bain & Company MBA Salary
Signing Bonus: $25,000
Base: $135,000
Performance Bonus: up to $35,000
– – – – –
Total Compensation: up to $195,000
Retirement: 401k contribution up to $8,000
Boston Consulting Group (BCG) MBA Salary
Signing Bonus: $25,000
Base: $147,000
Relocation: $2-5,000 depending on distance
Performance Bonus: up to $42,000
– – – – –
Total Compensation: up to $219,000
Retirement: up to $9,000/5% of bonus + salary is put into retirement fund, no contributions required
Down the Road: Project leaders at BCG (~2-3 years out of B-school) were paid $165,000 base.
Deloitte MBA Salary
Signing Bonus: $35,000 ($25,000 if returning after internship) (Canada MBA: $5,000)
Base: $140,000 (Canada MBA: $95-100,000)
Relocation: up to $2,000
Performance Bonus: up to $35,000 (25% of base)
– – – – –
Total Compensation: up to $212,000
Retirement: .25 match of first 6% contributed for a total of 1.5%
Tuition Reimbursement: up to $50,000 + 2nd year tuition for returning interns
Ernst & Young MBA Salary
Signing Bonus: $25,000
Base: $140,000
Relocation: $5,000
Performance Bonus: up to $30,000
– – – – –
Total Compensation: up to $200,000
IMS Consulting Group MBA Salary
Signing Bonus: $25,000
Base: $125,000
Performance Bonus: up to $15,000
– – – – –
Total Compensation: up to $165,000
Infosys MBA Salary
Signing Bonus: $20,000
Base: $117,000
Relocation: $3,000 non-discretionary relocation (reimbursement for movers/storage)
Performance Bonus: up to $25,000
– – – – –
Total Compensation: up to $165,000
Retirement: DNK
Kalypso MBA Salary
Signing Bonus: $15,000
Base: $115,000
Performance Bonus: up to $15,000
– – – – –
Total Compensation: up to $145,000
KPMG MBA Salary
Signing Bonus: $15,000
Base: $130,000
Relocation: $2,000
Performance Bonus: up to $22,750
– – – – –
Total Compensation: up to $169,750
L.E.K. MBA Salary
Signing Bonus: $25,000
Base: $140,000
Relocation: $5,000
Performance Bonus: up to $25,000
– – – – –
Total Compensation: up to $195,000
Retirement & Profit Sharing: up to $30,000
McKinsey & Company MBA Salary
Signing Bonus: $25,000
Base: $140,000
Relocation: $2-9,000 depending on distance
Performance Bonus: up to $35,000
– – – – –
Total Compensation: up to $209,000
Retirement: up to $20,400/12% of bonus + salary is put into retirement fund, no contributions required
Overall BCG and McKinsey post-grad/MBA salaries are almost identical — although McKinsey has a lower base, they also have a higher retirement contribution.
Mercer MBA Salary
Signing Bonus: $20,000
Base: $87,000
Performance Bonus: up to $17,000 (20% of base)
– – – – –
Total Compensation: up to $124,000
Retirement: DNK
The Parthenon Group MBA Salary
Signing Bous: $35,000
Base: $170,000
Relocation: $2,000
Performance Bonus: up to $9,000
– – – – –
Total Compensation: up to $216,000
PwC MBA Salary
Signing Bonus: $25,000 (+$10,000 if you interned)
Base: $140,000
Relocation: $2,000
Performance Bonus: up to $27,000
– – – – –
Total Compensation: up to $194,000
Retirement: DNK
Strategy& MBA Salary
Signing Bous: $25,000
Base: $135,000
Relocation: $3,000
Performance Bonus: up to $33,750
– – – – –
Total Compensation: up to $196,500
Retirement: 10% of salary
= = = = = Summer Internships = = = = =
Summer internships range from a short 10-week period (par for the course in the U.S.) to a longer 16-week period (more popular in Canada and EMEA). In general, the monthly pay is prorated based on the starting base salary for a new hire. The below are total salary figures for the internship, and are for undergrads unless otherwise noted:
Undergraduate Internships
A.T.Kearney: $11,000
Bain: $12,500 (10 weeks)
BCG: $13,500 (10 weeks)
Deloitte: $31/hour ($47.50/hour for overtime), ~ 50 hours a week
IMS: $11,000 + bonus
L.E.K.: $11,000
McKinsey: $12,500
Oliver Wyman: $11,250 + $2500 signing (9 weeks)
PwC: $33.50/hour, $50.25 for overtime (8 weeks plus 1 week trip to Disney World)
ZS Associates: $11,000
MBA Internships
AT Kearney MBA: $11,000/month
Bain MBA: $26,000 (10 weeks)
BCG MBA: $27,000
Deloitte MBA: $28,450 + 2nd year MBA tuition reimbursement (up to $50,000)
IMS MBA: $11,000/month + $5,000 signing bonus
L.E.K. MBA: $2600/week + up to $4,000 performance bonus
McKinsey MBA: $28-29,500 (10 weeks)
Parthenon Group MBA: $27,000 + $5,000 signing bonus (for 10 weeks)
PwC MBA: $60/hour
Strategy& (formally Booz & Co.) MBA: $11,250/month
ZS MBA: $11,000/month + $5,000 signing bonus
Conclusion
Altogether, things are looking promising this year for those starting in consulting. In comparison to 2014, salaries appear to be on the rise – although probably not as fast as you prospective consultants would hope. Consulting is being crowded by top offers in tech – Facebook, Google and other top Silicon Valley firm compensation packages eclipse the value we’ve shared above. Still, the consulting value proposition – rotational insight and CEO influence – balance out the bigger dollars in tech and finance.
If you are considering working in a consulting firm this year and have questions about the interview process, resumes, networking, or anything else related to consulting, we’re here to help. Don’t hesitate to email us or book a Power Half Hour with one of our ex-MBB staff.
Have a great 2015 and best of luck!
P.S. We’d like to share compensation data for as many firms, regions, and levels of seniority as possible. If you’re a new hire for 2015, you can help us do that. Add your comment below or send us an email. Anonymity guaranteed.