For those aspiring to become consultants, the highest salaries are offered by the top consulting firms. Management Recognized, a company that helps candidates get consulting jobs, collected the highest salaries earned by graduates in their first year of business school at 18 leading consulting firms. To determine these numbers, they analyzed customer data, spoke with industry experts, and thoroughly analyzed real offer letters from readers. Deloitte S&O is one of the top consulting firms that helps its clients solve their most complex corporate problems in the fields of taxation, auditing, consulting, financial advice and business risk.
The Wall Street Oasis (WSO) tracks the average salaries and bonuses of users at all professional levels in consulting firms. You can also break down their wage data by sex and race, to see which companies comply with their DEI mantras. BCG consultants say that the company leads the industry with generous packages and a transparent salary scheme, and employees know its wage structure and how it compares to the salaries of their colleagues. BCG, together with McKinsey & Company and Bain & Company, increased consultant salaries this year.
Not all aspiring consultants are going to get a position with one of the three big firms: McKinsey and Company, Boston Consulting Group or Bain & Company, known in the industry as MBB. Its consultants help more than three-quarters of Fortune Global 500 companies, as well as influential government and non-profit organizations. Consulting firms do compete for top talent with investment banks. Even fresh out of school, earning an MBA means a healthy salary increase for graduates, especially in lucrative industries such as consulting.
The bonus structure at these top consulting firms allows top performers to take home up to 30% of their base salary in bonds. And with the growing demand for management consultants, elite firms are handing out important compensation packages to remain competitive and attract top talent.
