Salary of a management consultant by location is a topic of much debate. Generally, international salaries tend to be higher in the United States, while other developed countries such as Canada, Australia, the United Arab Emirates, Singapore and Switzerland complete the second level. However, “first world countries” do not always guarantee higher wages. The trajectory of a management consulting career at major firms such as Bain, BCG and McKinsey can be quite predictable, although promotions vary slightly depending on performance.
It is no secret that one of the things that attract many college and MBA seniors to the field of management consulting are high salaries and year-end bonuses. It is important to note that some consulting firms may require you to return a percentage of your login bonus or even the full amount if you leave the company before the specified time period. Consulting firms offer high-salary packages so that the best-performing candidates work for them, but they also want to keep candidates long enough to recover the costs of hiring and training them. While the position of finance and banking is not surprising, given that Switzerland is the largest wealth management center in the world, this is also a significant advantage for workers on the other side of the scale, including those working in personnel and human resources services (4,076 francs per month), hospitality (4,332 francs) and retail (4798 francs).
My consulting offer has helped nearly 85% of the people we've worked with get a job in management consulting. Swiss salaries are high compared to other European countries, but they should be contextualized in terms of the cost of living in the Alpine nation. Some firms have increased base salaries and performance bonuses as a way to encourage staff to stay. This varies from company to company, but most top-tier consultants have been able to keep staff salaries the same, and partners are the most affected by their compensation. Performance bonuses are an important part of the overall compensation package for management consultants, so it's important to consider them when you receive an offer. However, once they are submitted, Bain, BCG and McKinsey sometimes “update starting salaries based on salaries offered by other firms in this group of consulting firms.”In conclusion, it is clear that Switzerland offers some of the highest salaries for management consultants in comparison to other countries around the world.
While financial services are notoriously lucrative in Switzerland, management consultants are also among the top earners. It is important to consider all aspects of a compensation package when evaluating an offer from a consulting firm.