When I started my business, I had no idea what Management Consulting was. But I soon learned that McKinsey, Bain and BCG are some of the most prestigious companies in the field, and they offer relatively stable salaries across all offices in a country. To break into these companies, you need to be an elite MBA graduate from an Ivy League school. Junior consultants with 0-5 years of experience do much of the work that companies pay a lot of money for, but the competition is fierce.
The Big Four also offer tax, strategic and management advisory services, valuation, market research, insurance and legal advice. So how much money can you expect to make as a management consultant? Entry-level consultants with no or less than one year of experience can earn an average annual compensation of Rs 6,45,841.Those with 1-4 years of experience can earn around Rs. However, only a small percentage of consultant hires become senior partners due to the promotion or exit structure and attractive exit opportunities. The wide range of work involved in management consulting means finding creative solutions on a case-by-case basis customized for each client.
It's also about prestige and convincing corporate executives to trust their business strategy and private data to younger people. In conclusion, management consulting is a highly competitive field that offers attractive salaries for those who are able to break into it. However, it's important to remember that only a small percentage of consultant hires become senior partners.